- October 9, 2023
- Personal Injury
“How much is my claim worth?” is a common question asked by personal injury victims. The value of a personal injury claim varies and is decided on a case-by-case basis. If you are pursuing compensation, keeping copies of medical bills, lost wages, and other economic damages is essential as they are helpful when calculating the amount you may receive for your claim.In this blog, our personal injury lawyer discusses how much a case may be worth and the factors that influence the value of a claim. Our Goodman Acker, P.C. team can help you calculate your claim’s worth and commence the compensation process. Call us at 248-286-8100 to book a free case review.
Why hire our car accident attorneys to represent you?
At Goodman Acker, P.C., we have dedicated our careers to helping injury victims seek compensation for their damages. We know the factors affecting a case’s worth and the evidence needed to prove its value. Our attorneys will consider every loss suffered when seeking compensation and ensure they are included in the claim.
Call out: We have secured millions of dollars in settlements and verdicts and have positive reviews and testimonials from our clients.
We will do all we can to help you get a favorable outcome. So contact us at 248-286-8100 for a free case evaluation.
How are damages calculated?
In general, you may be awarded two types of damages in a personal injury case: economic damages (also called special damages) and non-economic damages (also called general damages).
Economic damages
Economic damages include medical bills, lost wages, property damage, lost future income, and the cost of future medical care. These are easy to calculate, and you can use a dollar amount for each category to determine how much you need to cover all the expenses. Talking to your doctor can help you know how much you will require for future medical costs due to long-term treatment and care, and you can estimate how much income you will lose due to your injuries. Also, receipts and pay stubs help you know the worth of your economic damages.
Non-economic damages
On the other hand, noneconomic damages are more complicated to calculate. They include pain and suffering, emotional distress, loss of consortium, loss of enjoyment of life, and other categories related to decreased quality of life because of the injury. Because there is no specific dollar amount for each category, we use a multiplier to determine how much you will be entitled to.
We choose a number between 1.5 and 5 and use it to multiply the amount of your economic damages. The greater your pain, suffering, and other general damages, the more you can receive as non-economic damages. Note that Michigan caps the amount of non-economic damages in some personal injury cases like medical malpractice.
Knowing your claim’s worth helps ensure that insurance companies do not cheat you and you receive enough compensation to cover all your damages.
Factors affecting the worth of your claim
The following are some of the factors that impact the worth of your case:
- Type and severity of injury
- Medical expenses and need for future medical treatment
- Lost wages
- Pain and suffering
- Duration of recovery
- Permanent disability or impairment
- Impact on the quality of life
- Available insurance coverage
- Expert testimony.
Should you trust insurance adjusters?
As a rule, insurance companies will try to pay the lowest possible settlement to accident victims. For example, they may want to use a lower number, like 2 or 3, to compute your non-economic damages. They also may try to dispute your claim entirely, saying that your injuries did not result from the accident or that your injuries are not as bad as you say they are.
Instead of paying what you are owed, insurance adjusters may offer a much lower amount. That is why you should be wary of insurance adjusters’ offers and why it is essential to have experienced legal representation. Our knowledgeable attorneys can help maximize the amount of settlement you are entitled to and can negotiate with insurance adjusters on your behalf.
Get the help you need from Goodman Acker, P.C.
Goodman Acker P.C. provides trustworthy legal services to clients in Detroit and other parts of Michigan. If you or a loved one has suffered an injury because of someone else’s negligence or carelessness, we can help you pursue compensation. Our Detroit personal injury lawyers can investigate the incident, gather evidence, and represent you to insurance companies as you pursue financial settlement. Contact us at 248-286-8100 to schedule a free, no-obligation consultation.