People often wonder whether a personal injury claim is worth pursuing because they have no idea what their claim is worth. Knowing how personal injury claims are valued can help you better understand the process and why it’s so important to have an experienced lawyer who knows how to prove negligence. If you have been hurt in an accident due to no fault of your own, the personal injury attorneys at Thomas, Conrad & Conrad can evaluate your case and advise you of the monetary value of damages you may be entitled to recover.
Compensatory Damages
Compensatory damages are designed to make an injured victim whole. This means compensation is supposed to return you to the position you were in before you were hurt. These types of damages fall into two categories: economic and non-economic.
Valuing Economic Damages
Putting a value on quantifiable economic damages such as medical bills and wage loss is fairly straightforward. However, if you are seriously injured in an accident and unable to work, your attorney may also do a calculation for future medical bills and loss of income, which can be more complex.
Methods for Putting a Value on Non-Economic Damages
Non-economic damages are intangible losses you have suffered. Each case is different, and there are several ways they may be calculated. Non-economic damages often include pain and suffering, emotional distress, humiliation, disfigurement, loss of consortium and companionship, and loss of enjoyment of life.
These damages can have a grave impact on the quality of an injured victim’s life. They are sometimes calculated using multipliers. This involves taking the total of your economic damages and multiplying them by a number from 1.5 to 5, depending on the severity of your injures, how they have affected your life and the circumstances of your case.
Another way to value non-economic damages is by using a per diem method. You and your lawyer determine how much a day would be worth before you suffered the injury. That number is then multiplied by the length of time you will be affected by your condition.
Each method has its benefits and drawbacks. That’s why it’s critical to have a knowledgeable personal injury attorney who knows how to determine what your claim is worth. Regardless of which method is used, there are additional factors that affect how the value of a personal injury claim is calculated.
Other Factors That Influence The Value Of Your Claim
In Pennsylvania, the following factors are also considered when putting a value on damages:
- The injured victim’s age
- The types of injuries
- The severity of their injuries and disfigurement
- Whether the injuries are temporary or permanent
- How the injuries have affected the victim’s ability to perform daily activities and tasks
- Whether the victim suffers physical pain and mental anguish
- Their health and physical condition before the accident
- Pre-existing medical conditions
- Other factors relevant to each individual case
Comparative Negligence
If you were partially to blame for an accident or your injuries, your damages may be reduced by the percentage of fault that you bear. For example, if you were 40% responsible and suffered $100,000 in damages, you would have to cover $40,000 in accident-related costs. In Pennsylvania, if you are more than 50% at fault, you may not recover any compensation at all. A seasoned personal injury lawyer will fight to prove that the other party was negligent and help you recover the maximum compensation to which you may be entitled.
Insurance Limits
The vast majority of personal injury claims are settled with insurance companies, so policy limits are a vital thing to take into consideration when valuing a claim. For instance, if you’re hurt in a car accident and the at-fault party’s policy has a $100,000 limit, the insurance company will only pay up to $100,000. Your own auto insurance may also pay for some expenses, depending on the limits of your specific policy.
If your damages are worth more than insurance limits, it is possible to file a lawsuit against the at-fault party. However, most people simply don’t have the money to pay out large amounts. Your personal injury lawyer can determine if this is an avenue worth pursuing.
Don’t Go It Alone
It’s easy to underestimate the physical, emotional, and financial costs of your injuries. Sufficient compensation enables you to get the medical care you need, safeguards your financial security, and helps you and your family move past the accident and your injuries.
Contact A Personal Injury Attorney To Learn More
Recovering adequate compensation is vital to protecting your health and financial security. At Thomas Conrad & Conrad, our personal injury lawyers help injured victims throughout eastern Pennsylvania put their lives back together and recover the compensation they deserve. Call our Bath office at 610-867-2900 or contact us online to schedule a free consultation today.