Understanding Future Damages: A Guidebook for Indiana Personal Injury Victims

Posted on June 7, 2024 by admin

Personal injury cases in Indiana can be complex and challenging, especially when it comes to understanding future damages. These damages can significantly impact the compensation you receive and your ability to manage long-term medical and financial needs. This guide aims to shed light on the concept of future damages, how they are calculated, and what Indiana residents need to know to ensure fair compensation.

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Exploring Future Damages

When you’re injured in an accident, the immediate medical bills and lost wages are just the beginning. Future damages encompass a broader scope, considering ongoing and future needs resulting from the injury. Here’s a detailed look at the primary components:

Medical Expenses

Future medical expenses can include ongoing treatments, surgeries, rehabilitation, and even long-term care. It’s essential to account for these costs to ensure you have the financial resources needed for a full recovery.

Lost Earning Capacity

If your injury affects your ability to work and earn a living, you may be entitled to compensation for lost earning capacity. This calculation considers your potential future earnings had the injury not occurred, adjusting for factors like age, occupation, and skill level.

Pain and Suffering

Pain and suffering refer to the physical and emotional distress caused by an injury. This can be more challenging to quantify but is a critical component of future damages. It includes chronic pain, permanent disability, mental anguish, and loss of enjoyment of life.

Calculating Future Damages

Determining future damages requires a thorough assessment of various factors. Here are some common methods and considerations:

☑ Life Care Plans – A life care plan outlines the projected medical and personal care needs of the injured person over their lifetime. This plan is usually created by medical and financial experts and forms a basis for calculating future medical expenses.

☑ Vocational Assessments – Vocational experts evaluate how an injury impacts an individual’s ability to work. They consider retraining possibilities, job market conditions, and the injured person’s physical and cognitive abilities to estimate lost earning capacity.

☑ Economic Forecasting – Economic experts use statistical and financial models to project future economic losses. This includes inflation rates, wage growth, and other economic indicators that could affect future earnings and costs.

Example:

Consider John, a construction worker who suffered a severe back injury. He can no longer perform physically demanding tasks and requires ongoing physical therapy. By employing life care plans, vocational assessments, and economic forecasting, John’s legal team can accurately estimate his future damages, ensuring he receives fair compensation.

Legal Considerations in Indiana

Indiana has specific laws and regulations that impact future damages in personal injury cases. Being aware of these can make a significant difference in your claim:

Statute of Limitations

In Indiana, the statute of limitations for personal injury claims is generally two years from the date of the injury. It’s crucial to file your claim within this period to avoid losing your right to compensation.

Comparative Fault Rule

Indiana adheres to a modified comparative fault system. So, if you are partly to blame for the accident, your settlement will be decreased by your specific percentage of fault. If you are found to be 51% or more at fault, you cannot recover any damages.

Caps on Damages

Indiana does not cap economic damages like medical expenses and lost earnings in non-medical malpractice cases. However, other states might impose compensation caps on such damages.

Tips for Maximizing Future Damages

To ensure you receive fair compensation for future damages, consider the following tips:

Document Everything: Keep thorough records of all medical treatments, expenses, and any correspondence related to your injury. This documentation is crucial for supporting your claim.
Seek Expert Opinions: Engage medical, vocational, and economic experts to provide detailed assessments and reports on your future needs and losses. Their expertise can significantly strengthen your case.
Follow Medical Advice: Adhering to your prescribed treatment plan not only aids in your recovery but also demonstrates your commitment to getting better, which can positively influence your claim.
Consult with a Personal Injury Attorney: Navigating the complexities of personal injury law and future damages can be daunting. A skilled accident lawyer can provide invaluable guidance, ensuring you understand your rights and receive the compensation you deserve.

KEY TAKEAWAYS

Understanding and accurately calculating future damages is essential for any personal injury victim in Indiana. These damages can profoundly impact your financial stability and quality of life. By following the steps outlined in this guide and seeking professional advice, you can ensure you receive fair and just compensation.

If you have any questions or need assistance with your personal injury claim, don’t hesitate to contact our law firm. We’re here to help you navigate the legal landscape and secure the compensation you’re entitled to.

For personalized advice and a thorough assessment of your case, book a consultation with our experienced civil litigators, today. Contact the Law Office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to schedule a free initial consultation with a seasoned personal injury attorney in Indianapolis, Indiana. We represent victims and claimants all throughout the state, plus Indiana residents injured in other states.

What are Economic Damages in a Personal Injury Case?

Posted on August 24, 2021 by admin

The primary purpose of filing a personal injury claim is to pursue and recover financial compensation from an at-fault party for a victim’s damages. When a settlement or verdict is obtained, the at-fault party’s insurance company pays the verdict or settlement. This is intended to put the victim back into the position they were in before the accident, or to make them whole once again, including a monetary amount for the pain and suffering the injured person endured.

