In life, sometimes the unexpected happens. Unfortunately, this includes personal injuries. Personal injury claims can be tricky, which is why it’s important to understand the basics of what your claim is worth. In this article, we’ll explore the basics of calculating the value of a personal injury claim and provide insight into the best way to move forward.
1. Estimating the Value of Your Personal Injury Claim
After experiencing a personal injury, the fear of not receiving the compensation you deserve can be overwhelming. But the process of calculating a fair amount to claim as damages is actually simpler than you might think. Here are a few valuable tips to keep in mind when assessing what your personal injury is worth:
- Consider the Amount of Medical Expenses – Record your medical expenses from the initial diagnosis, all medical bills related to the accident, and any future medical expenses that may arise from treating the injury. These should all be included in your compensation to cover any costs incurred.
- Consider Your Lost Wages – Calculate the amount of wages you have lost due to the injury, including missed overtime hours, vacation time, etc. Not only does this include direct lost wages, but if you are no longer able to work in your line of work, due to the severity of the injury, this should also be included.
- Pain and Suffering – This includes the fear, frustration, and trauma suffered as a result of the accident, which can be calculated using a predetermined formula to assign a certain monetary value to the damage caused.
These are just a few of the important factors to consider when gauging your personal injury claim. With the right guidance, you can be sure that you receive the compensation you need, and deserve, following a traumatic experience.
2. Elements to Consider When Calculating Your Claim’s Worth
When deciding on the worth of your claim, there are many elements to consider. Firstly, the amount of bodily harm and its associated medical bills should be a primary factor in the evaluation. Additionally, the emotional harm you endured is also taken into account. Calculating for non-financial losses such as lost wages and pain and suffering are also important considerations to make.
Another factor to consider is the degree of carelessness or negligence on behalf of the defendant. If the defendant bears any amount of negligence, the court may award a higher amount. This is relatively simple in the case of a personal injury claim, but may require further research if the claim involves a breach of contract, or similar more complex claims.
Ultimately, the overall goal is to make sure that the sum given fairly compensates for the wrong done. To do this, attention must be paid to the impact inflicted on the claimant, the circumstances of the claim, and the financial resources of the defendant. It’s also worth noting that it’s possible for a claim to be settled out of court as well, and this can sometimes enable both parties to come to a more mutually beneficial result than a court ruling could bring.
3. Factors That Can Increase the Value of Your Personal Injury Claim
When it comes to personal injury claim settlements, there are several factors that can increase the value drastically. Knowing and understanding these factors can help you get a more appealing outcome and more money from your claim.
Type and severity of injury: The type and severity of the injury sustained in an accident will play an important role in determining the value of your personal injury claim. Generally, physical injuries resulting in disability, long and expensive medical procedures, or permanent disability can help to provide a higher settlement value.
Extent of medical expenses: The total amount of medical expenses after the accident will also be taken into consideration when examining the value of your tenable claim. From recurring doctor visits to physical therapy to extensive medical treatments, the medical bills can add up, making your claim more valuable in the eyes of the court.
Lost wages: If you have suffered a personal injury that has caused you to miss time from work, then the amount of lost wages is another factor that can have a direct impact on the value of your claim. It typically requires the help of an experienced attorney to account for all the categories of lost wages and show them to the court in order to get maximum value from the claim.
Loss of consortium: If the victim’s family has suffered due to the injury, it can also be factored into the claim. Loss of consortium often includes visits to counseling, loss of emotional support, and other issues that can be documented by an attorney.
4. Understanding How Much Your Claim Is Worth
If you are looking to get the most money possible out of a potential claim, then understanding how much it is worth to you is a vital step. Knowing what you should be getting, and where you need to focus your efforts, can make a huge difference in the end result. Here are a few things you should keep in mind when assessing the value of your claim:
- Type of Injury – The type of injury that you have suffered will largely determine the amount of money you are entitled to. Injuries that are more severe and injuries that require more extensive treatments will likely yield more money.
- Medical Documentation – Having a comprehensive record of all the medical treatments and procedures you’ve undergone is something that your lawyer will be looking for. The more detailed, the better. This will help support your case and further illustrate the value and impact of your injury.
- Evidence & Witnesses – Gathering applicable evidence related to your injury and having witnesses testify in support of your claim can provide further proof of your damages. From photographs to testimonies, having evidence that supports your claim will strengthen your case.
Your lawyer will also provide additional information on how to calculate the value of your claim. Ultimately, understanding the details of your claim will make a huge difference when it comes to pursuing compensation for your losses.
Remember: it is important to understand that every personal injury claim is different and requires an individualized evaluation to determine its true worth. If you have suffered an injury due to the negligence of another party, it is best to contact an experienced personal injury attorney to help you understand the full scope of your claim and receive the best possible settlement for your injuries.