After being hurt in an accident through the proven fault of someone else and suffering a long list of losses, you are owed a debt. Although there is no exact formula and equation that can tell you the exact value of your claim, there are several factors that will help you make a valid and reasonable estimation. Always talk to a personal injury lawyer to understand your unique accident claim and potential rights to compensation as every case is different.
In the meantime, continue below to review some of the most common factors used to compute a full and fair personal injury settlement value.
How are Personal Injury Settlements Calculated?
Assessing the amount of damages in a personal injury case can be a challenging and complex process since so many variables influence the final decision. Not only do insurance companies use a basic damage formula to produce a settlement offer for claimants, courts and juries also play a vital role in evaluating the losses or injuries of a victim’s body, health, property, and overall quality of living.
The value produced by the damage formula is only the foundation used by insurance companies and personal injury attorneys during negotiations. The value may increase if the accident attorney can prove more damages or the extensiveness of damages. Furthermore, the percentage of fault among each party is assessed and applied to the deciding factors of the case. These are all vital and proven reasons why injured victims need a seasoned Indianapolis personal injury lawyer to represent their claim.
Top Personal Injury Factors Considered by Juries and Insurance Companies:
❖ Medical Expenses – Add up the total amount of medical bills, both covered and out-of-pocket. This includes hospital bills, physical therapy, medication, medical supplies, and similar costs.
❖ Estimated Future Medical Expenses – Estimate a reasonable value for your future incurred medical costs, such as medication, prolonged physical therapy, and similar expenses.
❖ Lost Earnings – Add up all of your lost wages from missing work. This includes any lost benefits.
❖ Future Lost Income – Estimate the sum of your future lost wages by determining how long you will be out of work as a result of your injuries.
❖ Property Damage – Add up your total value of property damage. This is generally pertinent in car accident claims.
❖ Multiplier for General Damages – A multiplier formula can be applied to approximate your overall damages. Simply multiply the total value by a reasonable and valid multiplier. The more severe, lasting, and painful your injuries, the higher the multiplier number will likely be. Talk to an injury lawyer to learn which multiplier is most accurate for your claim.
Non-Economic Damages (Pain and Suffering) – Estimate a value for pain and suffering, mental anguish, and loss of quality of life by using your multiplier. See our blog, “How is Pain and Suffering Determined in a Personal Injury Settlement?” to learn more about making this estimation. These damages should be valued the highest.
Talk to a Seasoned Indiana Accident Attorney
Call the Law Office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to make a personal injury or wrongful death claim in Indiana. Our seasoned Indianapolis personal injury attorneys maintain a concentrated focus on accident and injury law, and have extensive trial and litigation experience with a written track record of success. Not only do we offer free initial consultations, we never collect lawyer fees unless we recover a settlement or judgment for you. Get started by scheduling your consultation, today.