But we all know this isn’t always possible. For injured persons, damages are more than just financial, and a victim can never be the same after a serious accident. Therefore, several types of damages exist in accident law and are awarded in successful personal injury cases. But many people are confused about what the term damages represents in personal injury tort law.

Continue reading to learn what damages are in relation to accident lawsuits, and the difference between economic and non-economic damages.

Personal Injury Damages and Losses

Damages that result from a personal injury caused by a negligent party are generally losses. These losses can be financial, emotional, physical, and mental. Depending on the types of losses experienced following a personal injury, damages can be economic, non-economic, punitive, or a combination of all three. There are also damages known as nominal damages, which are small sums of compensation that are awarded to acknowledge that a victim, although not seriously injured or subject to substantial financial losses, was still violated in terms of their rights.

Facts About Economic Damages

Economic damages, also known as compensatory damages or general damages, are the calculable financial losses that can be defined by an actual dollar amount and redeemed through financial compensation. Economic damages include hospital bills (i.e., hospitalization, ambulance transport, anesthesia, emergency room services, surgeries, doctor care, x-rays, MRI’s, etc.), medical expenses (i.e., physical therapy, medical equipment, medication, etc.) lost wages from time off work, property damages, lost benefits from spouses’ death (i.e., insurance, veteran benefits, etc.), in-home nurse, and anything else that was a direct financial loss to the victim or their family.

Facts About Non-Economic Damages

Non-economic damages are more difficult to assign a dollar amount to because they are not direct and tangible monetary losses, like medical bills and lost wages. Instead, they are damages awarded for emotional or mental losses and tribulations. Examples of non-economic losses include pain and suffering damages, mental anguish or illness (i.e., depression, anxiety, etc.), loss of companionship (i.e., wrongful death, brain damage to loved one, paralysis of loved one that changes or prohibits the relationship, etc.), long-term medical care or medication dependencies, diminished quality of life, permanent disabilities, loss of ability to work, and more.

Understanding Punitive Damages

For very malicious or egregious acts, a judge or jury might also award punitive damages depending on the circumstances of a case. These are different from economic and non-economic damages because they are not intended to put a victim back into the same position they were in before an injury or accident, at least as much as possible. Although punitive damages are still paid in part to the plaintiff, they are meant to be more of a punishment for the at-fault party. They are intended to set a public example and double as a deterrent for the type of gross negligence involved in the case.

Are you ready to speak with a licensed injury attorney about obtaining compensation following your wrongful accident? Contact the Law Office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to schedule a free initial case evaluation for your personal injury claim in Indianapolis, Indiana. Act now before evidence is lost and time runs out on your claim. We represent clients all throughout the state.

You Might Also Read:

Common Damages Awarded for Traumatic Brain Injury Accidents
The Most Common Types of Damages Awarded in Personal Injury Lawsuits
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The Most Common Types of Damages Awarded in Personal Injury Lawsuits

Posted on March 1, 2021 by admin

Those who are injured wrongfully by a reckless or negligent party should not be financially liable for their damages and losses. Wrongfully injured victims deserve justice, and that justice by law comes in the form of full and fair compensation for everything from medical expenses and hospital bills, to lost wages, pain, suffering, disability, and much more. These types of losses all fit under one of two categories of damages, economic and non-economic. Within these two umbrella categories lies several other types of damages that are and should be awarded in personal injury cases. As an injured victim hurt in an accident that was not your fault, you deserve to know which types of damages you are entitled to under the law.

Continue reading to review the most common types of damages in personal injury lawsuits, and where to get trusted advice on your claim.

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Economic and Non-Economic Personal Injury Damages

Economic damages represent quantifiable losses that are documented, and therefore, can be more precisely calculated. Examples of such damages include hospital bills, medical expenses, gas money spent traveling to and from doctor’s visits, lost wages from missing time at work, and similar out-of-pocket costs. Non-economic damages are the opposite, as they are more difficult to put a figure to. However, these types of damages are even more impactful and deserving of compensation, such as pain and suffering, emotional trauma, mental anguish, loss of consortium, loss of ability to work, permanent disfigurement or disability, and similar losses experienced by a personal injury victim.

⚖ Compensatory Damages – Economic damages, like hospital bills and medical treatment, are types of compensatory damages, or actual damages. They can be traced and calculated.

⚖ General Damages – General damages are also known as hedonic damages, and they represent non-economic damages like pain and suffering or reduced quality of life. These are the damages that injured persons are entitled to under the law and any settlement or award for these types of damages should be substantial if the injury was substantial.

⚖ Special Damages – There is also another category known as special damages, which are awarded for things like property damage, legal fees, and even incidental and future damages, if eligible.

