How Much Should I Ask for in a Personal Injury Settlement?

If you’ve been in a personal injury accident, then calling on an experienced personal injury attorney in Denver should be your first call. These legal professionals can help you understand your case and determine whether or not you’re eligible for financial compensation for your injuries. And if you are, it’s important to know how much you should ask for in your settlement that would be a fair and full amount to compensate you for your injuries.

So, how much should one ask for in a personal injury settlement? It’s not necessarily easy to put a price tag on injuries both economic and non-economic and to fully assess the impact of the personal injury accident. Here, we’re taking a closer look at personal injury cases and just how much you may consider asking for in this type of settlement. 

What is a Personal Injury Settlement?

A personal injury settlement is a form of financial compensation awarded to the victim of another party’s negligent actions. In most personal injury suits, the settlement amount is negotiated between the two parties. In most cases, this process is done with the assistance of a personal injury attorney who can help negotiate on the behalf of the victim. Hiring a personal injury attorney is important because they have the experience and resources to accurately determine a fair amount for the victim’s injuries. A personal injury settlement may cover a range of expenses and factors, including medical bills, potentially lost wages, emotional suffering, and even punitive damages to discourage similar actions from being done in the future. 

How Much Should I Ask for in a Personal Injury Settlement?

Here’s a scenario: let’s say you were in a car accident with a drunk driver. How will you receive justice for your injuries? This type of incident would fall under personal injury law (also known as tort law). This is because the other driver had a legal responsibility to operate their vehicle safely, and when they fail to do so, they become responsible. You then determine it’s in your best interest to file a personal injury claim so that you receive fair financial compensation for any injuries or emotional distress you may have suffered.

But now comes the harder part. What’s the fair financial value of my injuries, including both economic and non-economic ones? With the help of an experienced personal injury attorney, you’ll be able to assess a fair value for your settlement that comprehensively covers all your injuries. Primarily, personal injury attorneys use one of two methods to determine a fair settlement value: the multiplier formula or the per diem formula. Regardless of the tactic, your settlement amount may still be influenced by several important factors, such as shared fault rules or even damage caps.

The multiplier method: commonly used by insurance providers and personal injury law firms, this primary method uses a pretty simple formula: economic damages + (economic damages x the multiplier). Economic damages include things like medical bills, lost wages, or even property damage. The multiplier, ranging from numbers 1 to 5, estimates the non-economic damages you’ve experienced. This may include factors including physical pain or emotional distress. The multiplier is based on the severity of your injuries.

The per diem method: this method uses a different approach to calculate a fair settlement for a claim. With this option, you end up estimating your non-economic damages by the number of days (therefore, per diem) that you’ve experienced pain or suffering. Generally, this daily rate may be based on your daily earnings, but could also take into account additional factors. 

Can a Personal Injury Attorney Help Me Estimate the Settlement Amount?

Determining a fair settlement is one of the biggest challenges of a personal injury claim. That’s just one more reason why you should never pursue such legal action without the support of a personal injury lawyer, who may also be a pedestrian accident lawyer. While the formulas for calculating payment may appear relatively simple, it’s difficult to fully assess the value of the damages suffered by a victim. This is particularly true for non-economic damages that do not have a clear price tag, like a medical bill, attached to them.

But by working with a professional personal injury attorney, you’ll have someone on your side who can help you determine the full value of your injuries. During these negotiations, they can help you out by doing the following:

• Accurately estimate the full value of your damages.
• Draft a demand letter during negotiations.
• Make an informed judgment about a fair settlement offer (often, insurance companies will make a lower offer than what is fair).
• Negotiate on your behalf with insurance companies and other lawyers.

Conclusion – How Much Should I Ask for in a Personal Injury Settlement?

If you’ve been the victim of a car accident, truck accident, motorcycle accident, bicycle accident, or any other type of personal injury accident where you were injured by the negligence of another party, you have the right to seek financial compensation for your injuries. But it’s also not always a simple thing to know exactly how much you should ask for in this type of settlement. Since insurance companies are notorious for offering under-valued settlements, you need someone on your side to ensure that your rights are protected so that you get the financial compensation you deserve.

Hire an experienced personal injury attorney so that you receive fair compensation for your injuries. Not only that, but they can also support you through every step of your personal injury claim. They can help you assess your options from a legal perspective, negotiate on your behalf, and if needed, represent you in a court of law. When it comes to protecting your rights, never risk it by going alone. Work with a personal injury lawyer and improve your chances of a fair settlement.