One of the most common questions that personal injury claimants ask their attorneys is how much the average settlement amount is for their injury type. When the claimant has sustained a knee injury, there are a number of factors that can influence the amount of the claim. One of the most important ones is the severity of the knee injury that occurred.
The settlement process is often a point of frustration and hardship for personal injury claimants as the expenses of the injury pile up and the negotiations between their attorney and the at-fault party’s insurance provider continue. Luckily, High Rise Financial makes it possible for claimants to obtain the cash that they need now through pre-settlement funding.
In This Article
Factors that Impact the Amount of a Knee Injury Settlement
The term knee injury can define anything from bruising or strained ligaments to an injury that requires multiple surgeries. Therefore, a knee injury can result in a day or two of missed work and minimal medical treatment, or it can require months of physical therapy, possibly resulting in a lifetime of chronic pain and knee instability. More severe injuries are valued higher to account for the increased need for medical treatment, the missed work associated with the injury, and the long-lasting impacts of the injury on the sufferer’s ability to earn an income and resume enjoyed hobbies and activities.
In addition to the injury severity, the following factors can impact the average knee injury settlement amount.
How Much Insurance the At-Fault Party Has
A major factor in the amount of a knee injury settlement is how much insurance the at-fault party has. Personal injury claims can be made against auto liability insurance policies, homeowner’s or renter’s insurance policies, or even business liability policies, depending on the circumstances of the accident. These liability policies all come with policy limits, which is the maximum that the insurance provider can pay out for a claim.
As explained by Allstate, most insurance policies include a collection of different types of coverage, with different limits on each type of coverage provided. For example, a vehicle policy can have separate limits for liability, comprehensive, and collision coverage.
Many drivers and owners of businesses or properties choose the lowest policy limits allowed by the law to avoid paying a higher premium for their policy. Unfortunately, a low policy limit can also limit how much the insurance company can settle the claim for.
How Much Income You Earn
Many of the expenses you can seek compensation for involve the loss of income due to missing work for recovery and doctor’s appointments, as well as your loss of earning capacity if you are no longer able to earn the same income that you did before your injury. Your claim for wage loss compensation may be higher if you were at the peak of a successful career than it would be if you were not in a long-term job or were not earning an income due to retirement.
How Willing You Are to Settle the Claim for Less than Its Value
As explained by ADR Times, an out-of-court settlement is an agreement between both parties in a dispute that does not require court involvement beyond ratifying the agreement. In exchange for the agreement, the claimant agrees to drop all legal claims against the defendant and their insurer. In personal injury claims, the settlement amount is generally less than the value of the claim that was established by the claimant’s attorney.
An attorney cannot decide whether you should accept a settlement offer. The decision of whether the settlement you are offered for your knee injury fairly compensates you for the expenses and impacts you have incurred is yours to make.
How Willing the Insurance Provider Is to Make a Fair Offer
Insurance companies do not, as a general rule, like to pay out settlements on claims, as they are in the business of making money from premiums. However, one thing they often dislike even more is the expense of litigation. Without an attorney representing you and helping you navigate the process, the insurer may be even more stingy with the settlement value because they doubt that you have the legal know-how to understand matters such as policy limits and claim valuation.
How Patient You Are in the Process
Settlement negotiations can begin as soon as your attorney sends a demand to the insurance provider, and they can last until a judge or jury has made a decision on the case in court. When you are dealing with wage loss and medical bills, it can seem like the process will never end. Many claimants accept a lower settlement offer simply because they can’t afford to wait for their compensation any longer.
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How Pre-Settlement Funding Can Help
Pre-settlement funding is a way for you to borrow the cash you need now from your future settlement. You don’t need to have good credit, and if you lose your case, you are not responsible for repaying the amount you received in pre-settlement funding. Some of the advantages of pre-settlement funding over a lawsuit loan include the following:
- An easy application process that doesn’t involve evaluating your finances
- The ability to receive the needed funding in as little as 24 hours
- The ability to give your attorney as much time as they need to negotiate the highest offer possible for your knee injury claim
Trust High Rise Financial for Your Pre-Settlement Funding
High Rise Financial offers a financial solution to prevent the victims of personal injury accidents from counting the days until their knee injury settlement amount arrives. For more information about this funding option, contact us today.