Over 30 million people visit emergency rooms each year for injuries caused by another person’s negligence. If you’ve recently joined these statistics, you should know that physical recovery is just the beginning. Very soon, your bills will begin to pile up, your job might be lost, and even the emotional toll can become unbearable.
Figuring out how much your personal injury case is worth can feel like a confusing puzzle, especially if it’s your first time. Legal terms and unexpected costs can make you feel overwhelmed.
You shouldn’t have to guess what your case is worth. You deserve to know exactly what your injuries are worth, not just an estimate. Trying to handle this alone puts you at a disadvantage.
You don’t deserve to walk away short-changed. You deserve to be compensated fairly for the pain, suffering, and disruption this accident caused. Look for a personal injury lawyer who will fight relentlessly to make the at-fault party take full responsibility for their actions.
How to Calculate Economic Damages
Economic damages are typically easier to calculate because they often involve bills and receipts. Here’s how to determine economic damages when you have a PI case:
Medical Bills
Combine all medical records, bills, and receipts related to your injury. Include everything in the list below.
- Ambulance fees
- Emergency room visits
- Doctor consultations
- Hospital stays
- Surgery costs
- Physical therapy
- Medication costs
Lost Wages
Be sure to document the time you missed from work due to the injury. Use pay stubs, work schedules, or a doctor’s note to confirm the missed days. If this injury has affected your earning capacity long-term, it’s better to consult an economist to estimate future lost income.
Reduced Earning Capacity
If your injury limits your ability to work full-time or in your previous capacity, document your limitations and consult a vocational expert or economist to estimate your lost earning potential.
Property Damage
Collect repair estimates or receipts to calculate compensation for damaged property caused by the accident.
How to Calculate Non-Economic Damages
Unlike economic damages, non-economic damages are subjective and can be more challenging to quantify. Here are some approaches your lawyer uses to estimate them:
Multiplier Method
This method multiplies your economic damages by a factor based on the severity of your injury. For minor injuries, the multiplier might be 1.5 to 2, while for severe lifelong disabilities, it could be 5. There’s no fixed formula, so you’re free to adjust according to the specifics of your case.
Per Diem Method
This method assigns a daily dollar value to your pain and suffering based on the severity and duration of the pain. Factors like the type of injury, its impact on your daily life, and the expected recovery time influence the per diem amount.
Similar Case Reviews
Your lawyer can research past verdicts and settlements in similar PI cases to understand how juries have valued similar non-economic damages.
The Factors that Can Increase or Decrease Your Settlement
The judge and jury typically consider the following factors to decide whether or not your claims merit the amount you’re asking for as compensation:
Degree of Injuries
The nature and extent of your injuries are paramount. More severe, long-lasting, or life-altering injuries typically lead to higher damage awards.
Permanence of Your Injuries
If your injury causes permanent limitations on your physical abilities or earning capacity, the damage award is likely to be higher.
Degree of Fault
The percentage of fault attributed to the party who caused your injury can affect your compensation. In some states with contributory negligence laws, your recovery might be reduced if you’re found partially at fault.
Availability of Witnesses
If anyone witnessed the accident or the impact of your injury on your daily life, obtain signed statements from them. Their testimony can corroborate your claims and provide a clearer picture of the situation.
Expert Opinions
Consulting medical experts who can testify about the severity and long-term impact of your injury can significantly strengthen your case.
These experts might include specialists, rehabilitation therapists, or life-care planners who project your future medical needs.
Discover more from Market Business News
Subscribe to get the latest posts sent to your email.