Curious to know how much your injury claim is worth?
Every injury varies and every claim varies with it. But here’s the crazy part…
Most people don’t even know what determines how much money they can get.
Which means:
- Lowball offers from insurance companies accepted.
- Lost opportunities to get the full amount of compensation you deserve to pay for medical bills, cover lost wages, etc.
But wait. There’s a silver lining…
Understanding these factors will allow you to regain some control of the situation. With good legal guidance, filing your injury compensation claim can actually be a lot easier.
Let’s dive into…
What you’ll discover:
- The 5 Factors That Determine Injury Claim Value
- Why Medical Evidence Is So Important
- How Fault Determines How Much You’ll Get Paid
- What Insurance Companies Want You To Know
- Settlement Mistakes That People Usually Make
The 5 Factors That Determine Injury Claim Value
Your injury claim isn’t worth the same as everyone else’s.
Due to a variety of factors, each claim is valued differently. Think of it as pizza pie.
Each ingredient is important and adds to what the complete product is worth.
Some of the factors include…
- Severity of Injury
- Medical Costs
- Lost Wages
- Pain and Suffering
- Evidence
While all of them play a huge role in your injury claim’s value. There’s one that sticks out the most and that’s severity of injury.
Severe injuries cause costly medical bills, long recovery times, and can impede on your quality of life.
Makes sense when you think about it. If you broke your leg you’re going to be sore for a bit and need medical attention to help you recover. Therefore, your injuries get taken into consideration when filing your claim.
Why Medical Evidence Is So Important
Here’s a fun fact for you…
Medical evidence should be your number one priority.
If you don’t have proper and detailed medical bills and documentation then you might as well pack up and call it a day. Insurance companies love to use insufficient medical treatment as a way to reduce your claim’s value.
Proper medical evidence can drastically change how much your injury compensation claim is worth. That is why it is always best to work with an experienced Schaumburg Personal Injury Lawyer from the get-go.
Here’s what that means for you.
All doctors visits. All scans. All treatment plans. All receipts.
If you don’t go to the doctor soon after your injury or you stop receiving medical treatment your insurance company is going to use that against you. They’ll argue that your injuries weren’t serious enough to require medical help.
Again, always stress the importance of receiving medical help as soon as your injury occurs.
How Fault Determines How Much You’ll Get Paid
Pay attention, this is important…
Fault. It’s a huge piece of the injury claim pie.
Your ability to prove that you were not at fault or were only partially at fault plays a big role in your injury claim. You have to prove that the other person was negligent.
What does that mean? It means you have to prove that person had a duty of care, breached that duty and caused the accident.
But…
Some states allow for what is called comparative negligence. What this means is that if you are found to be at fault your compensation will be reduced by the percentage you are at fault by.
For example, if you are found to be 20% at fault for the accident and your injury claim is worth $100,000. Your total compensation you’d be able to receive would be $80,000.
Hence why it is important to have solid evidence as soon as the accident occurs. Police reports, witness information, pictures, and videos can all help prove fault.
The stronger your evidence of fault. The stronger your claim will be.
What Insurance Companies Want You To Know
Did you know that…
Insurance companies are the bad guys.
Yes, they try to weasel out of paying you the compensation you truly deserve. They have strategies and plans set into place to reduce your injury claim’s value.
Statistics show that about 95% of personal injury lawsuits end up settling.
While this may sound like good news. The truth is that a lot of these settlements are for way less than what they should be.
Insurance companies will often low-ball you right after the accident.
Since they know you’re worried and don’t want to deal with the pain and stress they’ll make you an offer. A lot of times people take this first offer without realizing that medical bills can change and what they’re offered doesn’t even come close to covering what they went through.
Always wait for the right amount before settling.
Settlement Mistakes That People Usually Make
Many people assume that…
Every injury claim goes to court.
That is one of the biggest mistakes that people make. Just because you aren’t familiar with the injury claims process doesn’t mean you’re going to court.
Some other settlement mistakes you should avoid are…
Thinking that because your medical bills equal $30,000. Your injury claim is worth $30,000.
Your medical bills are only one aspect of your injury claim. Other things such as pain and suffering and emotional trauma are taken into consideration.
About 39,345 people died in motor vehicle traffic accidents in 2024.
Car Accidents are the leading cause of personal injury claims. Because they are the most common majority of the population thinks they know how insurance companies handle claims.
Insurance companies know this too. Which is why they will offer you a low settlement pretty quick.
Another mistake…
Rushing the claims process.
Your patience is key when it comes to injury compensation claims. If you rush to accept the first offer (as mentioned above) you’ll regret it later on.
Let’s Recap…
Now that the 5 things that determine your injury compensation claim’s worth have been covered. Here’s a quick recap:
- Severity of your injury is the biggest factor that plays into your injury claim’s value.
- Without proper medical bills and documentation your claim is worthless.
- You have to be able to prove that you were not at fault. Or if you were that your compensation gets reduced by your percentage of fault.
- Insurance companies are rooting for you to receive less money.
- Do NOT rush the claims process.
Hiring a personal injury attorney can really benefit you when filing an injury compensation claim. They know how to evaluate your injury, negotiate with insurance companies, and fight for what you deserve.
Never accept the first offer that an insurance company gives you without knowing how much your injury claim is truly worth. Learn these 5 factors. Apply them to your injury claim and fight for what you know you deserve.
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