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What Determines the Value of a Personal Injury Settlement?

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When clients come to our firm after being injured in preventable accidents, they commonly have questions about how the legal process works and what their case might be worth. Determining the value of a personal injury claim is difficult, especially early on in the proceedings. This is because it is still not known how the accident and the injuries you suffered will impact your life, what type of medical treatment you may require and for how long, and what you’ll need in the future. The full scope of your damages needs to be known in order to put a price on a fair settlement.

Remember, every case and every injury is unique, so the value of a settlement will always depend on the unique set of circumstances in your case. In addition to your damages, the value of a settlement can also be impacted by how well your lawyer is able to handle your claim and negotiate with insurance companies that want to do anything possible to pay you as little as they can.

At The Daspit Law Firm, we have helped numerous clients throughout Texas secure successful settlements after they were injured in preventable accidents. We always try to provide a realistic picture of what clients can expect when they trust their case to our experienced team of Beaumont personal injury lawyers. We also take the time to explain what insurance companies are required and/or likely to pay, and the basic factors that can determine the value of a personal injury settlement which, in the most general terms, include your economic damages and non-economic damages.

Economic Damages

Injured victims and families can incur a number of different economic damages, meaning losses that can be easily tabulated into a financial sum. These are the real, verifiable costs associated with your accident and your injury, and they can include:

  • The cost of medical treatment and rehabilitation
  • Lost wages from missing work
  • Property damage
  • The cost of care for any future medical needs
  • Estimated lost wages you might have earned if not for your injury

These economic damages comprise a substantial amount of the value of a personal injury settlement, and for good cause. Victims should not have to pay for their medical treatment or future needs when they were hurt by the negligence of others.

Non-Economic Damages

Non-economic damages cannot be easily calculated or converted into a monetary sum. These damages are the emotional injuries you and your loved ones may suffer after an accident and may include:

  • Pain and suffering
  • Mental anguish or distress
  • Loss of enjoyment or quality of life
  • Loss of support and companionship

Unlike economic damages where expenses and losses have bills or figures attached to them, non-economic damages can be more difficult to prove and require a different type of evaluation to determine amounts. However, in cases where the lives of victims and families are considerably changed, juries have been known to award large awards for non-economic damages. This means insurance companies may be more likely to settle for higher amounts when non-economic damages are severe.

Whatever your case may entail, it is important to begin the process as soon as you can to ensure you receive the medical treatment you need and that our attorneys have the time needed to fully investigate your case and establish a full picture of the damages you incurred in your accident. Learn more about the merits and potential value of your case by speaking personally with a member of our legal team.

Contact The Daspit Law Firm today for a FREE consultation. We are available 24/7.

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