Most people know that they may be eligible for compensation after an accident caused by another person’s negligence. However, not many give the amount of compensation much thought until they get into an accident.
There may not be an average figure for personal injury case compensation because the value of compensation depends on several factors and the circumstances surrounding the accident. But worry not, as this post can help you get a rough estimate of what you can expect.
Look at Local Law Firms’ Websites, e.g., in Tampa Bay, to See Past Settlements
Most reliable law firms like showing off their success on their websites because results speak louder than words and are a great way of attracting new clients. A good rule of thumb when hiring a lawyer is to establish if they have a history of success with similar personal injury cases.
By visiting their websites, you can see the personal injury cases they have handled over the years and how much they recovered on their client’s behalf.
For example, if you go to a personal injury lawyer’s website like https://lmdlawfirm.com, you will likely find a case similar to yours and the amount it settled for. The value of such settlements should give you a rough estimate of how much payout you can expect.
Factors Determining the Value of a Personal Injury Case Payout
Cost of Medication
Two people could suffer similar injuries but significantly differ in the resulting cost of medication. So even when you could look up past payments on local law firms’ websites, the cost of treatment for your injuries can differ widely from that of another victim with a similar injury.
Therefore, you will need to keep all your hospital bills and prescription medicine receipts carefully because they play a significant role in determining the value of your claim. Medical bills include all interactions with a healthcare professional necessitated by accident, including mental health professionals for mental trauma.
If accidents result in injuries that make you miss work, you are entitled to compensation for lost wages. Calculating lost wages is relatively simple. You only need to calculate the hours missed multiplied by the hourly wage at the time of the accident.
When calculating lost wages, your lawyer must factor in the past, present, and future lost wages based on the treating doctor’s prognosis. An injury could cause you to lose your ability to make a living permanently. In that personal injury case, you are entitled to compensation for lost wages for the years you could have been in employment while also considering yearly pay increases.
Depending on your state, recoverable lost wage benefits could be a fraction of what you made before the accident. In most states, the percentage ranges between 75 to 85 percent of the post-accident wage.
Besides the cost of medication and lost wages, you could incur other costs after an accident. For example, your injuries could require you to purchase living aids such as wheelchairs, hire a caretaker, or modify your home to accommodate the new you.
If you have needed to pay for something that you otherwise wouldn’t have, you may want to make it known to your lawyer so they could look at the chances of recovering the expenses in your claim.
All the factors mentioned above fall under the class of economic damages because they have an assigned price tag that can be substantiated by evidence such as a receipt and bills. But another set of factors may not have an assigned monetary value, such as pain and suffering.
PTSD, mental anguish, loss of life enjoyment, disfigurement, etc., calculating non-economic damages can be pretty complicated. That is why it’s always a good idea to work with a lawyer.
Often lawyers use a multiplier to get to the value of non-economic damages. The multiplier can range from 1.5 to 3 depending on the state or the agreed-upon figure in the negotiations.