How to Calculate My Settlement Amount After an Injury
After an injury case, settlements are usually calculated by tallying up the various economic damages, such as medical bills and property damage, and combining those costs with other non-economic damages, such as pain and suffering or emotional damages. To receive the best settlement offer, it’s critical to hire an experienced personal injury attorney who will ensure your claim is thorough and complete.
A personal attorney will help you through the legal process, guaranteeing that things such as estimating lost wages, calculating out-of-pocket costs, and adding up all medical bills are conducted for you. With an attorney by your side, you are more likely to receive the best settlement offer the insurance adjuster can afford to provide you.
Below, we’ve highlighted some basic facts about calculating your settlement after an injury.
Types of Damages Eligible for Financial Compensation in Personal Injury Suits
Adding up the sum of your costs caused by your accident is key to understanding the amount of financial compensation you are entitled to. In South Carolina, you may receive rewards from economic, non-economic, and punitive damages. Let’s go over what each kind means.
Economic Damages
Economic damages are any physical damages that cost you money. This can include medical expenses, property damage, vehicle damage and repairs, income loss, and any other financial expenses caused by your injury or accident. By saving all bills and damage cost estimates, you can easily calculate the costs of your economic damages.
Non-Economic Damages
Non-economic damages involve the emotional or mental toll placed upon the victim of an accident. Unlike economic damages, non-economic damages do not contain an inherent cost. They typically involve mental pain and suffering or the loss of quality of life that resulted from the accident. This means that these types of damages are more difficult to calculate and are best calculated by a legal professional.
Punitive Damages
Punitive damages include monetary compensation awarded to the victim as a means of punishing the at-fault party for performing an act with evil or malicious intent. Punitive damages serve as a warning against others who may wish to perform similar actions in the future. However, in order to receive punitive damages, the victim must prove that the defendant showed gross negligence, malicious or willful intent, and reckless conduct, so it is often difficult to be granted this award.
How to Determine Your Settlement Amount
Most insurance adjusters and attorneys use a formula to determine the amount of compensation you’re entitled to after an accident. Typically, the amount of damages you are owed equals the economic damages multiplied by 1.5 plus the amount of income you have lost.
So that’s:
Economic Damages x 1.5 + Lost Wages = Damages Owed
While this equation is a great starting point for determining the amount of money you may be entitled to, keep in mind that it still may increase or decrease depending on various aspects of your case, so it is always best to speak with an attorney before making any decisions. A personal injury attorney can evaluate your case, collect quality evidence, and argue in your favor to ensure you receive the maximum settlement offer from the insurance company.
Conclusion
In order to calculate your settlement after an injury, it’s vital to understand the amount of economic damages you are owed. By totaling up the costs of all treatments, bills, and repairs that occurred as a direct result of the injury, you can create a generalized picture of the minimum amount of compensation you are entitled to. With the help of an experienced personal injury attorney, you can also understand the amount of non-economic or punitive damages you may be owed as well, giving you a comprehensive picture of your full settlement offer.
