How Much Is My Personal Injury Case Worth?
How much your personal injury case is worth depends on so many different factors. This includes the severity of your injuries, the lasting impact of these injuries, whether you need additional medical treatment in the future, how your injuries affect your quality of life, and whether your injuries prevent you from working.
We know that “It depends” isn’t a satisfying answer, but it’s true. Our South Carolina personal injury lawyers would like to explore how the value of a claim is determined, how partial fault affects the amount you receive, common mistakes that cause people to lose money on their personal injury claim, and how pain and suffering are calculated.
If you’ve been hurt, Elrod Pope Accident & Injury Attorneys wants to help. We have offices in North Carolina and South Carolina, and we’re ready to look out for neighbors just like you. For a free case review, contact our personal injury law firm today.
Key Takeaways:
- The value of your personal injury claim depends on the nature and severity of your injuries, the total cost of your current and future medical treatment, how much of your property was damaged in the incident, and the lasting impact of your injuries on your career and quality of life.
- Online settlement calculators are usually inaccurate because they use rigid formulas that cannot account for pain and suffering and other personal details that determine how much a personal injury case is really worth.
- Partial fault for an accident can reduce your compensation in a personal injury claim. In South Carolina, you can seek compensation if you were 50% or less at fault. In North Carolina, you cannot seek compensation if you were even 1% at fault.
- When calculating pain and suffering, insurance companies often use a multiplier method or per diem method. A personal injury attorney can negotiate with the insurance company to help increase how much you get for pain and suffering.
- Personal injury settlements are generally not subject to federal income tax or state income tax in South Carolina or North Carolina.
Factors That Affect the Value of a Personal Injury Case
Here are the most important factors that affect how much your personal injury case is worth.
The Severity and Lasting Effects of Your Injuries
Cases tend to be worth more when people suffer severe injuries that require long-term medical care, surgery or multiple surgeries, the use of assistive devices, physical rehabilitation, occupational therapy, and meetings with specialists.
This is especially true of catastrophic injuries, which are injuries that change a person’s life and livelihood even after they have recovered. Catastrophic injuries often result in long-term or permanent disability.
Past and Future Medical Bills
If your injuries are severe, you will require more compensation than the medical bills you currently have. A personal injury lawyer can help you estimate future medical expenses related to your injuries. Your attorney can also note potential renovations or changes in your living space to address your disability and other accommodations based on your condition.
Damage to Property and Related Expenses
If you were in a collision, your compensation will cover repair bills or the cost of replacing a totaled vehicle. A personal injury attorney can help you calculate the cost of vehicle rentals, rideshares, and other expenses caused by the lack of your vehicle.
Any other personal belongings that were damaged in the crash will also be considered, such as broken phones, laptops, jewelry, and other valuables.
Loss of Income and Diminished Earning Capacity
You can be compensated for lost wages and other income you were unable to earn while you were recuperating from your injuries. When injuries cause changes in mobility or future physical ability, you can also seek compensation for diminished earning capacity due to changes in your career path.
Impact on Your Overall Quality of Life
You can receive compensation for the impact your injuries have had on your overall quality of life. This includes chronic or lingering pain, mental anguish, emotional distress, post-traumatic stress disorder (PTSD), and issues with mental health following a serious injury.
In addition, you can seek compensation if your injuries have affected your relationship with a spouse or other members of your family, and if you’re no longer able to engage in or enjoy past hobbies and interests.
Why Online Settlement Calculators Are Inaccurate
You may have searched for online settlement calculators to figure out how much your personal injury case is worth. These online settlement calculators are usually unreliable and inaccurate. Sure, you may wind up with an estimate or approximation, but it’s not a reflection of the true value of an individual claim.
Here’s why you can’t trust the information on these personal injury settlement calculators:
- Rigid Formulas: Online settlement calculators use rigid math based on averages or estimates, with generic numbers used for subjective losses like pain and suffering. Real-world numbers will be much different.
- Oversimplification of Your Situation: Online settlement calculators cannot account for all aspects of your life that have been affected by a serious injury. The calculators cannot fully account for diminished earning capacity if you’re well into your career, or how much you’ve spent on prescription medication after an accident.
- They Often Just Collect Personal Information: On top of this, we should note that many of these online settlement calculators tend to be lead-generation funnels. This is a chance to get your contact info rather than genuinely help with your personal injury case.
Why You Need an Attorney to Review the Value of Your Personal Injury Case
Rather than rely on an online calculator, it’s best to consult a South Carolina personal injury lawyer about your claim. During a case evaluation, your attorney carefully considers what happened to you and what that means for the value of your personal injury case.