Punitive Damages

Courts may also award additional punishable damages in special cases of extreme offensive conduct including gross negligence. These are called punitive damages, or exemplary damages, and are more intended to reprimand the wrong-doer rather than award the victim (although the victim still receives a percentage of the monetary compensation awarded). Punitive damages are awarded in cases where victims suffered losses as a result of another’s maliciousness, brazenness, or gross negligence. They are intended to set an example, as well as reform the wrong-doer and deter others from similar immoral behaviors.

Aggravated Damages

Aggravated damages are not a separate category of damages, but rather an extension of general damages that fall under compensatory damages. Aggravated damages are essentially the same as punitive damages, since they are awarded for cases of egregious invidious conduct, however, they are directly compensatory in nature. Punitive damages are meant to punish, whereas aggravated damages are meant to monetarily compensate a victim for aggravated injuries sustained by a defendant’s extreme malevolent conduct.

To learn more details about the common damages awarded in a personal injury claim, speak with a licensed Indiana accident lawyer who has the knowledge and experienced necessary to obtain the full and fair compensation you deserve as a wrongfully injured victim.

Learn More About Making a Personal Injury Claim in Indianapolis, Indiana

Call the Law Office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to learn your rights to being compensated for your damages and losses after being wrongfully injured in Indianapolis, Indiana. Our seasoned personal injury lawyers retain extensive trial and litigation experience, and never collect attorney fees unless we obtain a settlement or verdict for you. Contact us today to schedule a free initial case evaluation, and explore your claim’s strength with a skilled injury lawyer. We serve clients in and around Indianapolis, and all throughout the state of Indiana. Act now before evidence is lost and time runs out on your claim!

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The Difference Between General Damages and Punitive Damages
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How Do Insurance Companies Estimate Compensation for Accident Victims?

Posted on November 16, 2018 by admin

One of the most common questions accident lawyers hear from potential clients has to do with the amount of compensation an insurance company will offer for the losses and damages incurred after suffering a personal injury. The challenge with this inquiry is that there is more than just one answer. Injury claim recompense can be a tricky value to estimate upfront because there are so many variables involved and because no accident claim is the same.

Continue reading to learn some basics about how insurance companies might estimate the amount of compensation they will pay out for an accident claim.

Indianapolis Personal Injury Attorneys
317-881-2700

Evaluation of Related Damages and Losses

An insurance company will initially look at what they are compensating you for. There could be a number of damages that validate compensation, such as hospital bills, medical expenses, lost wages, prolonged physical therapy, permanent handicap or disability, loss of companionship, loss of ability to perform work duties, reduced quality of life, emotional distress, physical pain, damaged property, and any other aspect of life that was negatively affected as a result of the injury. Once an insurance company makes this assessment, the next step in the standard claim process is generally the insurance company’s losses and damages formula.

Losses and Damages Formulas

The damages formula is exactly what it sounds like; it formulates a victim’s losses and damages into a numeric value. Insurance companies use the same damage formula to attain what it believes to be a fair and reasonable dollar value that is equivalent to the total amount of damages suffered by a claimant. The complicated part is assigning an appropriate dollar value for pain and suffering, emotional distress, mental anguish, and other non-economic damages. See our article, “The Difference Between Economic and Non-Economic Damages”, to learn more about such damages.

An Example of How a Formula Might Work

Although it differs from carrier to carrier, the basic process of using the damages formula involves calculating the total dollar amounts for hospital and medical expenses. This is the principle figure the insurance company uses to determine the dollar amount assigned to pain and suffering. For minor injuries, the insurance adjuster may multiply the principle number by a predesignated lower numerical value, such as 1.5 or 2.

However, the more serious the injury, the higher number, which can be as high as 5. If the injuries result in long-lasting or permanent implications, such as an amputation, medical condition, or disability, the number may go all the way up to 10. Once this value is calculated, the insurance company adds on any additional compensation necessary for losses, such as lost income from missing work, and similar economic losses.

It Takes More Than a Formula

Although the insurance company damages formula is complete at this stage, their final figure is not the amount of compensation that will be recovered. It is just the foundation used by the insurance companies and personal injury attorneys during negotiations. The number may increase if the accident attorney can prove more damages, or the extensiveness of damages. Also during negotiations, the percentage of fault among each party is assessed and applied to the deciding factors of the case. This is a central reason why you need a seasoned Indianapolis personal injury lawyer to represent your best interests after being injured in an accident caused by the negligence of another.

Get Started on Your Claim Today

Personal Injury Law Firm
317-881-2700

Call The Law office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to make a personal injury claim in Indiana. Our seasoned Indianapolis accident lawyers are ready and able to recover the full and fair compensation you deserve. Not only does our law firm offer free consultations, we never collect lawyer fees unless we prevail for you!

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