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What Goes into the Calculation of Your Personal Injury Claim Value

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Each personal injury case is different, involving various circumstances and facts. The settlement amount you might be able to secure depends on the circumstances that lead to your injuries. But figuring out an amount that represents your expenses is often challenging. So, you should seek legal consultation and gain knowledge about how to put value to your recover costs which include medical bills, property damage, lost earnings, and pain and suffering. Rather than depending on the personal injury calculator of the insurance adjuster, keep reading to know how to determine the true value of your personal injury claim.

Determining the Worth of Your Personal Injury Claim

Insurance providers categorize losses and expenses into the following categories:

  • Economic damages. These damages refer to the total amount of money you spent or will spend because of your injuries. They also include the damages that resulted from the accident due to the negligence of another party. Economic damages include medical expenses, lost wages, out-of-pocket expenses, property damage, and other costs. 

Economic damages can be calculated by adding your actual expenses that result from your injuries.

  • Non-economic damages. These intangible damages include pain and suffering, persistent sleep loss, anxiety, emotional distress, loss of companionship, and loss of life enjoyment. Calculating these damages can be difficult. Your recovery path is different from other people’s path. Your injury can leave you suffering from depression. to calculate these damages, multiply your economic damages by 1-5 to come up with an estimated pain and suffering value. But a skilled attorney knows how much you deserve to get based on the seriousness of your injuries and damages. 

Main Factors that Impact Claim Calculations

The following factors will impact your injury settlement:

  • Insurance policy limits. If your claim’s value is higher than the insurance coverage limit of the at-fault party, you may have to file a lawsuit to recover the difference from this party. 
  • Shared responsibility. In Virginia, you won’t be able to recover damages if you share any degree of fault for the accident you were involved in. But an exception to his rule exists. If you sustained injuries while on an airplane or bus, state law will not prevent you from seeking compensation if the carrier violated a safety code. 
  • Excessive medical bills. Insurance adjusters will permit just proportionate medical expenses. If your include includes excessive medical bills, they can strike down these when calculating the value of your claim.   
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