Personal Injury Cases: How to Calculate Value

Personal Injury Lawyer

At the start of a personal injury case, one of the first things that you want to know is how much in compensation do you deserve. This isn’t always an easy question to answer. There are several underlying factors. Injury attorneys and insurance companies rely on a formula to figure out the compensation you deserve. This is usually the starting point when you are negotiating your settlement. Here is how you can calculate the value.

Medical Expenses

If you had medical costs, you add those into the amount. Keep in mind that your medical costs should include what your insurance paid. These are not solely out of pocket expenses.

Lost Earnings

Next, you need to add in your lost earnings. If you missed work, then you can add the earnings that you would have received if you were working at the time. If you used any paid vacation or time off benefits after your injury, you should include those hours as if you were not paid.

Property Damage

Property damage is common if you were involved in a car accident. If this is solely a personal injury claim, then you can leave out any property damage.

Future Medical Expenses

If you’re going to require more medical treatment in the future, then you need to take into account any future medical expenses. You should estimate this as close as possible and add it to the rest of the numbers.

Future Income Loss

It’s possible that you will have to miss work due to ongoing injuries or treatment. Likewise, you need to consider this if you are going to lose your job due to your injuries. Try to estimate your future lost earnings as close as possible.

Multiplier

The multiplier is used for general damages or pain and suffering. The multiplier is between one and a half and five. The multiplier used depends on the severity of your injuries. The calculations are multiplied by this number to determine your case value.

When it comes to personal injury cases, there is a formula that insurance companies and attorneys use to determine the number that you are owed by the other party. If you’re unsure of the value of your case or if you want to calculate it yourself, the formula is relatively simple. You add up all of your damages and multiply them by the severity of your case. This will give you a rough estimate of the value of your case and is what most lawyers will use. For a more clear idea of what compensation you deserve, contact a personal injury lawyer today.

Source: Personal Injury Lawyer Fort Lauderdale, Florida, Needle & Ellenberg, P.A.

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