How Much is My Personal Injury Case Worth?

/18,125 Comments/in Blog, Personal Injury /By Eric WoodsMay 22, 2015

If you’ve been injured in a car accident, you and your loved ones may be facing serious financial setbacks. Medical bills, rehabilitation expenses, and missed time at work, can all create financial difficulties for victims and their loved ones. Fortunately, victims have the right to seek compensation for their injuries from negligent parties.

Victims of personal injury accidents often wonder how much their claim may be worth. While there are certain aspects of a personal injury claim that can be readily estimated, some aspects of your claim may require the use of specific formulas and the gathering of additional information before your personal injury lawyer in Las Vegas, Nevada can make an informed estimate of the value of your claim.

Most personal injury damages are “compensatory damages” meaning that these damages are designed to reimburse you and your loved ones for any losses you may have sustained as a result of another person’s negligence. Some compensatory damages can be easily estimated. For instance, the cost of your medical care will be included in this amount, as well as the costs of your rehabilitation. Property damage is also considered in this amount. Many victims of personal injury can supply receipts from these losses and can even calculate these amounts easily at home.

Yet, when it comes to lost income, anticipated future medical treatment or rehabilitation expenses, pain and suffering, emotional distress, loss of enjoyment, and loss of consortium amounts, these values require a skilled personal injury lawyer’s careful review and calculation. Loss of earning capacity will be based on how much you have earned in the past and how much you could have expected to earn in the future, given your skill set, education, and experience. Your lawyer may require medical opinions in order to determine the value of anticipated medical treatment, rehab, and any additional nursing care you may require as a result of your injury.

Pain and suffering, loss of enjoyment, and emotional distress are more abstract components of a personal injury claim—but they are just as important. You deserve to receive compensation for any life changes you have had to undergo as a result of your injuries. Pain and suffering is calculated based on your medical expenses multiplied by a number. This number typically ranges from 1.5 to 5. The value of your multiplier will be determined based on the severity and permanence of your injuries.

According to an article forthcoming in the Oxford Handbook of Law and Economics, the authors argue that pain and suffering should receive the same respect that more tangible expenses receive. Fortunately, with the help of a skilled personal injury lawyer, pain and suffering damages can receive consideration along with medical expenses, in the award given for a claim.

Punitive damages, which are damages meant to punish negligent parties, can also sometimes be sought in specific circumstances.

If you’ve been injured in Las Vegas, Nevada, contact the Law Office of Eric H. Woods today. The firm will take the time to review your case and determine what course of action needs to be taken to ensure that your personal injury claim is accurate and just.