March 16, 2023

Everything You Need to Know About NY Personal Injury Settlements

By Jonathan Damashek

You should never be stuck covering the costs of your damages when someone else’s negligence or misconduct is to blame for your suffering. You may be able to recover maximum compensation for your damages.

However, you must take action to recover the compensation you deserve. Personal injury settlements are not automatic payments.

How Do Personal Injury Settlements Work?

After being seriously injured in an accident or incident caused by someone else, the liable party can be ordered to compensate you for your damages. However, you could recover awards for your personal injury settlement in several ways.

Generally, this includes being awarded a settlement through the insurance company or at trial. However, unless you have previously been through the personal injury claims process, you may have little idea of how personal injury settlements work or what to expect from your claim.

What Can I Sue for in New York?

You could file a personal injury lawsuit or insurance claim in the state of New York. Some examples of cases where you might file a personal injury claim include:

Essentially, anytime another party is or could be responsible for causing your injuries, you may have to file a lawsuit or insurance claim against them, seeking total recovery of your damages.

If you are unsure whether someone else is to blame for your injuries, reaching out to a personal injury attorney in New York could offer valuable insight and support.

What Determines the Value of My Case?

Many factors impact your claim’s value. Because every person’s case is different, the amount of compensation that you could receive will be based upon a variety of factors, including:

The settlement outcome of previous cases like yours
The extent to which your injuries have affected your life
The severity of your injuries
The amount of money you have spent out-of-pocket to deal with the aftermath of your injuries
The amount of compensation you are willing to accept to avoid a trial

It is also essential to consider what happens after you win your personal injury case. A portion of your injury settlement will be used to cover any outstanding medical expenses your attorney was able to stay, your attorney’s fees, and other legal costs.

You may also be concerned about paying taxes on your personal injury settlement. However, unless you use your personal injury settlement to invest and your investments begin to generate returns, you will not be taxed on your personal injury settlement. Only the returns generated from your investments will be counted as taxable income.

What can Increase My Payout?

Some factors could increase your payout, like:

Severe or debilitating injuries
Loss of limbs
Gross or extreme negligence
Substantial emotional trauma
Wrongful death

Factors that Might Decrease a Personal Injury Settlement

Some factors could decrease the value of your personal injury settlement, including:

Whether you are partially responsible for causing your injuries under New York state’s comparative fault laws
Whether the liable party has sufficient insurance coverage or any insurance coverage
Whether there is a limit to the amount of compensation you could be awarded

How Long Will a Personal Injury Settlement Take?

The length of your injury claim depends on the specific details of your case. Your claim’s value, the evidence you need, the court’s caseload, the time it takes to prove liability and negligence, and other factors all impact the amount of time it takes to move through the personal injury claims process.

Generally, the more severe your injuries and the more complex your case, the longer it takes to resolve your personal injury case.

What’s the Process for Getting a Personal Injury Settlement?

When you are ready to hold the liable party accountable and seek maximum compensation through a personal injury claim, you should contact a lawyer for help.

After you contact an attorney, your lawyer will begin the investigative process. During this time, they will gather evidence needed to prove fault and negligence in your personal injury claim. Then, you can expect to go over your damages in detail to calculate the value of your personal injury lawsuit.

Your attorney will examine the liable party to determine whether there is an insurance company you can file a claim with. If so, your attorney will negotiate with the insurer to obtain a reasonable settlement offer. However, filing a civil lawsuit will be your next option if your insurance settlement is not enough or the defendant is not insured.

If necessary, your attorney may prepare to try your case before a judge and jury to prove negligence and liability and be awarded compensation through a personal injury trial verdict.

Call New York Personal Injury Lawyers at HKD

Fighting for maximum compensation following an accident or incident can be overwhelming. You need an emphatic legal advocate on your side who fights for fair compensation.

Start working on your case as soon as today when you reach out to our experienced New York personal injury lawyers at Hecht, Kleeger & Damashek, P.C. Call us today at (212) 490-5700 or through our convenient contact form to schedule your no-cost, risk-free consultation.