After an injury in Minnesota, medical bills, missed work and other losses can create financial uncertainty. If you pursue compensation, you may want to know what your claim could be worth and how that amount is determined. Although there is no single formula for calculating a personal injury settlement, several factors can influence its value.
What types of losses affect settlement value?
Your losses generally fall into two categories. Economic losses are costs you can measure. Noneconomic losses cover personal effects, such as pain and limits on daily life. Depending on your situation, these may include:
- Medical expenses and expected future treatment
- Lost income and reduced ability to earn income
- Pain and suffering
- Permanent injuries or limitations
- Effects on your daily activities
How serious your injuries are and how long they last can also affect settlement value. Medical records, bills and wage documents can help show your financial and personal losses.
How does fault affect your settlement?
Minnesota uses a rule called modified comparative fault. If you share responsibility for your injury, your share of fault reduces the compensation you can receive. For example, if you are 30% at fault, the compensation you can receive generally decreases by 30%.
You can generally recover from a party if your fault is no greater than theirs. If your share of responsibility is greater, you cannot recover damages from that party. That makes evidence about how the injury happened important to your personal injury claim.
How can insurance coverage affect the amount?
Even when your losses are substantial, insurance coverage can affect how much compensation is available. A policy limit restricts how much that particular insurer will pay. However, that limit does not always reflect the full value of your losses.
Understand what accepting a settlement means
The dollar amount is not the only part of a settlement that matters. Accepting an offer usually means giving up the right to bring more claims against certain people or companies for the same injury. Legal guidance can help you understand those terms, identify the rights you would give up and evaluate how the agreement may affect you before the claim ends.