Curious about how much your personal injury claim is actually worth?
Every year, thousands of accidents happen that cause injuries to others. And for those who suffer injuries that weren’t their fault, one question haunts them.
“What is my case actually worth?”
Here’s the problem:
Most people have absolutely no idea how lawyers determine the value of personal injury cases. They think there is some kind of complicated formula that only lawyers know about. But the reality is much simpler than you might think.
Professionals such as experienced Brooklyn injury lawyers , use a proven system when valuing cases. This system is based on certain factors that directly impact potential compensation.
The result is a fair and accurate valuation that gives you the best chance of getting the full value of your claim.
In this article, we’ll reveal:
- The Real Method Lawyers Use to Value Cases
- What Makes Some Cases Worth More Than Others
- The Hidden Factors That Impact Your Settlement
- How to Maximize Your Case Value
The Real Method Lawyers Use to Value Cases
The truth is that personal injury case valuation is not some magical guessing game.
Here’s how it really works: Lawyers evaluate every case based on two primary categories of damages – economic and non-economic. Then they apply specific formulas and methods to arrive at a realistic value range.
Economic damages are the most straightforward to calculate. This includes:
- Medical bills (past and future)
- Lost wages
- Property damage
- Out of pocket expenses
Non-economic damages are more complex and subjective. This would include pain and suffering, emotional distress, and loss of enjoyment of life. However, even these have proven methods for calculation.
The most common method? The multiplier approach.
Here’s how the multiplier method works: Lawyers take the total medical expenses from your case and multiply that number by a factor between 1.5 and 5. The lower end for minor injuries, with the higher end reserved for serious or permanent injuries.
Pretty smart system, right?
What Makes Some Cases Worth More Than Others
Not all personal injury cases are created equal.
Some cases settle for a few thousand dollars, while others result in multimillion-dollar settlements. So what makes some cases worth more than others? The difference lies in several key factors that attorneys look at during case evaluation.
Injury Severity and Type
The severity of your injuries is the biggest factor in case valuation. Around 95% of personal injury cases settle before going to trial, and settlement amounts vary wildly based on the type of injuries.
Soft tissue injuries typically see settlements of $2,000 to $8,000. Bone fractures range from $15,000 to $50,000, but if surgery is needed, that number can increase to $100,000-$500,000.
Clear Liability
Cases where the other party is clearly at fault are worth more than those where liability is contested.
Running a red light is much more egregious than a fender bender in a parking lot where fault is shared. If you have strong video evidence the other driver was clearly at fault, that will increase your case value. If fault is disputed, expect a lower settlement offer.
Insurance Coverage
Insurance policies place an upper limit on the value of your case.
If the at-fault driver has $25,000 in coverage and your damages are $100,000, then you are likely only going to be offered $25,000. (Unless they have significant personal assets.)
The Hidden Factors That Impact Your Settlement
One thing most people don’t realize about case value is that there are many hidden factors beyond injuries and medical bills that determine settlement value.
Your Credibility
Insurance adjusters and defense lawyers scrutinize how you will appear to a jury. Are you honest and likable? Do you have a criminal record? Do you have a prior history of being involved in injury claims?
These questions all impact settlement value because insurance companies know sympathetic plaintiffs get bigger jury awards.
The Lawyer’s Reputation
Here’s a little secret insurance companies don’t want you to know: They track every lawyer’s settlement and trial history.
If you retain an attorney with a reputation for taking cases to trial and winning, insurance companies automatically adjust their settlement offers accordingly.
Geographic Location
Jurisdiction makes a bigger difference in jury awards than people realize. Some areas are known for giving large jury verdicts, while others are much more conservative in damages awarded.
Timing
Time is also a factor when determining the value of an injury claim.
The older an injury claim is, the less it’s worth. Fresh injuries with recent medical treatment are more valuable than claims filed months after the fact.
How to Maximize Your Case Value?
Maximizing the value of your personal injury case is more than just proving fault.
Follow these proven strategies that lawyers use to increase the potential value of every injury claim they handle:
Document Everything
Keep impeccable records of all doctors appointments, prescriptions, and costs incurred as a result of your injury. Take photos of injuries as they heal.
Follow Medical Advice
Attend every scheduled doctor’s appointment. Follow all prescribed treatment recommendations.
Failure to attend physical therapy or take prescribed medications will be used by insurance companies to downplay the severity of your injuries.
Don’t Rush to Settle
The average personal injury settlement is $55,000 . However, many people accept far less because they rush through the process.
Always wait until you have reached maximum medical improvement before agreeing to a settlement.
Hire an Experienced Lawyer
Personal injury cases handled by experienced injury attorneys result in significantly higher settlements than those handled by general practice lawyers or unrepresented clients.
The personal injury industry generates over $53.1 billion annually . Insurance companies have teams of defense lawyers working to reduce payouts as much as possible.
The best insurance defense lawyers are highly motivated to lower settlement value, so they know how to work the system and uncover ways to discount claims.
If you have been seriously injured, don’t gamble with your future.
Consult with an experienced injury attorney who can protect your rights and fight for the full value of your claim.
Common Valuation Mistakes to Avoid
Even seasoned lawyers can make errors when valuing injury claims.
Here are the biggest mistakes that can cost you money:
- Using outdated multiplier methods that don’t reflect the modern software used by insurance companies. Insurance adjusters now use AI and complex algorithms to evaluate claims instead of simple multipliers.
- Failing to account for future medical needs and treatments. If your injury requires ongoing treatment, physical therapy, or future surgeries, these costs must be included in the settlement demand.
- Not considering all liable parties in the case. Sometimes more than one party can share liability for an accident. An experienced attorney will investigate and identify all potential defendants to maximize available insurance limits.
The Bottom Line on Case Value
Valuing personal injury cases is part art and part science. The most successful lawyers have perfected formulas while also using experience, negotiation skills, and an understanding of local legal trends to achieve results.
Without proper evaluation and skilled legal representation, you will never receive the full value of your case.
Wrapping This All Together
Accurately determining personal injury case value requires a basic understanding of the proven methods used by lawyers every day.
The key factors that drive case value include injury severity, liability, available insurance coverage, and many other hidden elements most people never consider.
Above all, having an experienced personal injury lawyer on your side dramatically increases your settlement amount. 95% of all personal injury cases settle before trial, and having skilled legal representation ensures you receive every last dollar to which you are entitled.
Don’t leave money on the table by guessing your case value.
