Your personal injury claim’s value depends on the scope and magnitude of your losses, which may fall into two categories: special damages and non-economic damages – more commonly referred to as pain and suffering compensation.
Considerations such as medical expenses and future care costs are of utmost importance and must be documented for accurate accounting purposes. Unfortunately, quantifying long-term impacts is more complex.
Economic Damages
Economic damages are tangible expenses resulting from an injury, including medical bills, property damage costs, lost wages and future costs of care. They’re relatively straightforward to calculate; all you need to do is keep track of all of your bills, receipts, invoices and wage statements to determine them accurately. You may need the services of experts such as financial or medical specialists in order to testify about the severity and long-term repercussions of their injuries on quality of life issues.
Non-economic damages can be difficult to assess; they involve intangible losses that don’t have a dollar figure attached. Such intangible losses include pain and suffering, emotional distress and the inability to enjoy hobbies or activities you love due to injuries sustained in an accident. Another form of non-economic damages might include the loss of consortium or companionship in relationships affected by injuries suffered as a result of being hurt in an accident.
If you suffer a broken leg and must stay home from work for multiple weeks due to recovery, this could impact your income. In such an instance, it might be possible for you to claim compensation for your lost earnings; thus helping compensate you for what would otherwise have been lost as salary.
Attaining a full and fair settlement for your injuries is of utmost importance, which is why it’s imperative that you gather as much documentation as possible. This includes medical records that can serve as evidence of both past and future economic damages; out-of-pocket costs like transportation fees and additional food expenses must also be documented as part of this effort; additionally, keep copies of documents related to your job such as pay stubs and sick time records.
Personal injury lawyers typically employ two methods for calculating damages: per diem and multiplier. With per diem, daily monetary figures are given for any days missed at work due to injuries; it’s generally used for short-term injuries. With multiplier, general damages (also referred to as pain and suffering damages) are calculated with an algebraic formula; thus increasing its multiplier value accordingly.
At the heart of it all lies a jury that can best decide how much in economic and non-economic damages you should receive. They’ll take all available evidence into consideration, from expert testimony to documentary proof, before arriving at an award that is fair.
Calculating economic damages may be straightforward, while assessing non-economic ones can be more complex. Consulting a personal injury attorney is essential when calculating non-economic damages as they will help identify what types of compensation you’re owed and how to prove them in court. They use their knowledge of personal injury law and experience to build a solid case in your favor that ensures you receive maximum compensation available (many states place caps on both types). Get in touch today so we can discuss how we can assist.