After suffering an injury caused by another party, you will likely be eligible to recover a wide range of damages. Identifying all the damages that apply to your case is critical for recovering the full amount to which you are entitled. An experienced personal injury attorney can help you identify how much your claim is worth.
At Vaughan & Vaughan, we have been helping injury victims collect compensation for more than 100 years. Our experienced team of Indiana personal injury lawyers will work tirelessly to ensure you recover the compensation you need and deserve. Reach out to us today by phone or through our website to schedule a free consultation with a member of our legal team.
Many Factors Are Taken Into Consideration When Determining the Value of a Personal Injury Claim
There is no “one size fits all” answer to how much a personal injury claim is worth. All injury claims are unique, and the specific factors of a case will determine the amount of money you are eligible to recover.
A variety of factors must be taken into consideration when determining how much your personal injury case is worth. Some of the things that must be factored into the equation include:
- The extent of your damages
- Whether the primarily liable party was criminally negligent or intentionally caused harm
- Whether you were partially at fault for the accident
The first thing your attorney will review to establish how much compensation to pursue after an accident is the damages you sustained. Economic damages are typically straightforward and easy to calculate. Common economic damages include:
- Medical bills
- Future medical costs
- Property damage
- Lost wages
- Decreased earning ability
For medical bills and property damage, adding up the bills you have accrued will determine how much these losses are worth. For lost wages, you can recover compensation for the income you were prevented from earning while your injury kept you from working.
Future medical costs are a bit more complex, but your attorney can consult with an experienced medical expert to predict your future costs based on your injuries. For decreased earning ability, there is a formula that is used to project a person’s future lost earnings.
Non-economic damages are far more complex. These damages are not monetary in nature and tend to be incredibly personal. Because of this, determining the value of these losses is quite complex. Common non-economic damages include:
- Pain and suffering
- Mental anguish
- Emotional distress
- Loss of consortium
- Permanent disability
- Diminished quality of life
Criminal Negligence and Intentional Harm
If the at-fault party was criminally negligent or intentionally caused you harm, your case may also qualify for punitive damages.
Punitive damages are not awarded to replace losses incurred by an accident victim as with the compensatory damages mentioned in the previous section. Instead, these damages are used as a means of punishing the liable party for the role they played in causing the accident. Punitive damages are reserved for extreme cases.
Your Level of Fault
If you shared in the fault for your accident, the amount of compensation you will be eligible to recover will be reduced according to your level of liability. Indiana employs a modified comparative negligence rule when determining fault after an accident. You are eligible to pursue compensation as long as your level of fault does not exceed 50%.
For example, if you were 20% to blame, you would only be eligible to recover 80% of the full value of your claim. With this example, if your case is worth $100,000, the maximum compensation you would be eligible to recover would be $80,000.
An Experienced Personal Injury Lawyer Can Help You Figure Out the Full Value of Your Claim
While you can find personal injury claim calculators online, these tools are notoriously inaccurate. The best way to get an accurate estimate of how much your claim is worth is by consulting an experienced personal injury attorney. Your attorney can evaluate all your damages and calculate how much you can reasonably expect to recover from the liable party.
Reach Out to an Experienced Personal Injury Attorney Today
Securing the services of an experienced personal injury lawyer is essential for recovering the full value of your claim. At Vaughan & Vaughan, we have a long history of helping accident victims recover the compensation they need and deserve. Our experienced team has recovered millions of dollars in damages for our clients.
Contact us by giving us a call or completing our online contact form to schedule a free consultation with a member of our legal team. There is no obligation to retain our services, so don’t hesitate to reach out to us today.