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The term “bodily injury claim” usually refers to a personal injury claim. Economic damages include, but aren’t limited to:
No, there is no minimum or maximum settlement amount. The amount of a settlement in a personal injury case depends on lots of factors, including:
Insurance companies are mainly concerned with their own interests rather than your best interest.
First and foremost, get medical attention. File a police report, either at the scene or as soon as possible afterward. Try to get names and contact information from any witnesses.
If you’re considering filing a personal injury lawsuit, immediately after your injury would probably be the ideal time to speak with an attorney.
Yes, indeed there is a time limit within which you must file your personal injury lawsuit. This time limit is known as SOL or Statute of Limitations.
If the settlement is intended to cover “physical injuries or physical sickness,” then the award will not be taxable as income, as long as you didn’t previously claim any “medical expense” deductions related to that same injury or illness.