By working with our personal injury attorneys, you can expect:
- An Estimate of Future/Long-Term Costs: We will help you consider the long-term cost of medical care based on the nature and severity of your injuries.
- A Focus on the Details That Affect You: We will discuss how your injuries have affected your life, the lives of your loved ones, your overall well-being, and your financial future.
- A Custom Legal Strategy to Maximize Compensation: We can build a strategy specific to your situation, accounting for the nature of your injuries, the liable parties, and the nature of the incident that caused you harm.
How Shared Fault Can Reduce Your Financial Recovery in a Personal Injury Case
If you were partly at fault for an accident, it can drastically affect how much you receive in compensation. The rules are different in South Carolina and North Carolina.
- South Carolina’s Modified Comparative Negligence Rule: In South Carolina, you can still seek compensation if you were 50% or less at fault for an accident. Your share of fault reduces the amount of compensation you receive.
- North Carolina’s Pure Contributory Negligence Rule: In North Carolina, the standard is much more strict. You cannot seek compensation if you were even 1% at fault for an accident. North Carolina is one of the few states that follow this strict system.
Insurance Companies May Shift Blame to Reduce Payouts
Insurance companies may use partial fault for a crash against you as a way to reduce payouts. In North Carolina, an allegation of partial fault for a car wreck in Charlotte could prevent you from receiving any compensation.
Our Rock Hill car accident lawyers can help you push back against partial fault, citing evidence and the facts of the case so you receive maximum compensation.
What Common Mistakes Can Significantly Reduce the Payout Value of My Claim?
A few mistakes can negatively impact the value of a personal injury claim:
- Apologizing at the Scene of an Accident or Injury: Do not say sorry or admit any kind of fault. Even a passing statement could affect your claim.
- Not Getting Immediate Medical Treatment: Even if you feel fine after an accident, go get checked out by a doctor. This helps connect any injuries you sustained to the accident and builds a medical record.
- Agreeing to Give an Insurance Company a Recorded Statement: Giving a recorded statement to insurers too early may cause you to downplay your injuries or fail to note the full extent of your losses.
- Posting About What Happened on Social Media: If you use social media, insurance companies may monitor your accounts and take posts out of context to reduce the value of your claim.
- Immediately Accepting the First Settlement Offer: Insurance companies tend to lowball people with the first offer. You may be able to negotiate a better settlement.
- Waiting to Speak with a Personal Injury Lawyer: Do not delay discussing your injuries with a lawyer. A personal injury attorney can assess your claim, make sure you take action within the statute of limitations, and start negotiating for a better settlement.
Economic and Non-Economic Damages in a Personal Injury Case
You will be able to seek compensation for economic and non-economic damages following an accident.
Economic damages are tangible losses. They tend to have a dollar value and a bill or receipt. This includes:
- Medical bills
- Future healthcare expenses
- Lost wages
- Diminished earning capacity
- Property damage
Non-economic damages are subjective losses that affect quality of life. These can be much more challenging to calculate, but they are important nonetheless. This includes:
- Pain and suffering
- Emotional distress
- Depression
- Anxiety
- PTSD
- Disfigurement or scarring
How Do Insurance Companies Calculate Pain and Suffering?
Insurance companies generally use two methods to calculate pain and suffering:
- The multiplier method adds up all economic damages and then multiplies the sum by a factor from 1.5 to 5. The factor is determined by the severity of a person’s injuries.
- The per diem method assigns a specific dollar amount for each day a person experienced pain. The dollar amount is then multiplied by the total number of days it took a person to recover and reach maximum medical improvement (MMI).
As we mentioned, insurers often try to offer lowball settlements. Since pain and suffering are subjective, insurers hope you downplay your experiences, accept their offer, and leave money on the table.
Our North Carolina and South Carolina personal injury attorneys are here to ensure you receive maximum compensation for your pain and suffering.
Are Personal Injury Settlements Subject to State or Federal Income Taxes?
No.
Personal injury settlements are not subject to federal income tax or state income tax in South Carolina or North Carolina.
Request a Free Consultation with Our Personal Injury Attorneys
The team at Elrod Pope Accident & Injury Attorneys is here to help you. Don’t just think of us as personal injury lawyers. We are your neighbors. We shop at the same stores. You see us around town. When we see you, we want to help in whatever way we can.
Our law firm has offices in South Carolina and North Carolina to best serve our communities. For a free consultation, contact our law firm today.
