When you’ve been hurt in an accident caused by someone else’s negligence, you need to figure out the value of your injury claim so you can be compensated fairly. Some damages are easy to calculate, but others can be more complicated. Working with a personal injury attorney is the best way to get the payment you’re entitled to.
Factors That Affect Your Claim Value
To accurately calculate your injury claim, you’ll need to consider a combination of factors. Economic damages are tangible losses that can be easily measured. These often include:
- Medical Expenses: Hospital bills, surgeries, physical therapy, medications, ongoing treatments (both current and future)
- Lost Wages: Money you lost from being unable to work due to your injury
- Property Damage: Cost of repairs or replacement of damaged personal property (like your car)
Non-economic damages are less tangible but just as important. They often require more expertise to calculate and can include pain and suffering, loss of enjoyment of life, and emotional distress like anxiety, depression, or post-traumatic stress disorder.
How to Calculate Your Claim
There’s no one-size-fits-all way to figure out the value of a personal injury claim. However, two common approaches are generally used: the multiplier method and the per diem approach.
The multiplier method calculates non-economic damages by multiplying your total economic damages by a number, usually between 1.5 and 5. The multiplier used depends on the severity of your injuries. For example, if your economic damages are $50,000 and a multiplier of 3 is applied, your total claim value would be $150,000.
The per diem approach assigns a daily monetary value to your pain and suffering and multiplies it by the number of days you’ve dealt with hardship because of your injury. Suppose that the daily value is $200, and your recovery period is 180 days. In that case, your pain and suffering damages would total $36,000.
Why You Need a Personal Injury Attorney
To calculate the true value of your injury claim, you need a deep understanding of the legal and medical factors involved. That’s why working with a personal injury lawyer is vital.
A qualified attorney will:
- Collect and analyze evidence to build your claim
- Talk to medical professionals to figure out the long-term costs
- Negotiate with insurance companies on your behalf to prevent lowball offers
- Represent your interests in court if a fair settlement can’t be reached
At Schiff & Associates, our experienced team of attorneys has helped countless clients get the compensation they deserve. We understand the complexities of personal injury claims and are ready to fight for your rights.
Common Mistakes to Avoid
When filing a personal injury claim, some common mistakes can negatively impact your compensation. Insurance companies like to pressure victims into taking low offers before they fully understand the extent of their injuries or future expenses.
Because of this, the victim takes a settlement too quickly and finds out later that the insurance company short-changed them. That’s why it’s very important that you take the time to determine the true cost of your case.
Another common mistake is failing to document your injuries. Keep detailed records of your medical treatments, symptoms, and how the injury has affected your daily life. This evidence will support your claim and improve your chances of being compensated fairly.
Finally, trying to handle your case without the help of a personal injury lawyer can be an expensive misstep. Without legal support, you could undervalue your claim or miss important details, which reduces your chances of getting the payment you deserve.
Take the First Step Toward Fair Compensation
Calculating the value of your injury claim can seem like a daunting task, but you don’t have to do it alone. Schiff & Associates is ready to guide you every step of the way. As your trusted personal injury attorney, we’ll work tirelessly to ensure you recover everything you’re entitled to.
Contact our office today for a free consultation to get started on your path to recovery.