An unexpected personal injury can have short-term and long-term consequences. Many of the consequences of a personal injury are financial. When you are injured, you want to know how much you can expect to recover from your injuries. Knowing how much your personal injury claim is worth can give you peace of mind. It can also help you plan as you file your recovery claim and wait for your case to go to court. Here are the basics of how personal injury compensation is calculated.
How is compensation calculated in a personal injury accident?
Compensation in a personal injury accident is calculated by determining your financial losses and adding an additional amount for physical and emotional suffering. Personal injury accident compensation is calculated by adding up what you have lost in out-of-pocket expenses due to your injuries. Then determine the appropriate amount to add for emotional distress and mental anguish. The total of these amounts is your calculation of your compensation for your personal injury accident.
Start with your financial losses
Calculating personal accident compensation for injuries begins with analyzing your financial losses. Your financial losses are called economic damages. Economic damages include all of the ways that you have personally lost financially due to your injuries. For example, if you have $ 5,000 in medical bills to treat your losses, include $ 5,000 in your claim for compensation. If you cannot work, you can include the amount of your lost earnings. The goal of economic damages is to make you financially complete for what happened. Because it is fairer for the person causing the accident to be the hardest hit, your financial losses are transferred to the person responsible for what happened.
You may be surprised by all the different financial losses that you can include in your claim. There may be types of financial losses that you had not considered. For example, expenses associated with traveling to medical appointments may be part of your claim. The cost of medical supplies such as a wheelchair can be included. Even missed opportunities like a promotion or career advancement can be part of your claim. An experienced personal injury attorney can help ensure that you explore all of the financial loss categories to include in your claim.
Non-Economic Damage Calculation in a Personal Injury Lawsuit
Once you determine your economic damages, the next step is to calculate your non-economic damages. Non-economic damages attempt to compensate you for the physical and emotional suffering that you have suffered as a result of the accident. Mental injuries like PTSD, survival guilt, and flashbacks are very real psychological injuries. You may have a hard time not being able to do things you used to enjoy or things your family depends on. Money alone cannot restore you to good health, but it can put a dollar value on what you’ve been through and pay you accordingly.
To calculate your non-economic damages, there are several methods you can use. One way to calculate your noneconomic damages is called the multiplier method. Using the multiplier method, you multiply your financial damages by an amount that represents the severity of your accident. For example, if your injuries are minor and you recover quickly, you can use a multiplier of 1 or 1.5. On the other hand, if your injuries last a lifetime and you will never fully recover, your multiplier could be as high as 5. The severity of your injuries is just as important as the permanence of your injuries. The more serious and lasting your injuries, the higher the expectation that your compensation will be found in your personal injury case.
Another way to calculate non-economic damages is to use a dollar amount for each day that you have to spend to recover from your injuries. For example, if it takes 250 days to recover from your injuries, you can claim $ 100 per day in pain and damage cases, or a total of $ 2,500. Some insurance companies use a complex formula to determine what to offer as compensation for pain and injury. suffering.
Calculation of compensation for a fair recovery
The total of your economic damages and your non-economic damages is how personal injury compensation is calculated. Some of the personal injury compensation calculations are as simple as adding up your financial losses. It is important to know what your financial losses are and which categories count. Another big part of calculating your personal injury compensation is determining what you deserve in pain and suffering. A personal injury attorney can rely on their training and experience to help you understand what a fair recovery should look like in your case.
How to prove your case for financial compensation
An essential part of calculating your financial compensation when you are injured in a personal injury accident is proving it. It is important to have the evidence to present to the insurance company and to the court if your case goes through formal legal process. An experienced attorney can help you gather the records you need to prove your case. They can help you understand what records to keep and how to document your expenses. These records can be vital in ensuring that you get the compensation you deserve. Additionally, an experienced attorney can help you understand whether the compensation you receive is fair. They can assess your entire situation and help you create a plan for success.
Work with our Nevada attorneys for personal injury compensation
Obtaining the compensation you deserve in a personal injury accident begins with determining the total damages. Calculating damages is a complex process that involves reviewing categories of damages and reviewing the complexity of your case. At Adam S. Kutner & Associates, we have years of experience helping deserving accident victims understand how much their claims are worth. Our goal is to help each and every client achieve the best possible outcome in their case. Call us today for a free consultation.