After an accident, understanding the value of your claim is important. However, estimating how much you can claim is difficult as it involves evaluating multiple factors, some of which are not so obvious.
Personal injury attorneys can help since they know the right questions to ask and the legal aspects that can affect the compensation, like comparative negligence.
In this guide, we will walk you through important factors that determine the actual value of a personal injury claim. By the end of the article, you should get a clear picture of what you can be entitled to.
Types of Damages in Personal Injury Claims
There are two types of damages in personal injury cases: compensatory and punitive.
Compensatory Damages
Under compensatory damages, there are economic and non-economic damages. Economic covers the measurable damages a victim incurred from an injury. These are relatively easy to calculate as they involve specific numbers. Non-economic damages are more subjective. They cover less tangible effects of an injury.
Punitive Damages
Although rare, punitive damages aim to punish the defendant for the injuries caused to the victim. The goal is to discourage similar behavior.
This compensation is normally paid on top of the compensatory damages and courts limit it to not more than ten times what a victim was awarded.
Medical Expenses and Future Bills
These play a significant role in determining the value of your claim. This includes:
- Emergency care
- Hospital stays
- Follow-up visits
- Medication
- Physical therapy
To accurately estimate these costs, victims should gather all receipts and bills related to an injury. In some cases, injuries require ongoing medical expenses, especially if the incident caused disability. Future medical expenses are any anticipated treatment and rehabilitation or medical equipment required.
Calculating future expenses requires the input of doctors and other professionals. An experienced personal injury attorney can help you estimate these costs.
Lost Income and Earning Capacity
Lost income includes wages victims have missed because of time spent recovering from the injury. For example, if you are unable to return to your previous job and have to take a lower-paying job, your lost earning capacity will be factored into the claim.
Future earning capacity is assessed by evaluating the long-term effects of your injuries and your ability to perform. This is then compared to your previous job. Even though it can be difficult to calculate, it significantly affects the worth of your claim.
Pain and Suffering
These are subjective aspects of a personal injury claim. The damages compensate for the emotional and psychological effects victims face.
Unlike medical costs and lost wages, pain and suffering are not tied to measurable costs.
It can generally be calculated using two different methods:
- Multiplier: As mentioned, in this case, your medical expenses are multiplied by a number reflecting the severity of an accident. The number is between 1.5 and 5. For example, a mild injury can result in a 1.5 multiplier, while something serious like permanent disability leads to a 5.
- Per Diem Method: This assigns a daily value to your pain and suffering. For instance, if your daily value is estimated to be $100 and the recovery period is 90 days, your pain and suffering compensation is $9,000. The per diem method is frequently used for injuries with a clear recovery timeline.
Liability and Fault
The degree of liability can be used to estimate the value of a claim. In a situation where liability is distributed among different parties, comparative and contributory negligence are used.
Comparative negligence is reduced by the percentage a victim is determined to be at fault. In contributory negligence, if a victim is found to be slightly at fault they may not receive any compensation.
Conclusion
Estimating the value of your claim can be challenging. However, understanding the key factors like damages, medical expenses, and lost wages can help you get fair compensation. A personal injury attorney can guide you through the legal process to get good results.
