Mastering The Worth Of Your Personal Injury Case
Are you familiar with the factors that can significantly increase the value of your personal injury claim? At the heart of the matter lies the fact that you must have legal grounds to recover money for a personal injury claim. However, the amount you recover largely depends on the specifics of your case.
In this blog post, we will delve into the specifics of what can increase the value of a personal injury claim in New York, providing you with comprehensive insights to aid in your journey towards compensation.
The Factors
Factors that can increase the value of a personal injury claim include:
The type of injury, i.e., fractures, herniated spinal discs, scarring, or Permanent impairments and disabilities
The availability and total amount of available liability insurance covering the person or company that injured you.
The maximum amount a New York Appellate Court has allowed for similar injuries in past cases
The venue or court where your case will be litigated
The strength of your negligence claim, i.e., how likely under the law is a jury to find the person or entity that injured you at fault for the accident.
The amount and type of medical treatment needed, including surgery
The need for and cost of future medical treatment accounting for future inflation costs
Out-of-pocket medical expenses
Lost wages or time from work
Type Of Injury And Amount And Type Of Medical Treatment Needed
Insurance companies value each claim based on what they believe a New York Jury may compensate an injured person if the case went to trial. If the injured person and the party being sued are unable to reach a settlement, a New York Jury will decide how much your case is worth at a trial. There is no magic formula that a juror uses to decide how much a particular case is worth.
We are all potential jurors and are called to use our common sense and life experience to evaluate and decide on how much should be awarded. The more serious the injury, more medical treatment that the person had to endure, and whether or not surgery was required and performed all strongly impact how much money a typical New York Jury will decide to compensate an injured person. Thus, the type of injury and the amount and types of medical treatment and surgery needed will strongly dictate what your case is worth.
The Availability And Total Amount Of Available Liability Insurance Covering The Person Or Company That Injured You
Where the at fault corporation or party does not have liability coverage and there are no assets, a personal injury lawsuit may result in no money, regardless of how strong the claim or the severity of the injuries. Therefore, insurance coverage is important.
One way corporations and people protect their money and assets is through general liability insurance. A general liability insurance company will hire lawyers, pay legal expenses, and pay for damages awarded to an injured person. The amount of insurance money available to compensate an injured person is different in each case depending on how much insurance coverage the at fault party or corporation purchased before the accident.
Not all parties and corporations have general liability insurance. Typically, a party or corporation does not have liability insurance because they don't have a need for it given they do not hold assets in need of protection or the corporation’s business is struggling and it can no longer afford to pay for liability insurance.
Liability insurance compensates injured parties for their injuries. Unfortunately, the available liability insurance may not be sufficient to fully compensate you if the value of your claim significance outweighs the amount of liability coverage available.
For example, the minimum car insurance amount in New York is $25,000. New Yorker’s typically purchase car insurance with more protection than the minimum $25,000.
Trip and fall, slip and fall, or other accidents that happen on sidewalks, in stores, or at other types of property generally are protected by significant amounts of available liability insurance coverage. The typical liability insurance amount covering a trip and fall or slip and fall accident will be at least one-million dollars or more.
The Maximum Amount A New York Appellate Court Has Allowed For Similar Injuries In Past Cases
New York’s middle appellate court, called the Appellate Division, is expressly granted power to review a jury's decision on how much money to compensate an injured person. The appellate court reviews the jury's decision by deciding whether the money given by the jury to compensate the plaintiff was “excessive or inadequate.” The appellate court decides whether a jury’s decision was “excessive or inadequate” by reviewing all of the facts and past jury verdicts to determine whether or not the jury’s decision “deviates materially from what would be reasonable compensation.”
In other words, if the compensation given by a jury is too great, the appellate courts will reduce the award based on the facts of the case and comparing jury verdicts given in other similar cases. The injury attorneys at MJP Injury Law follow the appellate court decisions on jury awards so that when settlements are recommended they are for the maximum value.
Venue of Litigation
The venue of litigation, or the court where your case will be heard and decided upon, is an important factor that can influence the value and outcome of your claim. It is worth noting that different courts may have varying perspectives and approaches when it comes to handling certain types of cases. Therefore, selecting the appropriate venue becomes crucial as it can have a significant impact on the final result of your legal proceedings. By carefully considering and strategically choosing the right venue for your case, you can maximize your chances of achieving a favorable outcome.
Strength of the Negligence Claim
The strength of your negligence claim, which refers to how likely a jury is to find the at-fault party responsible for the accident, can significantly impact the value of your claim. When there is strong evidence of negligence, such as clear violations of traffic laws or eyewitness testimonies, it not only strengthens your case but also increases the likelihood of a larger compensation award. This is because a solid negligence claim can persuade the jury to hold the at-fault party accountable and award a more substantial amount in recognition of the damages caused.
Medical Treatment and Future Medical Needs
The type and amount of medical treatment needed, as well as the projected cost of future medical treatment, are crucial factors that heavily influence the value of a personal injury claim. In cases where the medical costs are higher, it often results in larger settlements, as it takes into account the long-term impact on the injured person's well-being and financial stability. The comprehensive assessment of medical expenses ensures that the compensation adequately addresses the medical needs and provides a fair resolution for the injured party.
Contact MJP Injury Law For Your Personal Injury Needs
At MJP Injury Law, we are dedicated to helping victims of personal injury navigate the complexities of their claims. If you, or someone you know, have been injured in a trip and fall, slip and fall, or other types of accidents, we invite you to contact us for a free consultation. We will work tirelessly to ensure you understand the factors that could potentially increase the value of your case and strive to secure the maximum compensation for your injuries.
We recognize that each case is unique, and we are committed to providing personalized legal advice tailored to your individual circumstances. Let us help you on your path to recovery. Contact us today.