When filing a personal injury claim, it’s important to understand how damages are calculated. This will help you to realistically determine how much money you should settle for or could sue for in a lawsuit.
Personal Injury Claim Calculation
It’s important to note that there is no set formula for calculating the settlement value of a case and the damages associated. The amount awarded can vary greatly from case to case. However, by understanding the basic principles involved in this process, victims can get a better idea of what they may be entitled to.
There are many factors that go into personal injury claim calculation. Some of these factors include:
- The extent of the injuries suffered
- Medical expenses related to the injuries
- Lost wages due to the injuries
- Pain and suffering caused by the injuries
Each state has its own laws governing how personal injury claim claims are handled. In Nevada, for example, the amount awarded in a personal injury settlement is usually based on three things: medical expenses, lost wages, and pain & suffering. These three factors are called “damages.”
Medical expenses usually account for the largest factor in calculating the settlement value of a case. This is because medical expenses can be very costly, and they often continue to increase over time. Lost wages are also a significant factor in calculating damages, as they can result in significant financial losses for the victim and their family. Pain and suffering is the most subjective factor, and it is usually awarded based on how severe the injuries are and how the injuries and lasting impairment have impacted the victim’s life.
If you have been injured in an car accident, truck accident, motorcycle accident, slip & fall case, dangerous drug case or a Las Vegas workers compensation issue, it is important to consult with an experienced personal injury attorney. An experienced attorney can help you to understand how the value of your specific case is likely to be calculated, and he or she can provide you with more information about your legal rights and options.
How Long Does a Personal Injury Settlement Take?
If you’ve been injured in a personal injury accident, you probably want to be compensated right away. Medical bills can add up quickly, and if you’re forced to take time off work, you’re probably not able to pay your outstanding bills. Unfortunately, getting a fair personal injury case settlement can take some time.
How long a settlement takes will depend on your unique circumstances. First, your attorney must gather evidence against the individual they believe is responsible for your accident. This can include taking photos of the accident area and talking to any witnesses who were present during the time of your injury. They will also need to gather all of your medical bills and records, wage loss information from your employer and any photos of scarring or other evidence of permanent impairment.
Once your attorney has gathered all of the necessary evidence, they will usually submit a settlement demand to the insurance company. If the insurance company denies liability or they make an unreasonable offer, your attorney will probably recommend filing a lawsuit. After a lawsuit is filed, it may take several years before you actually see the inside of a courtroom. However, most cases are settled with the insurance company without ever having to file a lawsuit.
So, how long does a personal injury settlement take? In most cases, it will take several months after you are released from medical care until you receive payment from the insurance company. However, there are many variables that can affect this timeline, so it is important to speak with an experienced personal injury attorney to get a more accurate estimate.
Edward M. Bernstein & Associates is one of Nevada’s largest personal injury law firms. For over forty-four years, our legal professionals have worked on tens of thousands of personal injury cases and have gained a reputation for getting clients the compensation they deserve.
Have you had a personal injury? Contact the firm of Edward M. Bernstein & Associates today at 702-840-5103 for a free consultation.