How to Calculate the Value of a Personal Injury Claim
Call Zinda Law Group at (800) 863-5312 for a 100% Free Consultation with an El Paso Personal Injury Lawyer
If you’ve been involved in an accident in El Paso, your insurance company or the opposing party’s insurance company may have given you a quote of what they think your claim is worth. This figure will likely be less than what your claim is actually worth, as the goal of insurance companies is to get you to take less than what they would have to pay you in court.
Our El Paso injury attorneys can help you understand the value of your claim. Call Zinda Law Group at (800) 863-5312 for a free consultation with an El Paso personal injury lawyer. You pay nothing unless we win your case.
How Do Insurance Companies Calculate the Value of Injury Claims?
The way insurance companies calculate your claim and the way courts calculate the value of your claim can be dramatically different. El Paso judges and juries calculate the value of your claim by calculating economic damages, and then multiplying that number by your pain and suffering.
Economic damages are straightforward, but can often be difficult to calculate. Economic damages include any money that you have had to spend because of your accident and any future money you will have to spend because of it.
For example, your economic damages will include your past medical expenses, lost wages due to missing work, and damage to any property you own.
Economic damages may also include future medical expenses and lost wages. However, these items can be more difficult to calculate.
- How can you determine what your future income would have been had you not gotten into that accident?
- How can you determine what your medical care will cost in 20 years?
- What if you recover more quickly than expected?
Expert testimony may resolve these questions. Doctors can testify about whether your injuries will require extensive care in the future, and economists can testify about what you might have earned in the future, had you not gotten into this accident.
Non-economic damages, commonly referred to as pain and suffering, is the term for any other damages you suffer. Loss of enjoyment of life, the severity of your injuries, whether your injuries have affected your relationships; these are all factors to be considered when determining what your pain and suffering is worth.
In order to determine the value of your claim, a court will multiply the value of your economic damages by a factor that represents your pain and suffering, usually between 1.5 and 5. The more pain and suffering a court thinks you have experienced, the higher that factor will be.
A judge will award punitive damages when the defendant’s actions amount to gross negligence. Courts use punitive damages to show, both to the defendant and to the public, that the actions of the defendant were unacceptable and will not be tolerated in the future.
Insurance companies will likely try to convince you that your pain and suffering is not worth very much. They will also likely try to downplay the possibility of punitive damages.
An experienced personal injury attorney will be able to help you figure out what your claim is worth if you decide not to accept the insurance company’s low offer. An experienced personal injury attorney may also help you show that the pain and suffering is severe, and that the actions of the other party were grossly negligent.
Get Help from El Paso Injury Lawyers Today
Insurance companies are not acting in your interest; they are acting in the interest of their bottom line. If you think your personal injury claim is worth more than what an insurance company is offering, you should contact an experienced personal injury attorney to figure out what your claim is actually worth.
Call Zinda Law Group at (800) 863-5312 for a 100% free consultation with an El Paso personal injury attorney. You will pay nothing unless we win your case.
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