Factors to consider when calculating the worth of a personal injury case
When determining how much a personal injury case is worth, numerous factors go into the value of the final claim. Every case is unique, and no ethical attorney can claim to know precisely how much a case is worth before knowing the details of your situation.
That said, below are some things that might be considered when calculating potential compensation in a personal injury claim.
Understand that every case is unique
Personal injury cases are worth different amounts depending on the facts of each case. When multiple parties are involved, such as in a car accident, there may be more than 1 defendant and, therefore, more than 1 insurance company to negotiate with.
The best way to determine how much your case is worth is to discuss the facts of your case with an attorney. An attorney will be able to listen to you and review all relevant documentation before providing a realistic assessment of your case's value.
An attorney who makes a guarantee is not giving you the whole picture. Any ethical attorney will tell you that they can't predict the outcome of your case, but they can promise to work hard every day to get you the best possible result.
How much is my personal injury case worth?
Many factors go into calculating the potential value of a personal injury case. While some are easily quantifiable, others are not. The following summarizes the types of damages you may be able to seek in a personal injury lawsuit:
- Medical expenses. A personal injury claim will likely include compensation for all medical bills related to the incident, including any treatment, rehabilitation, therapy and surgeries. Out-of-pocket expenses related to your accident should also be covered, such as the cost of crutches, bandages, medications and other supplies required for medical treatment after the accident.
- Future medical expenses. If your injuries require ongoing treatment, you may be entitled to reimbursement for future medical care as well. This may include estimated costs for future physical therapy, surgeries, prescription medications, etc.
- Lost wages. If you're unable to work because of your injuries, you can seek compensation for lost income and lost future earning capacity due to a long-term or permanent disability.
- Pain and suffering. You may be entitled to compensation for pain and suffering depending on the severity of your injuries (based on accurate medical records) and the careful consideration of your subjective symptoms and suffering. While physical pain, emotional suffering and psychological distress resulting from an accident can be challenging to place an exact dollar amount on, they are compensable in civil court.
- Punitive damages. Certain situations call for additional punishment or deterrence beyond just making the injured party whole again. In those cases, a court may award punitive damages intended to punish the defendant for their behavior and serve as an example for others considering similar actions in the future.
Other factors to consider when calculating the value of a personal injury case
In addition to the above-mentioned damages, other factors to consider when determining the potential value of a personal injury claim include:
- The insurance policy limits of the person who caused your accident, including the minimum and maximum amount of coverage available from their insurance company.
- The cost of any necessary modifications to your home or vehicle to accommodate a permanent disability.
- The amount of property damage involved. Your lawyer can use receipts and estimates to calculate how much it will cost to repair or replace any damaged property.
Why you shouldn’t trust online claim calculators
It would be nice to have an easy online settlement calculator that could tell you what your case is worth. But this is generally not possible due to the diversity of each case. Here are some of the factors most commonly overlooked by online personal injury value estimators:
- Education level
- Income level
All of these factors are taken into consideration when determining the value of personal injury claims, and most aren’t assessed through online calculators. For example, the worth of a personal injury case for a younger person with a high-paying profession will typically be higher because an inability to work will cost them more money over time than it would for an older person who earns less.
Consult an experienced attorney to find out how much your case might be worth
Because so many factors have to be taken into account in determining the worth of a personal injury case, it's essential to consult an experienced personal injury lawyer to find out if the details of your case are strong enough to pursue a lawsuit.
If the insurance company doesn't offer a settlement that meets your needs, or if they refuse to settle altogether, your attorney can help you decide how to proceed. Personal injury lawyers have experience negotiating with insurance companies and know what it will take to get you the compensation you need to recover from your injuries.
If you’ve been injured because of someone else’s negligence in California or Texas, contact the experienced personal injury attorneys at MVP Accident Attorneys. Our firm focuses exclusively on personal injury cases, so we know how to negotiate with insurance companies. We’ve recovered millions of dollars for our client’s and their families and would love the opportunity to develop an individualized plan for you.
There are no out-of-pocket expenses, and you only pay if we win your case. Contact us today for your free consultation.