The Guide to Calculating the Settlement Value of a Personal Injury Case
Accidents can bring about physical and emotional trauma, whether it’s a hit-and-run accident or a dog bite. The victim will likely have to accumulate costly hospital bills on top of other financial losses to cope with these issues. Thankfully, the at-fault party is liable to compensate the victim for damages. If you calculate the value of a possible settlement in a personal injury case, this may help you to estimate the potential compensation.
But how does one know how much they can expect to receive? While it may not be possible to get an exact number, there are still ways to get a good idea of the settlement’s potential value.
In this article, we’ll delve into calculating the settlement value of a case, so you can figure out what amount you should expect to receive. Read on to find out how personal injury compensation is calculated in this comprehensive guide.
What is Personal Injury Law?
Personal injury law concerns cases where a person or their property is harmed or injured due to someone else’s negligence or carelessness. Examples of these cases include, but are not limited to:
- Slip-and-fall accidents
- Dog bite incidents
- Road mishaps
- Medical malpractice
- Work-related injuries
How Do You Calculate the Settlement Value of Your Personal Injury Case?
While there isn’t a specific formula to identify the exact amount of personal injury compensation you’ll receive, you can get a rough estimate by considering the cost of several expenses you’ve accumulated.
These include medical treatment expenses, consultation, laboratory fees, and surgical and post-op care costs. It may also include repair and maintenance costs for damaged property and lost wages.
Types of Documents You Need to Collect
You must prepare the following documents before processing your personal injury claim to serve as proof of damages. You may also get an estimate of how much your case is worth if you add up how much you’ve spent based on these receipts.
Medical Expenses Related to the Accident
Collect all the billing statements from your previous visits to the doctor since the date of the accident. These may include consultation fees, paramedic services, surgery, post-op care, and the cost of any prescribed medicine for your injuries.
Future Hospital Bills
Suppose your doctor wants you to undergo a follow-up checkup or treatment, including rehabilitation sessions and home confinement.
In that case, you should include a rough estimate of your future medical costs in the evidence you’ll present to your attorney and the defendant’s insurance carrier.
Lost Wages or Diminished Earning Capacity
Some accidents cause permanent disabilities that impede your capacity to work. Temporary injuries may also require you to take days off to recover, resulting in a loss of regular earnings. As such, you may recover wages through personal injury compensation if you provide proof of lost manpower hours and diminished earning capacity.
Proof of Property Damage
Aside from physical injuries, you can also be compensated for property damage caused by the accident. To get proper compensation, make sure to present strong evidence as proof. For instance, if you were involved in a car crash, you can show photos of your vehicle before and after the accident while specifically pointing out the damaged parts.
What Kinds of Damages Are Covered in Your Settlement?
In California, different types of damages are considered in a personal injury case. The state considers the severity of your injuries and the economic and non-economic damages incurred from the accident.
All the financial losses related to the accident are considered economic damages. These are easy to calculate and mostly include monetary losses, medical expenses, lost wages, or property damage.
Intangible losses such as pain and suffering, emotional distress, and loss of enjoyment all fall under non-economic damages. Unlike monetary losses, these are subjective and much more difficult to calculate.
Punitive damages are awarded under special circumstances in addition to actual damages. They’re considered by the court as a form of punishment and awarded at the court’s discretion if it’s been found that the defendant has behaved in an especially harmful way.
What to Expect Before and During the Negotiation
A settlement is a compromise, meaning there is no guarantee that you’ll get the desired settlement value amount. For this reason, it’s best to seek the advice of a personal injury lawyer, who can help you get the best result possible.
Many factors affect the process of calculating the total cost of damages. Even after presenting proof of losses incurred from the accident, you must also consider the other party’s insurance limits, whether you’re partially at fault, or not.
What Do You Do if You Don’t Receive a Viable Offer?
During ongoing negotiations, your attorney may appeal to the responsible party and the insurance company to settle on a compensation amount that’s fair to you.
However, if you’re not happy with the amount the other party has offered you, you can proceed with filing a lawsuit. This way, you can recover the compensation you deserve.
Why Choose Adamson Ahdoot?
If you’re dealing with a personal injury case, seeking legal advice from our team of experienced lawyers at Adamson Ahdoot will help you immensely.
At Adamson Ahdoot, our law firm offers the utmost care and expertise to navigate your situation easily. We are dedicated to prioritizing your legal needs.
Talk to a Premier Injury Attorney for Your Peace of Mind
Do you want to calculate the settlement value of your personal injury case? Let our team of legal experts at Adamson Ahdoot help you out. We offer free consultations in English or Spanish. Call us at (800) 310-1606 to consult with a premier injury attorney today.