How to Calculate the Value of an Injury Claim
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If you or a loved one was recently injured, you may be wondering what your options are for recovering financially. If you have been working with the other party’s insurance company, they may have given you a quote as to what they think your injury claim is worth.
This quote, however, is likely not what your claim is really worth. Courts and juries calculate claims much differently than do insurance companies, and knowing the process by which those entities calculate claims may help you have a stronger negotiating position going forward.
If you or a loved one has recently been involved in an accident, call Zinda Law Group at (800) 863-5312 for a 100% free case evaluation with our injury attorneys.
What are economic damages?
Courts and juries evaluate injury claims by separating the damages into two categories. The first is economic damages. Economic damages are all of the financial injuries you have sustained as a result of your accident.
For example, any medical bills you have sustained and any lost wages that were caused by the accident. Economic damages also take into account future expenses, like future medical bills and loss of earning potential. These damages are usually based on actual paperwork, like the medical bills, and on expert testimony. When insurance companies value claims, they may only be considering economic damages. However, courts and juries consider more than just these injuries when calculating the value of a claim.
What is pain and suffering?
The second category by which juries and courts classify damages is referred to as non-economic damages. Non-economic damages, commonly known as pain and suffering, are harder to quantify than economic damages. A claimant may be able to recover for the pain and suffering they have endured as a result of their injury. There are no set guidelines in Texas by which courts measure pain and suffering, and as a result, there is broad discretion over how much to award for these damages.
However, juries cannot just pick a number out of thin air. Often, attorneys will use a multiplier method to calculate pain and suffering going into a lawsuit. The multiplier method simply multiplies the economic damages you have suffered by a number that depends on the severity of your pain and suffering. The worse your pain and suffering, the larger the number.
Texas courts also allow you to recover for punitive damages. These damages typically require the other party to have been grossly negligent. A finding of punitive damages is essentially a punishment of the other party, which courts are hesitant to do, so the actions of the other party must have been extreme.
How Can I Learn More?
At Zinda Law Group, our El Paso injury attorneys have helped thousands of victims get their lives back on track after suffering an injury. We have the knowledge and resources necessary to help you seek maximum compensation for medical bills, lost income, property damage, pain and suffering, and all the other ways your injury has cost you.
Our firm also believes that a personal injury victim should never have to worry about their ability to afford excellent legal representation. That is why we offer 100% free consultations, and why you will pay nothing unless we win your case. That’s our No Fee Guarantee.
If you or a loved one has been injured, call Zinda Law Group at (800) 863-5312 to receive your free consultation.
Meetings with attorneys are available by appointment only.