If you’ve been injured due to someone else’s negligence, obtaining a fair settlement value for your personal injury claim will ensure you receive adequate compensation for your losses. But what is a fair settlement value and what factors affect your award? The following sections discuss all that goes into a fair personal injury settlement.
Factors That Affect the Value of a Personal Injury Claim
There is no universal settlement value that perfectly accounts for an individual’s damages after an accident. Every case is unique, and therefore the settlement must reflect the facts and circumstances of a given injury claim.
Several factors can impact the overall value of a Geneva personal injury case, including:
- The severity of your injuries – Generally, the more severe the injuries, the higher the settlement value. Serious injuries that require extensive medical bills, surgery, or rehabilitation typically result in higher compensation.
- Whether you missed work and can return in the same capacity – If your injuries prevent you from working, you can seek compensation for lost wages and potential future income.
- Your pain and suffering – Non-economic damages such as physical pain, emotional distress, and reduced quality of life are considered when determining the settlement value.
- Available insurance coverages – Insurance companies are a common defendant in personal injury cases. The amount of availability of coverage(s) may affect the value of your case.
- Whether you share fault – If you share fault for your accident, a court or insurance company may reduce your award to account for your percentage of blame.
The best way to determine the value of your claim is to speak with an experienced personal injury lawyer. An attorney can help you track and calculate your damages. They can also consult with experts in many disciplines to assess your losses.
Economic and Non-Economic Damages
In a personal injury claim, damages are typically categorized as either economic or non-economic losses.
Economic damages cover your measurable financial losses after the accident. They can be proven with receipts, invoices, and other documentation. These damages include money for:
- Medical expenses
- Lost wages
- Loss of earning capacity
- Property Damage
Non-economic damages cover personal, non-monetary losses after an injury. They reflect subjective losses that don’t have a precise financial value and include:
- Pain and suffering
- Emotional distress
- Loss of enjoyment of life
- Disfigurement or scarring
- Loss of consortium
Non-economic damages can make a huge percentage of your settlement award, usually between 1.5x to 5x the amount of your economic damages.
Comparative Fault and Its Impact on Settlement Value
Illinois follows a modified comparative fault rule, meaning your compensation can be reduced if you share partial responsibility for the accident. For example, if your total damages are $100,000 but you are found 30% at fault, your compensation would be reduced by 30%, leaving you with $70,000. However, If you are found to be more than 50% at fault, you will be barred from recovering any damages.
Consult a Personal Injury Lawyer to Determine Fair Settlement Value
Determining a fair settlement value requires an evaluation of all damages and many other factors. At Feagans Law Group, our experienced personal injury attorneys can assess the value of your losses and fight for the maximum compensation you deserve.
Contact us today to schedule a free consultation and learn more about what your personal injury claim may be worth.