Monetary compensation is awarded for suffered physical pain, suffered mental pain, as well as for reduction of life activity. The amount of compensation for serious bodily injuries is naturally more important than compensation for minor bodily injuries because it is a matter of a significantly larger amount of money and more serious consequences.
This includes violations of reputation, honor, freedom, personal rights and more. A fear allowance is also taken into account. The amount of compensation is affected by several different factors. To calculate its value, collect as much information as possible about the process.
What factors affect the amount of compensation?
Regardless of whether it is minor or serious injuries, an indispensable document is a doctor’s report. He will assess the time and intensity of the duration of pain, fear, and lasting consequences if there are any. The amount of compensation for serious physical injuries is most often awarded when the injuries qualify as serious and when there is a reduction in life activities. The percentage of reduction in life activities and much more is considered.
Collect evidence of the accident
The first rule is not to miss the details. So you’ll need to gather as much information as possible, and that includes the finer details of the incident investigation. It is important to record the entire incident while everyone is at the scene of the accident. Include as many different angles as possible in the footage, not just what you and the perpetrator experienced. Don’t forget to look for witnesses and question them. Collect important information about them so that later you will have proof that the accident happened and that the witness statements will work in your favor.
Obtain medical and police reports
When it’s your turn to review, do your best to find all the necessary paperwork related to the incident. We spoke with Ross N. Tentinger, a famous Minnesota Car Accident Lawyer, and he told us the most important are medical and police reports. You need them for your defense, and a personal injury attorney will increase your chances of success. Don’t forget that the other party will make sure to pay as little as possible. So do your due diligence and prepare for a defense to prove your story is true. If your doctor has prescribed certain treatments, do not wait to receive treatment for your injuries. Look for it as soon as possible even if you are not sure if you need it. Any documentation will come in handy for you and your lawyer.
Medical examinations should not be limited to examining physical health. Mental health is equally important, as you may also have an emotional injury. For example, an expert will assess whether your anxiety is at a higher level than is usual in such a situation. Records of appointments and treatments will support your claim. Finally, you should have a certain amount of money in mind when you apply. Your lawyer will help you in this, as well as all the collected documentation and damage records. This includes damage to your vehicle. Be patient and try in advance with a lawyer to calculate the value of the compensation.
How to calculate your personal injury settlement value?
Now that you know what affects the price of compensation, you can use an online calculator to get a reasonable amount of money. Although you can do this yourself, you will also need your lawyer’s approval. The calculator is just the beginning, and a real expert will point out many other details that equally affect the formation of the figure.
For example, there are special damages that are not easy to calculate. This includes the cost of medical treatments, inability to go to work and other out-of-pocket losses.
How to get the best personal injury settlement?
The most important thing is that you know the exact value of the compensation you should receive. Before you present your claim, also consider the minimum settlement figure you might be willing to accept. Talk to your lawyer about this, as this number is important personal information. Of course, this is not something you should reveal to other people.
Before the bids start to fluctuate, you’ll know your bottom line. You should also know that your requirements do not have to be fixed. What it means? For example, the original figure you made in agreement with the lawyer is subject to change under certain circumstances. If facts suddenly emerge about the accident that you did not consider, you will have to find a compromise with the other party.
That way, certain of your claims may be weaker than before. This would mean at the same time reducing your minimum figure. There is another situation in which a monetary figure can be changed. For example, if the other party starts with a figure that is close to your minimum, or if you obtain stronger evidence in the meantime, you should revise upwards.
It is recommended not to accept the first offer, as you will generally receive a small amount immediately. Even if you get a very low offer, ask for an explanation to check what your claim is really worth. It is important to emphasize the emotional points that work in your favor. If you plan to reduce demand, first wait for a response from the regulator.
In order to win your case and extract maximum monetary damages, you need to understand how negotiations work. If you are unfamiliar with the basics of damages and compensation, hire a personal injury attorney to walk you through the process. Thanks to his knowledge and experience, you’ll know what to expect when it comes time to negotiate a settlement.
You’ll also be prepared when it comes to paperwork because these experts know what documents are needed to get you there. Don’t forget that a case can become complicated if new evidence comes to light or something else happens. It all affects your request and you will need someone on your side to overcome any obstacles.