When you and your attorney work out a settlement with the at-fault party’s insurance company or lawyer, your settlement will include several key components. Understanding each part of the settlement can help ensure your satisfaction with the arrangement.
The Three Key Components of Your Auto Injury Insurance Settlement
When you have been injured in an auto accident, you and your Las Vegas injury lawyers may be able to work out a fair settlement with the at-fault party. This settlement will be legally binding, and you will not be able to sue for additional damages. When working out a settlement, be sure that each component represents a fair value for your injuries and medical expenses.
One of the three key areas of an insurance settlement for your injury is for medical expenses. Your medical fees may include out-of-pocket payments for X-rays or imaging studies, physicians’ fees, hospital fees, prescriptions, and physical therapy. In some cases, your health insurance company may place a lien on your settlement for medical costs they have already paid on your behalf.
An insurance settlement may also take into account your estimated future costs for care related to your injuries. If you will need additional surgeries, physical therapy, or rehabilitation, your award should take this into account. You will not be able to reopen the claim if your future costs are more than what was estimated in your original award. Your future costs might also include lost wages, the need for household help, or childcare.
Pain and Suffering
Putting a monetary value on your pain and suffering is a challenge. In general, the more severe your injuries, the higher your award for pain and suffering. Special circumstances such as the loss of a limb or permanent disability may considerably increase your pain and suffering damages. If you experienced post-traumatic stress disorder or other lingering effects of your accident, documenting it may also help you get a higher award. A common formula for calculating pain and suffering damages is three times the amount of your medical costs.