It’s common to be concerned about how much of a settlement you may anticipate if you or a loved one has been hurt in an accident. Since every injury accident has numerous unique variables, settlement amounts can vary widely depending on the specifics of each case.
In any personal injury claim, compensation is contingent on a number of circumstances, including the nature and extent of injuries sustained, the availability of insurance, and the financial resources of the person at fault.
Accident victims are often better able to choose their legal path forward once they have this information. Let’s examine how much of a settlement you can expect in a personal injury claim and how working with a personal injury lawyer in New York could increase the financial damages you recover.
Factors that Impact Settlement Amounts
There are several key factors that influence how much your personal injury settlement in New York may be:
Type and Severity of Injuries
More serious injuries that result in ongoing medical treatment, lost wages, and lasting disabilities warrant larger settlements than minor short-term injuries. Permanent injuries like brain damage or paralysis can lead to million-dollar settlements.
Economic and Non-Economic Damages
More serious injuries that result in ongoing medical treatment, lost wages, and lasting disabilities warrant larger settlements than minor short-term injuries. Permanent injuries like brain damage or paralysis can lead to million-dollar settlements.
Insurance Coverage
The at-fault party’s liability insurance largely pays settlements. Policies with higher limits allow for larger payouts. Umbrella or excess policies can also expand coverage.
Liable Party’s Assets
If damages exceed insurance limits, suing for additional compensation from the defendant’s personal assets may be possible. Defendants with substantial assets can pay more.
Negligence and Liability
Clear-cut liability and severely negligent behavior often increase settlement value. Contested liability or split fault reduces it. Strong evidence of recklessness can help justify higher damages.
Legal Representation
Seasoned personal injury lawyers have the resources and experience necessary to maximize claim value based on case specifics. Self-represented victims often accept undervalued settlements.
If you or a loved one has suffered an injury accident in New York, a personal injury lawyer can provide tailored guidance on what a fair settlement would be based on case specifics and greatly improve your chances of recovering the maximum compensation possible in your claim.
Insurance Companies Are Motivated to Reduce or Deny Payouts
The insurance adjusters are trained professionals who work for large, for-profit companies. They are highly motivated to do all in their power to preserve profits by minimizing the amounts they pay out to claimants.
Insurance companies typically employ several tactics to try to minimize settlement amounts:
- Making lowball offers hoping claimants will accept less than the full value of their claim. They may start very low to anchor negotiations.
- Disputing liability facts or downplaying negligence, even when liability is clear. This casts doubt on the claim’s validity.
- Claiming injuries are exaggerated or preexisting. They may dig for prior medical history to attribute injuries elsewhere.
- Arguing treatment is excessive or unnecessary. Insurers will claim certain therapies, medications, and procedures are not needed.
- Delaying negotiations and drawing out the process. This pressures cash-strapped claimants to settle quickly.
- Refusing to make reasonable offers. This forces claimants to pursue litigation, which insurers know is costly.
- Misrepresenting the terms of the policy. This is a bad faith tactic used to mislead the claimant into believing the policy won’t allow coverage based on some particular circumstance.
Having an experienced New York personal injury attorney levels the playing field against these tactics and helps to compel insurers to make fair settlement offers based on actual case value.
Maximizing Your Settlement with Legal Representation
While you can pursue a personal injury claim yourself, hiring an accomplished NY personal injury lawyer offers many benefits:
In-Depth Case Investigation
Experienced attorneys thoroughly investigate liability facts, apply negligence laws, interview witnesses, and gather evidence to prove maximum damages.
Dealing with Insurance Companies
Insurers often make lowball offers. Lawyers are well-versed in maximizing settlements through negotiations or litigation if needed.
Experience Valuing Cases
Our personal injury attorneys have the resources available to calculate damages in a claim with better accuracy. This can help you to avoid accepting a settlement offer that is too low.
Level the Playing Field
Big insurers have teams of adjusters and attorneys. Our law firm balances the scales and fights for your best interests.
Expert Witnesses
Lawyers work with medical, vocational, and other expert witnesses to substantiate economic and non-economic damages.
Trial Preparation and Experience
While most cases settle out of court, our lawyers are prepared to go to trial if needed to fight for your compensation.
Learn How a New York Law Firm Can Help You Evaluate Your Personal Injury Settlement
All accidents are different. Settlements for minor soft tissue injuries may be modest, whereas settlements for catastrophic injuries that cause lifelong disability or loss of income may be quite large. The value of a settlement could be boosted if a negligent party had access to substantial insurance coverage or assets.
In spite of the fact that every personal injury case is distinct, a New York personal injury attorney with Richmond Vona can assess your circumstances and advise you on common settlement ranges for instances like yours.
Contact us today to learn more in a free consultation.
