After you suffer injuries or loss in an accident, your first responsibility is to take care of your health and properly recover. But if you file a personal injury claim, your second responsibility is to ensure that you protect all your rights and obtain the compensation you deserve.
You may be wondering exactly what is the value of your claim, and how is that amount calculated?
Although every personal injury claim has unique circumstances, there are some common factors present in all injury cases that help determine the final value of a claim.
We think it’s important for you to understand those factors so that you are better prepared as your lawyer enters into settlement negotiations.
FACTORS THAT HELP DETERMINE THE VALUE OF YOUR PERSONAL INJURY CLAIM
Most personal injury claims are classified as ‘compensatory,’ which means the purpose of a recovery is to compensate you for your actual damages as well as for pain and suffering.
Some of the common factors that determine the value of your claim include:
- Loss of income – If your injury forced you to miss work, or if your injury permanently stopped you from working in your industry, you can factor loss of income and loss of future income into your claim.
- Property damage – You can factor in the repair or replacement costs for any property that was damaged in the accident. For example, if your car was completely destroyed in a crash, you would add the value of the car to your claim.
- Medical expenses – You should include all medical expenses related to treatment for your injury, including future expenses. For example, your injury may require months of physical therapy visits, which would extend far beyond the end of your claim. In serious personal injury cases, you may need medical care for several years after the accident.
- Pain and suffering – This is harder to quantify, but it refers to the negative impact the accident has had on your emotional and psychological wellbeing. Evidence of pain and suffering can be provided through your doctor’s testimony, the testimony of friends and family members, as well as the testimony of psychologists and therapists.
PROTECTING YOUR RIGHTS
After you file a personal injury claim for an accident, the other side’s insurance company will go to work trying to reduce the value of your claim as much as possible. That’s why it’s so important that you hire an experienced injury attorney as soon as possible to begin protecting your rights, and ensuring that you get the compensation you deserve. The team at Miller Kory Rowe LLP has a diverse set of talents and expertise that it brings to the negotiating table. Please call (602) 648-4045 to schedule a confidential consultation regarding your claim.