If you have been in an accident due to the fault and/or negligence of another party, you are likely wondering how you will be compensated. If you file a successful personal injury claim, the payout amount will depend on a number of factors. It is nearly impossible to prognosticate an exact number. The most experienced and well-qualified New York personal injury lawyers can typically estimate the potential of the worth of your personal injury claim if they have enough information. Some pertinent information that must be uncovered before any attorney can properly asses your personal injury claim is the type of accident you were involved in, evidence of fault, the severity of injuries, financial impact, life-style impact, etc. In general, it is in your best interest to work with a proven accident lawyer in New York City before you submit a claim and during the negotiation process. Learn more about personal injury claim payouts below.
What Affects The Payout Amount?
The overwhelming majority of personal injury claims end with an out-of-court settlement. Settlement amounts are determined by a number of factors. Some of the most important considerations include:
- The Severity of Injury: The severity of your injury will have a direct correlation with the settlement amount. Severity can be measured by the amount of time it takes you to heal, time away from work, cost of medical treatment, etc. Most attorneys would advise that wait until you have fully recovered from your injury before pursuing a claim.
- Insurance Limits: With regard to payouts, insurance policy limits are strictly followed by insurance companies. In some cases, your claim may be worth more than the policy limits.
- Legal Representation: The experience, knowledge, and negotiation ability of your accident attorney in NYC can be the difference between a successful claim and an unsuccessful claim.
How Settlement Amounts Are Calculated
In addition to the aforementioned factors that affect payout amounts, there are other types of damages that can have just as much an effect on the final settlement offer. They include damages such as pain and suffering, loss of enjoyment, emotional despair, decreased quality of life, etc. There are no exact numbers that can be attributed to every category. The amount finally agreed too or decided on in court can have wide variations depending on the details of each case.
Will My Case Be Settled?
This is not something that can be accurately assessed even by the most astute accident lawyer in New York, New York. While an attorney can express confidence in your case, they cannot guarantee that a settlement will be reached. A very small percentage of personal injury cases end in court. In general, if you have a valid claim (with supporting evidence), it is very likely that a settlement will be offered in your case. However, the competence and ability of your attorney will play a major role in the payout amount that you are offered.
The Benefits of Working With a Personal Injury Attorney
Proving fault in any type of personal injury case (i.e. slip and fall, car accident, medical malpractice, bus accident in New York, etc.) can be a difficult task without the appropriate legal representation. Furthermore, negotiating with the insurance company before you hire a personal injury attorney is typically not a good idea. It can lead to denied claims or lower payouts. The worst time to represent yourself is when you are already injured, tired, and just ready to “get it over with.” Hiring the right attorney can help to ensure that you are getting maximum compensation and not being taken advantage of by the insurance companies.
