In a personal injury settlement, total both your economic and non-economic damages. Consider comparative negligence, damage caps, or insurance limits that may apply. Add an amount for punitive damages if you qualify. Generally, you should ask for 75-100% more than you hope to settle the case for.
Our experienced San Bernardino personal injury lawyers explain all the factors that can influence your settlement amount.
How Much Money Should I Ask For in a Settlement?
You should ask for settlement money that reflects what your case is worth. Investigate the damages you can receive and other factors that may impact case value. Ask for an amount that is higher than you think the best resolution of the case would be. This can help expedite the settlement process by allowing the defense to respond with a counteroffer.
Determining how much for a personal injury settlement
The purpose of a personal injury settlement is to compensate you for the losses sustained for which the defendant is legally responsible. Determining the amount for a settlement requires understanding what factors affect the value of a case and calculating damages. You must then strategically determine what amount to ask for and negotiate your compensation.
Talk to a lawyer
Are you wondering how much to ask for in a personal injury settlement? Talk to a personal injury lawyer at LA Century Law. Contact us now for your consultation.
What Factors Affect Your Settlement Value
- Medical bills and expenses. Medical bills and expenses form the foundation of most personal injury claims. Emergency care, follow-up visits, physical therapy, and mental health care can all be included. In addition, out-of-pocket expenses like prescription costs, medical supplies, and home nursing can be included in a settlement.
- Other economic damages. Economic losses like lost wages and property damage can be included in a settlement value.
- Non-economic damages. Non-economic damages should reflect the long-term impact of the injury and personal suffering. The more pain the injury causes, or the more impairing it is, the greater the amount should be for non-economic damages.
- Comparative negligence. If you share some fault for the accident, it may reduce the amount of a personal injury settlement award.
- Questions about the strength of the case. Questions of causation of harm, availability of evidence, or how the judge might rule on admissibility of evidence can impact the appropriate amount to ask for in a settlement.
- Insurance policy limits. Insurance policy limits may impact how much you can collect in a settlement.
- Laws in the jurisdiction. There may be laws in the jurisdiction, such as damage caps, that impact case value.
- Your wishes to resolve the case. You may want to resolve the case quickly, without going to trial, or you may look forward to court. Your wishes can impact what to ask for in a settlement for personal injury.
Calculating Medical Bills and Future Treatment Costs
Calculating a personal injury settlement typically starts with medical bills. Your medical costs should be totaled.
Too often, personal injury victims ask only for their initial medical bills in a settlement. You may also claim future treatment costs. These costs must be verified with medical evidence and experts who can speak about your condition.
How To Include Lost Wages and Loss of Earning Capacity
Lost wages are income losses that have already occurred. Loss of earning capacity is how your ability to earn an income in the future is impacted. Both lost wages and loss of earning capacity may be factored into a settlement. Loss of earning capacity must be calculated to present-day value.
Valuing Pain and Suffering in Your Demand
The multiplier method is commonly used to value pain and suffering. The multiplier method takes economic damages and applies a multiplier to calculate non-economic damages. Multipliers typically range from 1.5 to 5, depending on the severity of the injury.
Sometimes, medical bills reflect the severity of injury and its impact. Other times, a person can be seriously injured, but the cost of medical care doesn’t adequately reflect it. If your medical bills do not adequately reflect the impact of injuries, it may be appropriate to use a higher multiplier.
The Role of Comparative Negligence in California
California uses a pure comparative negligence system for determining car accident fault. In some states, you receive nothing if you’re even slightly at fault, while in others, there’s a cliff effect where compensation is barred above 50% fault. California doesn’t have these harsh cut-offs. Instead, fault is apportioned to those involved. To the extent you’re at fault, it reduces your compensation.
Determining fault can be complex. As you calculate your settlement, evaluate the possibility of comparative negligence. Look for whether the jury would be likely to find fault and the range where fault may be apportioned. Factor this amount into how much you ask for in a personal injury settlement.
Should You Ask for More Than You Expect?
Often, personal injury settlement negotiations start by asking for more than you expect to receive in a settlement. This gives the defense room to reply with a lower offer. This negotiation process allows you to arrive at an amount that is realistic and acceptable.
In serious injury cases, damages may exceed policy limits. Sometimes, it’s best to demand the limit, with the expectation of not accepting less.
An attorney can guide you through what to ask for in your case.
When To Consider Punitive Damages
Punitive damages are awarded in cases of egregious conduct like drunk driving, road rage, and leaving the scene.
Should I accept a settlement or go to trial in my case?
A settlement is an alternative to trying a case in court. When you accept a settlement, you have the benefit of knowing exactly what the case is worth. It may be worth it to accept less than you might receive at trial to avoid the uncertainty of a trial verdict. Your attorney can help you consider the options.
Contact an Experienced San Bernardino Personal Injury Lawyer
How much to ask for in a personal injury settlement varies from case to case. Effective negotiations can improve your case results. At LA Century Law, we negotiate personal injury settlements. Contact us now.