How Financial Compensation Works in Personal Injury Claims

When an individual suffers an injury as a result of someone else’s negligence, it’s common to hear the term ‘financial compensation’ in relation to a personal injury claim. But what does this truly entail? Financial compensation in a personal injury claim is a legal avenue to ensure that the victim is not left in financial distress because of an incident they had no control over and to compensate for how the injury negatively affected the person’s life. This blog post will delve into the intricacies of how financial compensation works in personal injury claims and settlements, and shed light on the key factors that influence these payouts.

Call 317-881-2700 for Help With Filing a Damages Claim in Indianapolis Indiana
Call 317-881-2700 for Help With Filing a Damages Claim in Indianapolis Indiana

Filing a Personal Injury Claim

Personal injury claims are initiated when the victim of an injury, whether physical, emotional or psychological, seeks to obtain compensation from the party responsible for causing them harm. Generally speaking, these settlements are meant to cover medical expenses related to the incident as well as potential lost income due to any time taken off work. In addition, compensation is required for pain and suffering, mental anguish, scarring and other damages.  In some case, damages can also include punitive damages, which are awarded to further penalize the guilty party and to deter others from similar egregious conduct.

Determining the Value of a Personal Injury Case

When calculating the amount of financial compensation that can be awarded, a few factors must be taken into consideration. These include: the severity and scope of the injury; any medical treatments required as a result; how much time was spent away from work due to recovery; how the injured person’s life was negatively affected by pain and suffering and if there is any permanent disability or disfigurement.

Personal Injury Cases are Civil Claims

It is important to note that most personal injury claims involve civil cases, rather than criminal proceedings. This means that the compensation awarded is monetary in nature and the guilty party does not serve a jail sentence for their actions. Moreover, in the vast, vast majority of cases, the at-fault party or at-fault business have liability coverage available which means the injured party gets paid a settlement from the at-fault party’s insurance company and not the at-fault party themself.  As such, it is important to have a good understanding of the law when filing a claim, as this will determine the amount of compensation that can be sought. A skilled and experienced personal injury lawyer can help you with this and much more throughout the case.

Personal Injury Settlements

When settling a personal injury claim, there are typically two main avenues that parties can take: negotiated settlement or litigation. In most cases, it is in both parties’ best interest to negotiate a settlement outside of court as this will save time, money and will get the injured party guaranteed money quicker. This approach often involves reaching an agreement on the amount of financial compensation that should be paid to the victim, as well as any other terms of the settlement.

On the other hand, if negotiations fail, litigation may be necessary in order to have a jury or judge decide on a suitable outcome. During this process, both parties will present their cases and provide evidence about the facts surrounding the incident. The judge or jury presiding over the case will then determine an award for the injured party.

In Summary

Overall, claiming compensation for a personal injury accident can be a complex process. However, properly represented victims can ensure that they receive the proper amount of payment for their injuries and any other damages incurred as a result. While the process can be daunting, having a well-informed understanding of your legal rights can make seeking financial justice much easier and indeed, not having an experienced attorney can and has been the downfall or significantly reduced results for numerous injured plaintiffs.

It is always best to hire a personal injury attorney because the at-fault party’s insurance companies have experienced claims representatives and attorneys on staff, working to obtain them the best results possible for their employer and you should have an attorney working on obtaining the best results for you. It is also important to note that you may have other legal rights in addition to pursuing a claim for personal injury compensation. Consulting with an experienced Indiana accident attorney who specializes in personal injury law can help make sure all your rights are protected and that you get the best outcome possible when seeking justice.

It is important to understand what to expect when pursuing financial compensation for a personal injury accident claim. Contact Craven, Hoover, and Blazek P.C. at 317-881-2700 to schedule a free initial consultation with an experienced personal injury attorney in Indianapolis, Indiana. We provide contingency-fee representation, so you don’t pay anything unless we successfully secure a settlement or verdict on your behalf.

Related Posts:

Top 3 Things You Can Do to Maximize Your Accident Settlement
What is the Worth of My Personal Injury Claim?
10 Common Mistakes People Make When Filing for Personal Injury Claims