Pain and Suffering Settlement: Fair Amounts and Time Frames

When you are claiming amounts for your pain and suffering settlement there are a few things you need to be aware of.  Getting the fair amount, and time frame expectations can either make your settlement easier or harder.  There are a few types of settlements, there is a car accident pain and suffering settlement, there are personal injury claims settlements that you can get pain and suffering benefits from.  Many slip and fall settlements will not qualify as pain and suffering settlements because of the inherent fault of the accident.  Obviously if you were the one responsible for the slip and made some mistake while at work you are not going to be allowed to claim pain and suffering.  Each of these accidents will use a different insurance settlement calculator to determine the amount you are entitled to.

There is not necessarily a pain and suffering settlement calculator that can just magically tell you how much to expect.  Although you can calculate what you are going to ask for in the claim based on the total medical expenses.  A pain and suffering settlement amount is hard to calculate because of how hard it is to determine what the value of the future pain and suffering will be. The insurance settlement calculator is more designed for property damage and simply totals the values of your expenses – it doesn’t predict the outcome.

The reason many of us pay such high amounts for insurance is because of the amount of stupid lawsuit settlements that are filed.  So if you are seeking monies that you do not deserve, please don’t – its a burden on all of us.  However, if as the result of an accident you really will face a lot of pain and suffering, then a pain and suffering settlement is EXACTLY what you should seek.

If you are being counseled that you should not seek the advice of an attorney, then you should REALLY be asking yourself, what is the reason they don’t want me to get representation?  What I hear most is that people think they will get their money much faster by working individually with the insurance company.  That can be true, and often because slip and fall settlements or pain and suffering settlements the insurance company just wants to get rid of the case.

The reason the insurance company is so quick to settle the complaint is because the longer you go, the more costly it becomes for them.  If they can low ball you, but you think its a great amount because you have NO experience then they will make off with your money.  So you really should seek legal advice from a personal injury lawyer, or a lawyer who specializes in pain and suffering lawsuits.  Or if this is a workers compensation settlement, then you need to consult a workers comp lawyer.

The thing you need to be aware of is that a lawyer will want to seek out the maximum amount for you, and if your case qualifies they will agree to not take compensation from you unless you win the case.  Having said that – their fee will be fairly high, somewhere near 40%.  Think about it this way though, if you settle on your own for $100,000 but your pain and suffering is worth $800,000 then you would be losing $700,000.  Even after paying the lawyer his $320,000 you would have made $480,000 which is $380,000 more than if you had settled on your own.  You really have no idea what kind of bills you may have to pay in the future and these lawyers have experience with what you can expect as far as what you will need in the future in order to make up for your pain and suffering settlement.

In the end most of the consultations with injury or pain and suffering lawyers will cost you nothing, so there is no reason not to talk with them.

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About Brandon

Brandon is an aspiring financial wizard who hopes to combine his knowledge of finance with his experience in law to help people make the best decisions in their legal cases. As a company we are super proud of Brandon and believe you'll find his posts very useful.
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