Settlement Calculator: Determining What Impacts My Claim Worth (2024)

Calculate Your Settlement

A settlement calculator may suggest potential settlement values of individual personal injury cases. The types of cases this applies to could include:

  • Accidents
  • Dangerous consumer products
  • Slips, trips and falls
  • Wrongful death

Using some basic information about the financial impact of your legal complaint, the settlement calculator offers a rough estimate of how much your claim could be worth.

This is not legal advice and we are not your lawyer.

The calculation here is for instructional purposes only. Consult an attorney for a financial and legal analysis of your case.

The results calculated are meant for instructional purposes only. They do not constitute legal advice and offer a simplified overview of the potential estimated value of your case. Consult an experienced attorney for a full analysis of your specific case.

How Is Pain and Suffering Calculated?

The noneconomic losses experienced following a personal injury, known as pain and suffering, can be calculated by multiplying your financial losses by a value between 1.5 and five. The pain and suffering multiplier amount increases based on the seriousness of the damages caused.

Settlement Calculator: Determining What Impacts My Claim Worth (1)

An insurance adjuster or plaintiff’s attorney typically identifies the appropriate multiplier based on each individual case. To determine a potential settlement value, they first combine the total of medical expenses to date, projected future medical expenses, lost wages to date and projected future lost income.

The resulting sum is then multiplied by the pain and suffering multiplier value to produce a projected settlement amount. This methodology is based on a commonly used formula as outlined by the Sacramento County Public Law Library.

Factors To Remember

When determining the medical expenses values to plug into the calculator, keep in mind that the information requested should account for more than just the total amount of your hospital bills. It may also include:

  • Ambulance
  • Lab and X-ray services
  • Physical therapy
  • Prescription medications
  • Nursing care

As you add up your lost income total, you may need to incorporate the dollar value of a potential job opportunity that didn’t come to fruition as a result of your pain and suffering or medical care. Freelance work or a job interview are examples.

Consider Your State’s Legal Guidelines

Lawyers must follow their state’s established laws when considering a case. This is especially important when looking at the different statutes of limitations for filing a claim and the impact of negligence on a potential settlement.

Statute of Limitations

Almost half of the country’s 50 states have a 2-year time limit — also known as a statute of limitations — for submitting a legal claim for either a personal injury or wrongful death. Identifying when the clock starts on a statute of limitations can be difficult.

In some cases, the statute of limitations begins immediately when the injury occurs, while in other cases the timeline may be based on when your initial awareness of the injury occurs. A serious medical diagnosis is one example of an instance in which your awareness of an injury may begin months or years after the initial incident.

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Statutes of limitations range from 1-6 years, depending on the state in which you reside. The majority of states use a 2- or 3-year statute for both personal injury and wrongful death cases. Only Maine and North Dakota offer a 6-year statute, although North Dakota uses that lengthy statute for personal injury claims and offers two years for wrongful death cases.

Percentage of Fault

Those accused of causing harm to another person that can be categorized as a personal injury have the option to claim comparative negligence. This allows the victim to recoup only a portion of the damages they are due based on a percentage of fault as determined. State rules typically fall into one of four categories:

  • Damages are reduced by the percentage you are found to be at fault.
  • Zero damages will be paid out if you are found to be 50% or more responsible.
  • Zero damages will be paid out if you are found to be 51% or more responsible.
  • Zero damages will be paid out if you are found to be 1% or more responsible.

Check the chart below to find out the legal rules relevant to your state.

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It’s interesting to note that South Dakota is the only U.S. state that does not use the percentage of fault systems. Instead, it uses an older method called the “slight vs. gross” rule. Under this process, the plaintiff’s negligence must be identified as being only a slight factor in contrast to the defendant’s gross negligence in order for the plaintiff to receive financial payback.

Consult a Lawyer About Your Unique Case

Consult with an attorney to discuss the details of your case, determine your eligibility since not all cases will actually have validity and receive a much more thorough settlement estimate. No two cases are the same, so it’s important to remember that no settlement calculator can provide you with an exact projected settlement.

If you or someone you know is interested in filing a claim for a personal injury or wrongful death case, the settlement calculator above can serve as a starting point to better understand your case’s possible dollar value and your legal rights.

