Personal injury claims can arise from car accidents, slips and falls, medical malpractice and all kinds of other situations, and they can be physically, emotionally and financially draining.
When you’ve been injured due to someone else’s negligence, recklessness or deliberate actions, you have every right to expect the culpable party to pay up – but how much should you demand?
Numerous factors have to go into the calculation
Every situation is different, but there are some basics that have to be considered when placing a value on your injuries. These include:
- The severity of your injuries: More severe injuries generally lead to higher compensation. Medical documentation, including diagnoses, treatment plans and prognosis, plays a big role in establishing the severity of your condition and the long-term consequences.
- Your exact financial losses: Personal injury claims attempt to make a victim financially “whole” again by compensating them for accident-related expenses. The larger your economic losses due to medical bills, lost wages, rehab fees, property damage and other expenses, the larger the appropriate settlement.
- Your non-economic damages: Personal injury claims also take into account a victim’s non-economic damages, such as their pain and suffering, emotional distress and lost enjoyment of life. These can be important, especially if you experience permanent scarring or harm.
- The defendant’s insurance and assets: A defendant’s insurance coverage can play a critical role when it comes to valuing a personal injury claim (although it may also be possible to draw on their personal assets, as well). That’s why it is so important to make sure that all possible defendants are included in a lawsuit since that helps maximize the pool of funds available.
- Any applicable damage caps: Some personal injury claims have limits or “caps” on damages. For example, most medical malpractice claims are limited to $400,000 in noneconomic injuries (and no more than $700,000 is permitted for catastrophic claims or wrongful death).
Calculating a personal injury claim is a nuanced process. Seeking legal guidance can make it easier to understand the process and make certain that you neither chase an impossible figure nor value your claim too low.