In the unfortunate instance that you’re injured in an accident that isn’t your fault, you may be entitled to financial compensation. The average payout for a personal injury claim varies on a case-by-case basis, depending on economic, as well as non-economic, losses, also referred to as damages. Determining loss is a complicated process. Insurance companies and personal injury lawyers utilize settlement formulas to help victims of personal injury and car accidents establish a reasonable amount of financial compensation deserved, using that dollar amount to negotiate recovery.
Chances are that if you’re utilizing a personal injury calculator, you’ve already experienced pain and suffering due to the negligence of another. The dedicated and experienced lawyers at DC Law will fight to help you recover the damages needed to get your life back on track. Contact us today for a free consultation.
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Personal Injury Claim Payout Calculator
Car Accident & Personal Injury Settlement Factors
When calculating a settlement value, four main factors are taken into account when ascertaining the loss and suffering experienced by a victim.
This refers to the cost of medical treatment and diagnostic fees related to your injury, whether that’s right after the injury or months/years later. These fees can include but aren’t limited to, hospital bills, ambulance service, diagnostic changes, prescription medications, expenses for surgery, and physical therapy.
Property damages are typically considered when the personal injury claim involves a car accident. If you were in a car accident that wasn’t your fault and you were injured, you can also include the cost of repairing your vehicle to your personal injury settlement claim. For most other personal injury claims, property damages can be listed at zero.
If your injury has impaired your ability to work or earn a living, lost earnings can be factors into your injury settlement value. This includes wages that were lost immediately after the injury, as well as future lost wages as you wait for your injury to heal or if, perhaps, you won’t be able to continue in the same line of work at all. Details such as age, skill, profession, and life expectancy are used to calculate future lost wages.
Not all losses are so easily calculable. General pain, suffering, and anguish after an incident, for instance, cannot amount to a simple dollar amount. When calculating the value of a personal injury settlement, the multiplier helps account for those non-economic losses by multiplying the sum of the economic losses listed above. Multipliers are typically around 1.5 but can range from 1 to 5 depending on the severity of the injury.
The following factors can increase the multiplier:
Traumatic brain injury
Damage to the nerve and spine
Permanent loss or reduced functionality of a body part
Permanent disfigurement or scarring
Injuries that cause the victim to have increased dependency on others
Injuries that cause the victim to miss out on things they’d otherwise be able to do, such as attending school or missed vacations
Common Personal Injuries That Deserve Financial Compensation
Personal injury law is in place to protect victims who’ve experienced suffering at the fault of another. While the court system can’t undo the harm that’s been done, it can ensure that those who’ve been injured receive compensation to make up for lost earnings, medical expenses, and other pain and suffering experienced. Common types of accidents that fall under personal injury law include: