When making a personal injury claim, there are many different factors that need to be considered. One of the most important elements for any potential claimant is how much the claim is going to cost them to launch, as well as how much compensation they will receive if it is successful. With that in mind, read on to discover everything you need to know about the financial elements of making a personal injury claim.

All claims are handled on an individual basis – The first fact that you need to be aware of is that all claims are handled on an individual basis. There is no set list when it comes to compensation payout amounts. Therefore, a lawyer cannot provide you with an accurate quote regarding how much you will receive – they can only ever give you an estimate. Furthermore, those compensation calculators that are becoming more and more popular online today will give you an even rougher estimate; so do keep this in mind. After all, there are so many different factors that are considered when a claim is launched – from the impact the injuries have had on the person’s social life to the long-term prognosis – and so it is only right that a fair amount is awarded based on the individual circumstances of the claim.

You need to document all of the expenses you have been subject to – As well as claiming for the pain and suffering that you have experienced, you can also make a claim for any of the costs that you have incurred due to the accident. A good example of this is a loss of income. If you have not been able to work and so you have missed out on earnings because of your injury, you can claim for this. You can also claim for medical expenses, travel costs, the cost of childcare, counselling expenses, and anything else that is directly related to the accident.

Lawyers charge different fees and work to different payment terms and conditions – Last but not least, when you hire a personal injury lawyer, you need to inquire about the terms and conditions they work to in regards to payment. Some lawyers will charge you per hour. There are then those that work to a No Win, No Fee payment approach, which means they will take a percentage of your payout if the claim is successful, but if compensation is not awarded, you do not have to pay anything at all. If you go down the latter route, make sure the company is genuine and 100 per cent No Win, No Fee.

Hopefully, you now have a better understanding regarding the financial side of making a claim. As you can see, it is important to track all of your expenses and costs when claiming, as you can claim for all of the expenses you have incurred. Not only this but carefully assess your options regarding personal injury lawyers because they have a tendency to work to different payment structures today.

Thousands of people are already using TDB to improve their finances. Why not join the community and learn how to get more from your money?
We hate spam. Your email address will not be sold or shared with anyone else.