A great question that really doesn’t have an answer is, what’s the average settlement in an Ohio accident claim? Just too many factors go into an accident claim’s value for you to get a good idea of the average settlement amount. A better question is, what determines the value of a personal injury claim? 

Once you figure out what’s going on in your claim, it’s usually a little easier to come up with an average settlement amount. Here’s a look at the multiple factors impacting the value of an injury claim.

State Insurance Rules Can Affect Accident Claim Values

You’re probably aware that your insurance policy comes with caps. This means your claim can never have a value higher than your policy’s cap. Even if your damages exceed the cap, you’re still out of luck. This can also apply when you’re filing a personal injury claim against the negligent party’s insurance provider.

While insurance caps can play a role in settlement amounts, it’s not the only insurance rule. Some states, like Ohio, follow modified comparative negligence insurance rules. What in the world is modified comparative negligence? This string of words refers to an insurance rule that allows more than one individual to be liable for causing an accident.

If you’re still feeling a little confused, here’s a quick example. If one driver runs a red light, but you’re speeding through the intersection, you’re probably going to be held partially liable for the accident. The legal understanding is if you weren’t speeding, the primary at-fault driver may not have crashed into your vehicle. The primary at-fault driver in this scenario is the individual running the red light.

You can still file a personal injury claim even if you’re assigned some of the blame, as long as it’s not over 50%. Your compensation amount will also reflect your assigned percentage of fault. Your settlement amount is reduced by your percentage of blame.

Seriousness of Your Injuries

The seriousness of your injuries is going to affect the value of your accident claim. You should be able to claim all of your medical expenses, including any rehabilitation therapy, long-term, and/or lifetime care. All medical procedures, including diagnosis, should also be covered.

Obviously, your medical expenses are going to be higher if you suffer a traumatic brain injury (TBI) compared to a couple of cuts and bruises.

Before you start listing everything from a broken nail suffered in the accident to whiplash and more serious injuries, you’re going to need to provide proof. A good rule to follow is to never list damage on an accident claim if you can’t support it with evidence. 

The last thing you want is to face a potential insurance fraud charge while you’re dealing with your injuries. By the way, insurance fraud is a federal crime, which typically means stiffer fines and other potential penalties like jail time.

Extent of Your Property Damage

Your property damage can increase the value of a personal injury claim. However, once again, don’t go overboard and start getting creative with your list of damages. You’re going to need to supply proof, so don’t claim anything that’s not damaged in the accident.

The type of property damage typically depends on the accident. In a slip-and-fall accident, you’re probably not going to include vehicle damage. However, if the fall tears your clothes or damages your electronic devices, these are claimable items.

A common misconception is that only vehicle damage counts in personal injury claims. You can list anything that’s your property and it suffered damage from the accident. So, if your tablet ends up with a broken screen after falling on a wet floor, go ahead and list the item in your insurance claim.

Are You Missing Work?

You probably depend on your paycheck, and missing even one is financially painful. Did you know your economic damages aren’t limited to only medical expenses and property repair/replacement costs? 

Your lost current and even future income is also considered economic damage. This means if your injuries are keeping you from going back to work, you should be able to claim lost current income. You’re probably not going to receive your full pay amount, it’s usually an estimation of your current earnings. However, after an accident, every little bit helps.

If your injuries are severe and make it impossible to ever return to work, or at least your previous position, you may be able to list your future earnings. Once again, this is going to be an estimate, but at least you’re recovering some of the wages you may potentially earn in the future.

Don’t Forget About Your Non-Economic Damages

Your non-economic damages are things like your pain, suffering, and mental anguish, to give you a general idea. These are intangible things, and this is when you’re allowed to get a little creative with the value. Since you can’t fall back on bills and receipts, if you don’t have an accident attorney, now’s a great time to partner with one.

Non-economic damages can make up a good portion of your claim’s value, so you don’t want to leave them out simply because you can’t calculate the value.

Figuring out the value of non-economic damages usually means using either the per diem or multiplier method. Both methods are accepted by insurance providers, so you should be able to use either one. A quick tip is to go ahead and use both methods. If the insurance adjuster rejects your initial claim, you’re ready to go with a counteroffer. 

Typically, the multiplier method is preferred by insurance adjusters over the per diem formula. Why? The simple answer is the multiplier method tends to place a slightly lower value on your non-economic damages.

Getting the Average Settlement Amount and Possibly More

Since there really isn’t an average settlement amount for Ohio accident claims, it’s a little tough to figure out how you can get more. Working with an experienced personal injury attorney can help ensure you recover the full allowed value of your personal injury claim. Best of all, your attorney can take care of figuring out your non-economic damages.