If you have been injured in a personal injury accident you are likely suffering both physical and emotional injuries as well as financial hardship as a result of the accident. If another party caused, or contributed to, the accident you could be entitled to compensation for the injuries you have suffered. Understandably, you may wish to know how the worth of a personal injury claim is calculated. Although a universal formula for calculating the worth of a claim does not exist, there are some common factors used when determining the value of a personal injury claim. A better understanding of those factors may provide some insight into your claim.
In a personal injury accident, the victim often suffers actual physical injuries as well as emotional trauma. With this in mind, the law allows a victim to pursue both economic and non-economic damages. Economic damages are easily quantifiable and include things such as the cost of repairs to your vehicle or other personal property, medical bills, and lost wages. Economic damages are out of pocket expenses and are, therefore, fairly easy to calculate. Although the defendant could bicker over the amount of a bill, at least you will have actual proof of the economic damages you incurred as a result of the defendant’s negligence.
Non-economic damages are what most people refer to as “pain and suffering” and are intended to compensate a victim for the emotional trauma the defendant’s negligence caused. Non-economic damages are much harder to quantify because you do not have bills or statements showing the value of the non-economic portion of a claim. When evaluating the non-economic portion of a claim, the following factors may be considered:
- Type of physical injuries
- Extent of the physical injuries
- Number of physical injuries
- Age of victim
- Victim’s career and/or education
- Health of victim prior to the accident
- Disfiguration, scarring, permanent damage
- Future prognosis
Along with determining the value or your economic and non-economic damages, any fault on your part must also be factored into the value of the claim. If you were 10 percent at fault, for example, the value of your claim must be adjusted accordingly. Imagine that your claim was worth $50,000 but you were 10 percent at fault. Your claim would then only be worth $45,000 ($50,000 – $5,000 (0.10 percent) = $45.000).
Each personal injury accident claim includes a unique set of facts and circumstances. Only an experienced Michigan personal injury attorney can evaluate the facts and circumstances of your case and determine what the case may be worth. Ultimately, the decision to accept a settlement or not is yours alone to make; however, having an experienced personal injury attorney on your side ensures that your interests are protected throughout the lawsuit.
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