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Figuring Out Personal Injury Claim Value

You may have heard that insurance companies have a secret way of figuring out how  much compensation you are entitled to for your injury. There may be a formula but it’s  relatively easy to comprehend. Once you have a better understanding of how the  compensation formula works and how adjusters determine the value of an injury, you are  more likely to obtain a final settlement amount you are happy with. When you bring a  claim, your goal is to secure financial compensation and, if appropriate, obtain any  rehabilitative treatment you might need. By the end of this blog post, you will understand  how to work out the amount of compensation that is reasonable for your injury and  understand how that amount is calculated.  

How Compensation is Calculated  

The media is full of stories about people who have suffered an injury and requested a  gargantuan amount of compensation. This is not the case, however. There is a strict procedure to follow. Your compensation is made up of two separate amounts that are combined to reach your final figure. The two amounts are referred to as General Damages  and Special Damages. Typically, an injury victim is going to be able to obtain damages  for the following: medical care and related expenses, time missed at work or other forms  of lost wages, pain and suffering, permanent physical disability, permanent physical  disfigurement, loss of family social and educational experiences, and any emotional  damages resulting from any of the above. In most cases it is easy to just add up all these  different damages that are applicable, but sometimes it’s not so easy. While the  evaluation of the settlement value in routine injury cases or less serious injury cases is  largely based on the size and nature of the medical expenses incurred by a claimant, the  estimation of the worth of a serious injury case is based on an entirely different array of  considerations including considerations such as the jury value of the case and the  likelihood of substantial recovery. 

Negotiating Settlement of Your Injury Claim 

Your claim can be settled at any point in the proceedings. However, it is unwise to settle  your claim before you have any idea of what it could be worth because once you have  accepted a settlement, you cannot go back to the Defendant later and ask for more  compensation. However, should you want to avoid the stress and worry of a claim and  choose to accept an offer from the Defendants before knowing the value of your claim,  that is entirely your decision. Accepting an offer early in the proceedings will end the  process, and you will not have to spend further time or money on the matter. This will  mean the case is resolved. The downside is that you may be leaving a substantial amount  of money on the table. 

Car Accident Attorneys in Miami & Broward 

You should now understand how compensation is calculated, and how your General  Damages and Special Damages can be calculated. If you have been injured in a motor  vehicle accident, you have the right to file a personal injury lawsuit against any  responsible parties. Depending on the situation, the driver, owner, or manufacturer could  be liable. Our legal team of Miami car accident lawyers have decades of experience  handling car accident cases. With an extensive understanding of the laws involved, we  can make sure you’re fully compensated for any medical bills, pain and suffering and  other damages you may have experienced. Unlike other firms that handle cases in other  areas of law in addition to their personal injury section, our firm is 100% dedicated to  helping victims in personal injury cases and has been doing so for over 19 years. If you  or someone you love has been involved in an accident, contact us today for a free  consultation. 

We serve clients throughout Florida including those in the following areas:  

Miami-Dade: Aventura, Coral Gables, Doral, Fontainebleau, Hialeah, Homestead,  Kendall, Miami, Miami Beach, Miami Lakes, North Miami, Tamiami, and Westchester.  

Broward: Fort Lauderdale, Hallandale Beach, Hollywood, Pembroke Pines, and Weston;  and Palm Beach County including Boca Raton, Lake Worth, and West Palm Beach.