If you have suffered an injury in an accident, you may wonder how much your claim is worth. Unfortunately, putting a specific dollar value on an accident injury claim is not simple.
Many factors come into play when determining the worth of a claim. However, understanding the different elements of valuing a claim gives you a better idea of what to expect.
Proving that someone else was negligent in your accident is only the first part of the battle in the claims process. When you show that someone was at fault for what happened to you, they assume a legal obligation to compensate you for your injuries.
Usually, you will deal with their insurance company, which steps into the shoes of its policyholder as per the terms of their contract.
You need a personal injury attorney to represent you as you seek compensation. Getting legal help puts you on more of an even footing with the insurance company.
Thus, you should hire a personal injury attorney as soon as possible after your accident. If you cannot contact a personal injury lawyer because of your injuries, you should have someone close to you make the call.
When communicating with the insurance company, you need as much documentation as possible at your fingertips.
One of the key pieces of information is how much your case may recover, and your personal injury lawyer will need time to determine this. They can give you an overview of things that you may expect to receive compensation for, but they will not arrive at the actual amount of your damages until they do a considerable amount of work.
The good news is that it does not cost you any money upfront to get help from a personal injury attorney because they work for you on a contingency basis.
You will not need to write your lawyer a check as a condition of their representation, and you owe them nothing unless you receive compensation for your injuries. Then, they will receive a percentage of your settlement or jury award.
If you’ve been injured in a truck accident, seek medical attention first, then contact a trusted truck accident attorney to protect your rights and pursue the compensation you deserve.
You Need to Learn the Extent of Your Damages
Before you can file an accident claim, you must know the exact value of your case. Just like you have to prove liability, you also need to demonstrate your damages, whether it is to an insurance company or a jury.
You must precisely calculate your damages because you can expect the insurance company to challenge your numbers every step of the way. However, you will not even know this number until you reach the point of maximum medical improvement and there is more clarity about what your condition may be in the future.
Personal injury compensation should pay you for all your losses because your damages will stretch beyond finances. For example, if you have been dealing with depression since your accident, your mental health is at risk, and you must receive compensation for it.
There are two categories of damages in your personal injury case:
- Economic damages reimburse you for the actual financial losses you have suffered in connection with your injury.
- Non-economic damages compensate you for the other effects of your injuries and the impact that they have had on your life.
Economic Damages in a Personal Injury Case
Medical expenses, lost earnings, and property damage are the main components of your economic damages. The responsible party must pay you for both your past and medical expenses.
In addition, you must reimburse your health insurance company for the money it has already spent on your care. It will place a lien on your settlement or award until you pay it back. Your personal injury attorney may consult a medical expert to determine how much money you need for future care.
Lost earnings are a complex element of your personal injury damages. You have the legal right to get paid back for the money you could have earned from your job but did not because of your injury.
You may have missed a lot of work as you recovered from your injuries or sought medical care. Your injuries may even leave you unable to work in the future. This total includes your lost earnings and any reduction in your earnings capacity.
For example, you may have been in line for a promotion that you now cannot get because of your physical condition. Or, you may have to take a lesser job because you can no longer physically perform your duties.
Your personal injury lawyer may consult a vocational expert to determine how much you might have made from your job in the future.
Non-Economic Damages in a Personal Injury Claim
For every physical injury you have suffered, there is an effect on your life. Not only is your physical condition affected, but your accident injuries may have also harmed your mental health.
The responsible party has a legal obligation to restore you to the condition that you were in before the accident, including paying you non-economic damages.
The most significant part of your non-economic damages is often pain and suffering. This category of damages covers your physical and mental discomfort from your injuries. Your pain and suffering are unique because two people may respond to accident injuries differently.
You may have already been more susceptible to mental health effects from your accident, and the responsible party needs to pay for the specific damage that they have caused you.
Insurance companies try to impose their own measure of “objectivity” by introducing a formula that quantifies pain and suffering damages, which can remove your own experience from the equation to save money. Thus, their application of this formula never works out in your favor.
Insurance companies may use the following methods to try to value pain and suffering:
- The multiplier method measures your pain and suffering by applying a specific number to your medical expenses. The multiplier will increase if you have suffered a more serious injury.
