Even though you are injured, you may feel hesitant about taking action on a personal injury lawsuit.
Indeed, not only is a personal injury lawsuit a big financial and emotional undertaking, but knowing how much your suit may yield is impossible. At the law offices of Tawney, Acosta & Chaparro P.C., one of the questions we hear most frequently is, “How much will my settlement be?”
Sure, you could find a personal injury settlement calculator online and plug in some numbers, but that may not be the best method. It is difficult to know how a case will be resolved in advance, and impossible to give a precise answer. That being said, we are experienced in calculating personal injury settlements based on our client’s value of losses.
Here’s a look into the personal injury settlement calculator method we use.
Types of Damages Recoverable in a Personal Injury Claim
The first thing that we consider are the types of damages that our client sustains. There are three primary types of damages an individual can recover in a personal injury claim. These are economic, noneconomic, and punitive damages:
Economic damages are all of the financial losses that a person suffers as a result of an injury. Some of the most common economic damages include medical expenses, lost wages, future costs associated with the injury, and property damage losses. These damages are calculated at actual value. For example, if a person suffers $100,000 in medical expenses, they can seek $100,000 in economic damages for the expense.
Noneconomic damages, on the other hand, refer to compensation for intangible losses, like the value of a person’s physical pain and suffering. The value of emotional anguish and loss of quality of life are also examples of noneconomic damages. Noneconomic damages are harder to calculate and are typically based on either the number of days for which a person suffers harm or the degree of harm. More serious injuries typically warrant higher noneconomic damages awards.
Punitive damages are not meant to compensate the plaintiff as are economic and noneconomic damages. Instead, they are instead intended to punish the defendant for gross negligence. Punitive damages are capped at either:
- $200,000, or
- Two times the amount of economic damages combined with up to $750,000 in noneconomic damages.
The amount is whichever figure is larger.
Let Our Lawyers Act as Your Personal Injury Settlement Calculator
In addition to the different types of damages available and the amount of damages you have suffered, other things can affect the value of a settlement. These include the types and amounts of insurance policies available, the extent of each party’s fault, and the rule of modified comparative negligence.
If you need to calculate the value of your personal injury claim and want reliable information about how much you may be able to recover before you start the claims process, call our lawyers today or fill out our online form for a free consultation. We are available to talk 24/7 and can be reached online as well.