The aim of compensation is to put you in the financial position that you would have been in if your accident hadn’t happened. Compensation is not there to punish the person whose fault your accident was and therefore, the seriousness of their negligence does not have an effect on the value of your claim. What your claim does depend on; is the severity of your injuries and their impact on your day to day life.
What does personal injury compensation cover?
Personal injury compensation is made up of two elements. The first is for the pain and suffering that your injuries have caused you and the second is for any out of pocket expenses that you have incurred as a result of the accident. The out of pocket expenses could be anything from your travel costs to medical appointments; to your future loss of earnings and/or pension if you are unable to return to work.
There is no exact science to valuing a personal injury and every claim is different. In most cases though, a claim is valued on the basis of a medical report from an independent medical expert who is able to give a prognosis for your recovery.
Compensation settlement guidelines
Understandably, if you have been injured you will want to settle your claim and move on with your life as quickly as possible. However, one of the most common mistakes that injured Claimants make is to settle their claim too early.
You should only settle your claim when you have made a full physical and psychological recovery. If a medical expert says that you are likely to make a full recovery after a year but you settle your claim before that year is up, then it actually takes you two years to properly recover, it is very likely that you have under settled your claim. Basically put – you only get one bite of the cherry so once you have settled your claim; you cannot go back for more.