Share This Article
Before you make a claim against the at-fault party, it is important to understand how much damages you might be entitled to. That can include things like medical expenses, lost wages, and pain and suffering.
Insurance companies often use a formula to determine how much they should pay for these types of claims. A personal injury lawyer can help you calculate your damages and negotiate a fair settlement amount.
The medical expenses associated with a personal injury case are a vital component of the value of your claim. This can include the cost of your doctor’s office visits, medication, diagnostics and medical procedures like surgery or physical therapy.
If you have suffered serious injuries, it is likely that you will need ongoing medical treatment to recover. These bills can be costly and could result in tens of thousands of dollars in out-of-pocket costs each year until you are fully recovered.
Thankfully, a personal injury attorney can help you ensure that all of your medical bills are covered as part of your compensation package. They may even be able to help you sign what’s called a letter of protection, which will guarantee that your medical provider’s bill will be paid out of any settlement or jury verdict you receive.
It’s important to understand that your health insurance will be able to seek repayment for the medical bills it paid on your behalf as part of the process of subrogation after you win your case and obtain a settlement. This is something that you do not want to be responsible for after a hard-fought battle.
Lost wages, or what you would have earned if you were able to work, are an important part of a personal injury settlement. Whether you’re a salaried employee or self-employed, you are entitled to be reimbursed for the amount of income you lose due to your injuries.
You can calculate the amount of lost wages you’re owed by multiplying your average hourly rate by the number of days you missed from work. This will help you determine the amount of money you should receive in a settlement.
You may also be entitled to reimbursement for any other financial benefits you’ve missed out on, such as pay bonuses or commissions. These additional perks are often harder to prove than future wages, so you’ll need to be able to show how likely it was that you would have earned them during the time you were off work. This can be challenging, but it is often a key component of a successful claim.
Pain and suffering
Pain and suffering damages are often a major component of any personal injury case. It is important to understand how these damages are calculated and how much money you can expect to receive.
A judge or jury determines the amount of a pain and suffering award. The amount awarded depends on several factors, including how severe your injuries are and how long they are expected to last.
It’s also based on your emotional distress and the impact of your injuries on your ability to enjoy life. It can include issues such as stress, anxiety, grief, insomnia, and depression.
One way that insurance companies attempt to value these damages is by using a multiplier method. This involves multiplying all of your special damages (like medical expenses and lost wages) by a number between 1.5 and 5.
When deciding how much to ask for a personal injury settlement, you and your lawyer will need to weigh several factors. Among the most important is how much money will be needed to cover medical bills, lost wages, and other losses and expenses associated with your accident and injuries.
Another factor is how much time you will need to recover from your injuries and get back to work. For example, if you’re a stay at home parent, you may need time to care for your children and spend quality time with them.
Aside from medical costs, you’ll need to be compensated for your pain and suffering, which may include mental trauma and other related costs. This includes physical pain, mental anguish, depression, and other psychological effects of your injury. The best way to quantify this is through a multi-faceted approach that includes expert witness testimony and a thorough review of the relevant evidence. This will give you the best chance of receiving a fair compensation package.