Factors That Affect the Value of Personal Injury Settlement in Kentucky

There are 39.5 million injuries requiring medical treatment in the US each year. Personal injury settlements compensate victims for losses due to another party’s negligence, with half of all victims receiving no more than $24,000.

According to experienced personal injury attorneys, several key factors affect how much compensation an injured person may receive in Kentucky. Understanding these factors can help victims negotiate fair settlements.

Type and Severity of Injuries

The type and severity of injuries significantly impact settlement amounts. More severe injuries that result in ongoing medical treatment, lost wages, diminished quality of life, and high medical bills warrant larger settlements. Minor soft tissue injuries typically result in smaller settlements-severe injuries like brain damage, spinal cord injuries, amputation, or fatality warrant substantially higher awards. In 2016, overall care costs attributable to non-fatal TBIs were $40.6 billion, which is why higher settlement figures are justified.

Liability and Negligence in Personal Injury Cases

The strength of the liability case and the proof of negligence are critical. Clear-cut liability with definite negligence on the defendant’s part equates to higher rewards. If liability is disputed and negligence questionable, the case becomes harder to prove, and the defendant will likely settle for less. Strong evidence like police reports, eyewitness testimony, and expert analysis help demonstrate liability and increase settlement values.

value of personal injury settlement in kentucky. Image by Steve Buissinne from Pixabay
Value of personal injury settlement in Kentucky. Image by Steve Buissinne from Pixabay

How Do Medical Costs and Lost Wages Impact My Personal Injury Settlement?

Documented past and future medical costs, as well as lost income from missed work, will increase settlement amounts. Things like hospital bills, physical therapy, rehabilitation, medical equipment, and in-home nursing care are included. Settlements must cover wages lost to date, and future lost earning capacity. Supporting documentation from doctors and employers helps substantiate these costs. The average economic cost of a disabling injury caused by a motor vehicle accident was $155k in 2021.

What Types of Damages Can Be Accounted in a Personal Injury Case?

Personal injury Settlements account for both economic and non-economic damages. Non-economic damages compensate for things like pain, suffering, mental anguish, loss of enjoyment, and reduced quality of life. These subjective damages can significantly increase settlements, especially in serious injury cases. Pre-existing conditions may also amplify pain and suffering claims.

How does Insurance Coverage Affect Personal Injury Settlement?

The amount of insurance coverage available to pay a personal injury settlement influences rewards. This includes the at-fault party’s liability coverage limits and the injured party’s underinsured/uninsured motorist coverage. If coverage limits are low, potential settlements are capped regardless of damages. More extensive insurance policies allow for bigger payouts.

Comparable Personal Injury Case Results

Reviewing verdicts and settlements in comparable Kentucky cases provides a benchmark for establishing a fair resolution. Personal injury lawyers use past results involving similar injuries, damages, and circumstances to gauge an appropriate value range and negotiating position. Comparing and contrasting cases helps justify a specific settlement amount.

Parties’ Willingness to Negotiate the Personal Injury Settlement

The willingness of both sides to negotiate in good faith impacts settlements. Refrain from making reasonable offers and counteroffers may impede resolutions. On the other hand, parties open to fair compromise can reach mutually agreeable settlements more quickly. Engaging experienced personal injury attorneys helps facilitate productive negotiations.

A knowledgeable personal injury attorney with substantial resources levels the playing field against big insurance defense firms. Experienced personal injury lawyers have the skills, expertise, and financial means to build strong cases and maximize settlement values. Their reputation and track record for delivering results motivate defendants to resolve cases quickly.