If you’ve been injured in an accident, you may be wondering how much money you could receive as part of a personal injury claim settlement. After all, you have medical bills and lost wages to make up for. Fortunately, the law provides a way for accident victims to be compensated for their losses.
But how is a settlement amount calculated? Many factors go into arriving at the appropriate figure, varying from case to case. This article will explain what goes into determining an injury settlement amount and provide tips for navigating your personal injury claim.
Types of Damages in a Personal Injury Claim
Understanding how compensation is calculated is essential when filing a personal injury claim. Generally, damages awarded in personal injury cases can be divided into two categories: economic and non-economic.
Economic damages such as medical expenses, lost wages, and property damage are easy to quantify. These damages are meant to compensate you for concrete and measurable losses related to the injury.
Non-economic Damages are more subjective losses and include awards for pain and suffering; loss of enjoyment; inconvenience or disruption of lifestyle; disfigurement or physical impairment; loss of consortium; or mental anguish. Judges often use a multiplier to calculate the amount of these damages based on the severity of the injuries suffered.
By understanding both types of damages available in a personal injury claim, you can seek fair compensation for your specific injuries.
Factors that Affect the Value of a Personal Injury Claim
When assessing the potential value of a personal injury claim, a few primary factors must be considered. Namely, how severe the injuries are, what type of medical treatment is needed, and how the victim’s life has been impacted.
The severity of the injury is key to determining the amount of compensation a plaintiff may receive, and so is the required medical treatment. This includes any processes for diagnosis, tests such as MRI scans or other imaging services, emergency room visits, and hospital stays. Any prolonged care or rehabilitation is also taken into account in this assessment.
Finally, it’s necessary to consider what impact the injury has had on a person’s life in terms of lost wages due to time off work during recovery periods, pain and suffering endured, and overall quality of life going forward. The court takes all of these into consideration when determining a settlement amount.
Additionally, liability and insurance coverage can significantly affect compensation; if either favors a defendant rather than a plaintiff, it can significantly reduce an expected payout.
Calculating Economic Damages
Understanding economic damages is key when figuring out how much a settlement may be worth. These are the damages that relate to the financial cost associated with an accident, such as medical expenses, lost wages, and property damage.
Medical expenses are typically a major factor in personal injury settlements. This includes not only past medical bills but also future costs that you may incur while recovering. To ensure you get adequate compensation for these bills, proper documentation is essential—keep detailed records of all bills related to your injury.
If you can’t work due to injuries, you may be eligible for compensation for lost wages. This includes not only actual wages that you lost from being out of work due to the accident but also potential future income if your injury affects your long-term earning capacity. To prove this, you’ll need to provide accurate current and past earnings records.
If there was any property damaged in the incident that caused your injury—say from a car accident—you can also include this in your claim. For the insurance company or court to accept it as part of your settlement amount, you’ll need proof of bills or estimates related to repairing or replacing damaged items and/or property.
Calculating Non-Economic Damages
When it comes to personal injury settlements, the non-economic damages are usually the toughest to calculate. These often include pain and suffering, emotional distress, and loss of enjoyment of life. These types of damages involve subjective judgments, so they require a lot of analysis.
The most common method used to calculate non-economic damages is the “multiplier method.” This involves multiplying your total economic loss (medical expenses, lost wages, and other losses) with a number that best reflects your level of suffering. For example, if you had to undergo extensive physical therapy and surgery for an injury, your multiplier number would be higher than if you only suffered a minor scrape or bruise.
The number multiplied by your economic loss varies greatly based on how severe the injury was and how much it impacted your life. This is why it’s critical for someone who has experienced a personal injury to have a skilled attorney on their side—they can help accurately calculate non-economic damages.
Other Factors that Can Impact Compensation
In addition to the factors we already mentioned, you should know some other things before settling your personal injury claim.
In some cases, if you already had an illness or injury before the incident, the compensation amount will be lowered to reflect that. For example, if a cyclist got into an accident and cracked his rib, but he already had a pre-existing rib condition before the accident, his settlement might be lower than for someone who did not have a pre-existing condition.
These damages are meant to punish those responsible for serious accidents or misconduct. They can significantly add to your compensation when awarded by a court.
These additional factors must be considered when calculating your total compensation for a personal injury claim. Know your rights and seek legal counsel to get your due!
Contact A Las Vegas Personal Injury Lawyer Without Delay
If you have suffered from a personal injury due to someone else’s negligence, it’s essential to contact a Las Vegas personal injury lawyer as soon as possible. A lawyer can help you understand your rights and create a solid game plan for getting the compensation you are entitled to under the law.
The compensation awarded for personal injury cases can vary significantly depending on the severity of the injury and its effects on your life. An experienced lawyer is well-versed in calculating what constitutes fair compensation when it comes to pain, suffering, and lost wages due to an accident.
At Las Vegas Injury Lawyers, our Las Vegas personal injury lawyers specialize in representing clients who have suffered due to another person’s negligence or careless actions. We understand how overwhelming dealing with an unexpected injury can be, so we are here to guide you through every step along the way. Contact us today at (702) 789-6668 and find out how we can help protect your rights and win the proper compensation you deserve!