How to Calculate a Personal Injury Settlement
Once you’ve been injured, you’ll need to act quickly to get the settlement you need for your recovery. Unfortunately, it’s not always easy to get full compensation to cover the damages you’ve suffered. The insurance company won’t want to pay the full amount you need, especially if you don’t know what your settlement is really worth.
If you’re concerned that you’re not getting the personal injury settlement you deserve, ask a lawyer from the Colley Firm, PC to show you how to calculate a personal injury settlement. Our attorneys can determine how much you’re really owed so you know how much you need to fight for.
Calculating Your Financial Losses
Financial losses will be the easier damages to calculate for most people. After all, most of these are the economic damages that come with a clear price tag. Economic damages related to your injuries might include the following:
- Property damage
- Medical bills
- Lost wages
- Loss of earning capacity
- Household services
In most cases, these can simply be added together. Some, such as your future expenses, might require further calculation. Let’s say you’ll need future surgeries for your treatment. In these cases, your lawyer will estimate the value of your planned future treatments and add this to your settlement request.
Determining Non-Economic Damages
Unfortunately, your non-financial losses won’t be so easy to determine. These will likely require help from your lawyer because they don’t have a tangible value like your economic damages have.
For instance, if you break your leg in an accident, your medical treatment will have a specific monetary value. But you also deserve compensation for the pain and suffering you’ve experienced, which can be difficult to calculate without the proper tools.
If you’re seeking compensation for your non-economic damages, consider your loss of enjoyment of life, emotional trauma, and loss of companionship. But how do you calculate the value of these damages?
Your lawyer will have the tools to determine what your damages are worth based on their severity and impact on your life.
Getting Your Personal Injury Settlement
Determining what your settlement is worth without the help of an experienced attorney is not likely to be easy. While some expenses are clear, getting the full amount you’re owed might require in-depth research and involve tools that a lawyer from the Colley Firm, PC will have.
That’s why you need to speak to an attorney when determining how to calculate a personal injury settlement. Without help, losing the full compensation you need is a real possibility. If you need help calculating your settlement, speak to our lawyers during a free consultation by calling 512-477-2001 or completing the online contact form below.