New 2 Injury Case The Value of Your Personal Injury Case. Victims who are injured in accidents often want to know the value of their potential lawsuit before determining if they have a case worth pursuing. But figuring out how much a claim is worth is tricky business. Each case is unique. While comparing your situation to similar cases can be helpful in giving you a ballpark figure, it’s often like comparing apples to oranges.
It is advisable to ask a personal injury lawyer to help you properly assess your potential compensation or settlement. Personal injury lawyers have the training and experience with the courts and insurance companies and understand how they assess cases. It is beneficial for you to understand the factors that determine the amount of compensation you may receive for your personal injury.
Actual monetary damages
Actual damages include the actual monetary losses you suffered as a result of your accident. These are the easiest parts to determine; just add up the numbers and be sure to include future medical expenses. This damage may include:
Medical expenses, present, and future, including doctors’ bills, physiotherapy, etc.
Property damage, such as to your vehicle if you were in a car accident
Wage lost at work
pain and suffering
Pain and suffering are inevitable in any serious accident. You may suffer from physical pain, mental anguish, extreme stress, and loss of lifestyle. It’s much harder to put a price tag on it. Pain and suffering cannot be measured in monetary terms. However, since the only way to compensate the victim for their suffering is with money, insurance companies have developed formulas to help them determine the value of each case.
Many companies use a computer system called Colossus, or a similar program, to estimate the potential value of the deal. These programs analyze all aspects of the case, including monetary losses, the severity of the injury, and the jurisdiction where the potential lawsuit might take place to determine the range of what the award or settlement might be.
A common way to estimate pain and suffering is to use a multiplier. The company could take the actual monetary damages and multiply them by 1.5 to 5, depending on the severity of the accident, to arrive at a pain and suffering figure. In extreme cases, or if an insurance company gets nervous as a lawsuit approaches, this figure could be multiplied by 10. These figures are all negotiable on a case-by-case basis. Again, your personal injury attorney is your best resource for knowing what the final figure might be.
The strength of your case
If you have a seemingly open and closed case, with strong evidence and personal credibility, you can expect higher compensation or settlement than someone with a weaker case. Your personal injury lawyer should be honest with you about the strength of your case. if you have a “shaky” case, you might end up with little or nothing in court and you might be more likely to settle for less out of court.
Another factor that helps determine the final financial outcome of the case is whether you share responsibility for the accident. Even if an accident is partly your fault, that doesn’t mean you aren’t entitled to compensation for the other party’s percentage fault. The courts assign a percentage of blame to each member of the lawsuit and will reduce the final award to the percentage of fault the plaintiff shares for the accident. Be sure to consult your attorney about this important factor, as it could affect your decision to settle or go to trial.
If a loved one were to die in an accident, you may be entitled to payment for their medical bills, funeral expenses, loss of future wages, and loss of a company. These cases may have higher rewards and settlements because the losses are so tragic.
Punitive damages are a form of punishment for gross negligence. They are only awarded on rare occasions of serious recklessness or contempt. These damages, although intended to punish the defendant, are awarded to the plaintiff, so they can significantly increase the value of a case. Your lawyer will help you determine if they should be considered in your case.