Factors Considered When Calculating Settlement Amounts

Factors Considered When Calculating Settlement Amounts

When involved in an accident, regardless of the nature, most often claims will be filed to compensate the victim for their inconvenience. It is not as easy as thinking of an amount and hoping that you would receive your desired request. There are calculations involved and these need to be considered in order to provide an amount that is suitable for both parties involved.

There are four main factors by which the sum of the settlement is determined:

1. Pain and suffering: When you want to ask for a settlement you need to consider the amount of pain and suffering that this accident has caused you. Consider your type of injury; is it permanent and to what extent is it? Does it interfere with your daily life? Does it impair your ability to work? Minor injuries will be compensated for less as it will not affect your quality of life, but for serious injuries, you will need to consider how it affects your entire life.

2. Emotional Suffering: As a result of the accident, you might suffer from emotional stress. You might have developed a phobia or a fear that it will happen again, and this will impact they way you lead your life. Even though you feel that you might receive compensation for this, chances are you will because we most often go about our life through our emotions. If you are scared or sad, your quality of life will be impaired and you will be unable to fully enjoy your life as you did before.

3. Loss of pay: If you were in a minor accident and could not go to work for a few weeks, this is something you need to consider filing for with the insurance company. As a result of your injuries, working was not possible so need to claim your wages with them to pay your bills. If you are permanently unable to go back to work as a result of the accident, then you need to claim a higher amount for loss of pay as from this point, working will be impossible for you. You will need to get experts on your job scope to testify on this aspect as they will assist you in getting the necessary compensation by determining your increment and expected earnings through out your life.

4. Medical bills: This should include the past, present and future bills. You should claim for the medical expenses that were incurred during the accident, the current bill if you are still in need of treatment and the future bills if you are expected to undergo future treatments due to the accident. You have to remember, if you can no longer work, this will be the only way to pay for your medical bills.

There are of course other points to consider especially if you lost a loved one to the accident, but these are among the most important factors that are considered by your lawyer, the judge and the jury when they deliberate on the amount that they feel is suitable for you.

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