After a slip and fall injury or a car accident, most people prefer to resolve their case as fast as possible but they don’t always know how much they should settle for.
This means that you first have to think about how much your case is worth before you negotiate a settlement. Without an idea of how much money your case is worth, you might end up settling for an amount that is way less than you deserve.
If you are having trouble calculating the value of your case, consider getting in touch with a personal injury lawyer in your area. They have experience dealing with cases similar to yours and have the skill set and legal knowledge to negotiate with insurance adjusters.
If you are located in Hyannis, MA, you can get in touch with one of our personal injury lawyers by calling 508-775-1660. We offer free initial consultations and we work on a contingency fee basis. This means that we only get paid when we win your case.
When deciding how much your case is worth, you have to first consider the chances of winning your case and how much a jury can award you in your jurisdiction.
What are Your Chances of Winning at Trial?
Carefully review the evidence that you have and if it’s presented in court whether it will help you win your case. Are your witnesses credible and is your story believable? How have juries been handling cases similar to yours?
For instance, if you were involved in a car accident because the other driver ran a red light, then chances of you winning your case regardless of which jurisdiction you are in are high. However, if you were injured as a result of medical negligence, you might have a hard time winning the case.
How Much Will a Jury Award You in Your Jurisdiction?
There are two types of damages in personal injury cases:
- General damages
- Special damages
Special damages can be calculated and they include medical expenses and lost wages among other financial losses. General damages include pain and suffering and punitive damages and they cannot be easily calculated.
With that being said, you need to be aware of the damages that you should claim and the amount of money that juries award for similar claims. If your case is being tried in a conservative jurisdiction, you might not be awarded a huge amount no matter how serious your injuries are. The same applies if your case is being tried in a jurisdiction where juries award monumental damages. Calculating how much you will be awarded is not straight forward.
How it All Comes Together
We’ve mentioned that your chances of winning at trial and how a jury awards damages during trials contribute towards how much you will be compensated for your injuries.
You can estimate how much you will be compensated by looking up similar cases and seeing how much the plaintiff was awarded. Keep in mind that every case is unique and different factors contribute to how much each person is awarded in a personal injury claim. The aim here is to give you a rough idea of how much you should be asking for in damages and then manage your expectations by dividing that number is half. For instance, if cases similar to yours have been awarded $100, 000 and you know you have an 80% chance of winning your case, you should try and settle for at least $80, 000.
Once you start negotiating with insurance adjusters, the first move is usually up to you because they’re hoping you will ask for an amount less than they are willing to settle for. If you happen to ask for less than they would have offered, they will counter your offer and give you an even lower amount.
The initial demand should be greater than what you would settle for so as to give you enough room to negotiate. In this case, it would be wise to ask for $160, 000 if you want to settle for $80, 000. The tricky part will be how much to reduce your demand if the insurer counters it.
Are Negotiations Bogging You Down?
You should consider talking to a personal injury lawyer to protect your legal rights. Furthermore, they have more experience handling negotiations with insurance adjusters. Don’t leave money on the table because of technicalities that could have been avoided earlier on in the claims process.
