How Is Settlement Value Calculated?
Injuries can leave you and your loved ones in a difficult financial situation. With the medical treatment costs, lost wages, and other growing bills, you may be wondering how you are going to pay for it all. If you or a loved one have suffered a personal injury, whether in a slip or fall, a car or motorcycle accident, or as a result of nursing home neglect, you may be eligible for compensation for your injuries and financial losses.
This compensation is also known as damages, and its purpose is to put you, the injured person, back in the position you would have been in if the accident hadn’t happened. You typically receive damages following a lawsuit or an out-of-court settlement. Below, you can learn more about the common factors that go into calculating a settlement, some important considerations, and how De Castroverde Personal Injury & Accident Lawyers can help you maximize your personal injury settlement.
What Common Factors Are Considered When Calculating a Settlement?
Three main factors are considered when determining the value of a settlement for a personal injury lawsuit or claim:
- Fault: Who is at fault for the accident or injury?
- Damages: What damages are available?
- Payment: Who is responsible for the payment of damages?
Who Is at Fault?
Generally speaking, a personal injury case in Nevada requires that the victim proves that their injuries were caused by a negligent act or another person or business failing to act. To prove another party’s negligence as the cause of your injuries, you must show that:
- The accused party owed you a duty.
- The accused party’s act or failure to act was not reasonable and was the cause of your injuries.
- You suffered some form of quantifiable injury, which entitles you to compensation or damages.
It’s important to note that Nevada law includes a special rule known as a modified comparative fault rule, which means that if you are found to be more than 50% at fault for your accident, you will not be able to receive compensation.
What Are Damages?
Nevada courts and attorneys typically factor in three types of damages that an injured person may be entitled to — compensatory (or economic), noneconomic, and punitive.
Compensatory damages are awarded to reimburse you for quantifiable expenses you incurred and expect to incur due to your injuries. These expenses are proven with documents, such as bills and receipts, and include:
- Medical care and expenses.
- Short- and long-term care.
- Lost wages.
- Loss of future earnings.
- Damage to your property, such as your vehicle or home.
Noneconomic damages are awarded to compensate you for injuries where an exact dollar amount may be difficult to pinpoint. Common examples of injuries covered by noneconomic damages include:
- Emotional distress.
- Pain and suffering.
- Disfigurement and physical impairment.
- The loss of enjoyment of activities.
Punitive damages are awarded in the rare case that your injuries or accident were caused by fraud, malice, or oppression, and the court wishes to punish the wrongful conduct. Your settlement figure typically includes the total amount of compensatory, noneconomic, and punitive damages you are awarded.
Many insurance companies depend on software and formulas to determine the value of your claim. When calculated this way, the insurance company evaluates the costs of specific injuries and treatments, the average settlement amount for similar injuries, and the likelihood and potential costs of a jury verdict.
What Are Other Important Considerations When Calculating a Settlement?
Calculating the value of a settlement is a complicated process. Each case is unique and has a different set of factors, circumstances, injuries, and losses. These differences result in no two cases having the same value. Additional considerations to be aware of include:
- Certain types of accidents are governed by both state and federal law, such as large truck accidents.
- Most motor vehicle accident settlements are based on how much money is available, the insurance policy limits of the person at fault, and whether the individual is insured.
- Proceeds received from most personal injury claims are not taxable under either federal or state law.
- It is common for personal injury lawyers to work your case on a contingency fee basis. This means you pay no upfront costs and are charged a fee if you win your case.
- There may be limitations on your compensation due to Nevada personal injury laws. While there is typically no limit to compensatory damages, there are limitations on certain other damages:
- Lawsuits against municipal employees are limited to $100,000.
- Lawsuits against owners of public land are capped at $100,000.
- Noneconomic damages are restricted to $350,000.
- Punitive damages are set depending on your compensatory damages. If compensatory damages are less than $100,000, then punitive damages are capped at $300,000. If they are more than $100,000, punitive damages are capped at three times the amount awarded.
How Can De Castroverde Personal Injury & Accident Lawyers Help You With Your Settlement?
Filing a personal injury claim and negotiating with insurance companies and lawyers can seem overwhelming. At De Castroverde Accident & Injury, we handle each case with professionalism, dedication, and extensive knowledge of Nevada personal injury law. Our personal injury attorneys understand that every case is uniquely complex, and we will handle every step of your injury claim, including:
- Negotiating settlements with insurance companies and their legal representation.
- Maximizing your damages.
- Handling all correspondence with the insurance companies and their legal teams.
- Obtaining every piece of relevant documentation and evidence.
- Winning compensation for any medical expenses, lost wages, pain and suffering, and other damages that may be associated with your personal injury.
Call us today at 702-780-6462 or contact us online to speak with a member of our knowledgeable and dedicated team of legal professionals and support staff. De Castroverde Personal Injury & Accident has provided high-quality, aggressive, and dependable personal injury law representation to residents of Las Vegas and the surrounding areas, including Henderson, Reno, and Summerlin, since 2005. Our trained personal injury attorneys handle many different cases, including wrongful deaths, car, and pedestrian accidents, slips and falls, and nursing home abuse. We also have bilingual staff — se habla español.
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