If you are involved in an accident, expenses are mounting. From medical bills to being unable to work, you face enormous debt. Naturally, one of the most frequently asked questions during a consultation with an accident lawyer is, “how much could I get?” Here’s how you might calculate a ball park estimate of how much your claim could be worth.
Calculating Economic Damages
Of the two types of damages awarded in a personal injury or accident claim, economic damages are the easiest to calculate. Economic damages refers to damages that have a fixed monetary value. This includes medical expenses, vehicle damage, lost wages, and more.
It’s not the case that calculating these damages involves simply adding up the bills. You must estimate the costs of future care and future lost wages in addition to costs already incurred. An attorney can help you estimate future expenses by working directly with your physicians. A physician will determine what medical care you need in the coming months and years following your claim.
Remember that once a settlement is agreed upon and paid out, future medical expenses cannot be sought. So, it’s important to ensure that those are factored in at the beginning.
Calculating Non-Economic Damages
Non-economic damages are more difficult to calculate due to their ambiguous nature. There’s no fixed cost assigned to how much someone has suffered. Instead, multipliers are used. Multipliers of 2, 3, 4 or 5 are used to calculate the economic damages. Then, the final claim’s final value is achieved. The more serious the injury, the higher the multiplier will be. Insurance adjusters are likely to argue that the multiplier should be lower in order to save the company as much money as possible when paying out a settlement, however, the multiplier chosen should accurately reflect the amount of pain and emotional trauma a person has suffered and will suffer in the future due to the accident.
Contact the Law Offices of Carl L. Brown Today
If you or a loved one have been hurt in an accident of any kind that may have been caused by someone else’s negligence, you could be eligible for compensation through an accident claim. Contact our offices today by calling (559) 431-4400.