Please seek the advice of a qualified professional before making decisions about your health or finances.

Settlement Calculator: Determining What Impacts My Claim Worth (2024)

FAQs

How do you determine the value of a settlement? ›

To determine a potential settlement value, they first combine the total of medical expenses to date, projected future medical expenses, lost wages to date and projected future lost income. The resulting sum is then multiplied by the pain and suffering multiplier value to produce a projected settlement amount.

What is the formula for personal injury settlements? ›

The Damages Formula

The adjuster will multiply the medical special damages number by one and a half to three times if the injury is minor and up to five or more times if the injury is especially deliberating and long-term. After this number is calculated, any income lost as a result of the injury will be added.

Are settlement calculators accurate? ›

While free compensation calculators offer a convenient way to estimate your potential compensation, their accuracy is limited. They cannot fully account for the complexities and nuances of individual cases. Consulting with a personal injury lawyer is your best bet for a reliable assessment of what you're owed.

How do you determine the value of a lawsuit? ›

Generally, the greater the likely damages, the more valuable the claim and the smaller the percentage of proceeds that will be needed in consideration of the investment. Many litigations are embedded with multiple claims, each with a different model of damages and each with a different probability of success.

How do I work out my settlement figure? ›

We calculate your settlement figure by following the Consumer Credit (Early Settlement) Regulations 2004. This means, we calculate your final figure by working out how much is left to pay on your finance agreement, minus the remaining amount of interest.

What is a good settlement figure? ›

How Much Should I Expect from a Settlement? A good settlement offer should not only be able to cover your hospital bills and legal fees, but it should also be equivalent to close to a years' worth of your current wages, especially in cases where your injuries may be permanent or cause some kind of disability.

How is the settlement calculated? ›

The Full and Final Settlement calculation can be tedious with a lot of components involved for calculation. The net payable full and final settlement amount is calculated based on inclusions, which are basically the earnings and deductions, which are deducted from the earnings mentioned.

How to calculate damages for personal injury? ›

The amount of compensation in a personal injury claim is determined by considering several factors including the severity of the injury, the impact on your life and work, medical expenses incurred, future care needs, and loss of earnings.

How do you calculate injury burden? ›

Injury burden is the product of injury incidence and mean severity, and is normally reported as days' absence/1000 player-hours. An important feature of injury burden is that equal values can reflect quite different numerical combinations of injury incidence and severity.

What is considered a good settlement? ›

A reasonable settlement in most personal injury cases compensates the victim adequately for their medical expenses, lost income, and pain and suffering. It should cover both current and future costs related to the injury.

Should I counter a settlement offer? ›

It's okay to make a counteroffer when an insurance company offers a settlement, but you have to make an educated decision before moving forward. These are some of the questions you should go over with your attorney: Is the counteroffer a sufficient settlement offer?

What is the estimated settlement value? ›

Estimated Settlement Amount means an amount, which may be positive or negative, equal to (i) the Estimated Cash, plus (ii) the Working Capital Overage, if any, minus (iii) the Estimated Indebtedness, minus (iv) the Working Capital Underage, if any.

How are settlement amounts determined? ›

Once legal liability is established, the insurance company looks at damages in order to determine the settlement amount. Damages include financial losses like medical bills and damage to the car. Pain and suffering can also be included depending on the exact facts present in the case.

How do I calculate damages? ›

There's no set formula to calculate damages. However, a general rule to discern the amount awarded is to combine your expenses and determine a value for your pain and suffering. A personal injury lawyer can help you determine the amount in both general and special damages that you deserve.

What determines the value of a case? ›

The value of general damages in most personal injury cases are determined by a combination of the lawyer's past experience with the same type of cases and by reviewing the case law (jurisprudence) on similar types of injuries.

How do you calculate settlement price? ›

Typically, the settlement price is set by determining the weighted average price over a certain period of trading, typically shortly before the close of the market.

How much do you usually get if you sell your settlement? ›

There's no interest charged on your sale, but the amount of cash you receive is based on the present value of your annuity after applying the discount rate. The discount rate typically ranges between 9% and 18%. Can I sell a minor's settlement?

What is the formula for the official settlements balance? ›

Official settlements balance = increase in home official reserve assets minus increase in foreign official reserve assets = 30 – 35 = –5.

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