- The per diem method assigns a specific dollar value to your pain and suffering for every day your injury affects you. Insurance companies are more likely to use this method when you suffer a shorter-term injury from which you will recover after a certain amount of time.
Many people fail to understand pain and suffering damages and do not realize they are a large part of the claim.
When you hire a personal injury attorney, they will work to tell your story and fight to keep the insurance company from underestimating the amount of your pain and suffering damages. You do not have to accept the insurance company’s characterization of anything when you are trying to negotiate a settlement.
Other Elements of Non-Economic Damages
Pain and suffering are just one part of your non-economic damages.
You may also get paid for:
- Loss of enjoyment of life – you can receive compensation for your inability to enjoy your life before the accident, including your hobbies and pastimes.
- Emotional distress – you may still experience trauma from the accident and its immediate aftermath, dealing with mental health conditions, such as post-traumatic stress disorder.
- Embarrassment and humiliation – the effects of your injuries may lead to continuous embarrassment, especially when you have lost some abilities or your appearance has changed.
- Loss of consortium – a spouse has the legal right to compensation for the loss of their physical relationship with their spouse.
Calculating your non-economic damages can take considerable effort because of the many effects your injuries may have on you, making it even more critical to hire a personal injury attorney.
Punitive Damages
A jury may order punitive damages depending on the responsible party’s culpability level. This rare type of damage often occurs when a jury wants to send a message to the defendant or make an example out of them.
Punitive damages can significantly magnify the money you can get, but you can only receive them if you take your case to a jury and win.
The prospect of punitive damages is often enough to force defendants to take a more reasonable position in settlement negotiations.
Challenges in Knowing How Much Your Accident Claim Is Worth
Only a personal injury lawyer can give you a good idea of the value of your claim because it involves many complexities.
First, your personal injury compensation must pay you for your past and future losses. It is difficult enough to quantify your past losses, but it is even more challenging to know what you may encounter in the future. Much will depend on your medical diagnosis and how you respond to your injuries.
Then, your personal injury claim will cover subjective elements that should compensate you for your individual experience. Your injuries may have affected you in personal and unique ways. The accident itself may have caused psychological effects that may remain with you well into the future.
Insurance companies will not want to accept your side of the story if it means that they will have to pay out more money. They will try to downplay your injuries, and they may challenge what you are saying about your damages.
Insurance companies like to claim objectivity, but that does not match the reality when you claim inherently subjective damages. Accordingly, you should document your non-economic damages as extensively as possible, and that is something that a personal injury lawyer can do for you.
How to Get the Full Amount of Money You Are Due
In the end, the value of your case is the amount of the settlement agreement you will negotiate with the insurance company or whatever the jury decides if you take your case to court.
Unfortunately, the insurance company will not make it easy for you to get the money you deserve. You will need to go through a lengthy negotiation process before you reach an agreement on the amount you should receive.
You must not jump at a settlement offer if it does not fairly pay you for your injuries. Insurance companies may put an offer in front of you to see what you will accept, but this offer will not reflect the full extent of your injuries.
Your personal injury attorney will handle negotiations with the insurance company on your behalf. They will assess any offer you receive and discuss whether it makes sense to accept it. Then, your personal injury lawyer may counter the insurance company’s offer with one of your own.
If the insurance company acts unreasonably, your personal injury attorney can leverage the threat of a lawsuit to get it to raise its offer. If that does not work, they can take your case to court and litigate before a jury if necessary. (Most personal injury cases do not head to trial, even if you file a lawsuit.)
A Personal Injury Attorney is Standing By
Having a lawyer on your side gives you peace of mind. Dealing with the aftermath of an accident is stressful enough, and trying to handle a legal case on your own can add an unnecessary burden. With a lawyer handling your personal injury claim, you can focus on recovering from your injuries and getting your life back on track, knowing that your case is in capable hands.
Hiring a Booneville personal injury lawyer is essential for your accident injury claim. They offer extensive knowledge, protection of your rights, and the ability to build a strong case. Do not hesitate to contact a lawyer with experience in personal injury claims. They will guide you through the legal process, ensuring you receive the compensation you deserve.
