However, personal injury settlements are designed to help you get back on your feet after you’ve been hurt at the fault of another individual. But if you want to receive compensation that will cover your injury expenses, you need to understand the ins and outs of personal injury compensation. Our team of expert Las Vegas and Henderson personal injury lawyers have prepared all the information you need to know about how personal injury settlements are calculated.
How Does Personal Injury Compensation Work?
Personal injury compensation is provided when an individual sues a responsible party for causing an accident, whether it is an indirect cause or a direct cause. By suing the responsible individual, the victim is saying that there was some duty or responsibility to protect their safety that was not provided.
Personal injury includes may different kinds of accidents. Victims may be able to receive compensation for everything from slip and fall accidents to car accidents. Personal injury accidents can also include things like medical malpractice or product liability.
In order to receive compensation for a personal injury case, the victim will need to prove that the responsible individual was negligent or malicious and caused an unsafe environment or accident. They must also prove that that accident or unsafe environment lead directly to the injuries.
If the victim is able to successfully prove that the accident was the fault of the other individual, they will be able to receive a compensation package from the at-fault individual’s insurance provider.
How Long Does a Settlement Take?
If you’ve been injured, you probably want your money right away. Medical bills can add up quickly, and if you’re forced to take time off work you’re probably not getting a paycheck. Unfortunately, getting a personal injury case settlement can take some time.
The amount of time before you get your settlement check will depend on your unique circumstances. First, you must gather evidence against the individual you believe is responsible for your accident. This can include taking photos of the accident area and talking to any witnesses who were present during the time of your injury.
Next, you and your attorney will need to negotiate with the insurance provider. This process can include a few weeks of back and forth until you finally come to an agreement on how much should be owed. This can take even longer if there are complicated requests or high monetary amounts being discussed.
Once an amount has been agreed upon, there are still documents that need to be signed and processes that need to be completed. After everything is finalized, it can still take about four more weeks until you receive your compensation.
What Are the Main Factors that Affect my Settlement?
Certain factors will influence the amount of money you receive from a personal injury settlement. In the broadest sense, the more serious the injury, the more money you will be able to receive. However, here are a few of the factors that will secure you a higher settlement.
- Having an injury that has a long recovery period.
- Having an injury that is permanent or has a permanent consequence, such as having a scar or losing functionality.
- Having an injury that requires long-term treatment or care.
- Having an injury that requires treatment from a medical doctor or a stay in a clinic or hospital.
- Having an injury to a bone, the head, a joint, or the vertebrae, also known as a “hard” injury.
- Having an injury that requires medication.
- Having an injury that disrupts your traditional day-to-day life, including missing education, work, or special events.
What Are the Processes and How Are Settlements Calculated?
The above factors are just part of determining how much your personal injury settlement will be. There are various areas that you may be able to receive compensation in related to your injuries.
The first and most common area for your settlement will be your medical expenses. Your medical expenses will include past medical expenses and costs for future treatments or care. Medical expenses can also cover the cost of medical accessories, like a wheelchair or crutches.
Lost wages is another popular area for your settlement. Lost wages include the amount of money you’ve lost from missing work. This can also include if you’ve received paid time off or other benefits from work. If you’re unable to return to your job after your injury, you can receive compensation for future lost income.
If any property was involved in the accident, such as a vehicle, you can also receive compensation to replace or repair that property. This area does not apply if property was not involved in the accident.
You may also be able to receive compensation in pain and suffering. Because injuries can cause severe emotional and physical pain or distress, you can receive monetary assistance to help you cope with that stress.
Your attorney will work with you to determine the proper amount of settlement to ask for. For compensatory damages, you will only be able to ask for the amount of money that you’ve directly expensed. This makes it easy to determine how much money is owed to you and how much you can expect from your settlement.
Are Personal Injury Settlements Taxable in Nevada?
In most situations, you will not need to pay taxes on your personal injury settlement. This means that you do not need to factor in a tax rate when determining the right amount of personal injury compensation for you.
However, there are some exceptions to taxation. If there are punitive damages involved in your settlement, they will need to be taxed in the state of Nevada. Punitive damages are forms of punishment for the responsible party, but they are not always involved in personal injury cases.
Your settlement may also be subject to taxation if you breached a contract and that led to your injuries. The breach of contract would need to be the foundation of the lawsuit in order for the settlement to be taxed.
A personal injury settlement can be extremely beneficial in getting back on your feet after you’ve been hurt. In understanding all the details of what a personal injury settlement can do, you can be sure you’re getting the most money available to you.
If you have experienced the pain of an unexpected accident, contact us at Adam S. Kutner immediately for a free consultation. You can call us at 702-381-6770, or click here for your free online evaluation.