6 Factors That Should Be Considered in Calculating an Injury Settlement
When you find yourself injured due to the actions or negligence of another person—perhaps in a car accident or some other incident—you are likely entitled to compensation for numerous forms of damage that resulted from the accident.
Some of these damages are straightforward and relatively simple to calculate, while others are not as tangible—but neither are they any less important than the more obvious costs.
In all cases, an insurance company or perhaps even a judge or jury will be considering numerous factors in deciding how much you should be entitled to in your injury settlement. In this blog we have detailed several of the most common factors that will be considered:
1) Medical expenses
The costs of medical expenses that resulted from the accident will be one of the most important factors that will be considered. How much was your treatment? Did you have surgeries? Follow-up doctor visits? Was there an ambulance ride following the accident? Any number of medical expenses should factor into your settlement, as long as you keep detailed records of all your medically-related costs.
2) Lost wages
The money you lose as a result of being unable to work is also heavily factored into the calculation. If your accident resulted in you taking unpaid leave from work that you otherwise would not have taken, or if your injury even caused you to miss wages in the form of a bonus you otherwise would have obtained, these costs will be considered in your settlement.
3) Pain and suffering
Pain and suffering is the physical distress you are forced to deal with as a result of your injury. These damages go above and beyond the direct medical expenses to compensate you for the physical trauma you’ve been forced to endure and suffer through. This is one of the more difficult types of damage to calculate, but in general the more painful, long-lasting, and traumatizing an injury is, the higher the resulting injury settlement. Additionally, a judge or insurance company will consider whether or not the physical suffering you’ve sustained will be permanent. If there are permanent effects, this will significantly impact the injury settlement.
4) Emotional distress
Not only can an injury from an accident result in physical injuries, but also severe emotional and mental trauma. As with pain and suffering, emotional damages are not easy to prove, but if there is clear evidence you have significant and persisting emotional distress as a result of your accident, you could receive damages for emotional distress in your settlement. In order to prove emotional damages, victims should seek treatment from licensed mental health professionals and comprehensively document how the emotional trauma is impacting their lives.
5) Property damage
More simple to calculate than the pain and suffering or emotional distress caused by your accident, property damage is relatively cut and dry. If you were in an auto accident caused by another person and your car was totaled, the fair market value of your car will be calculated based on things like age and mileage of the car, and you should be entitled to that value in the settlement.
6) Lost opportunities/experiences
Many people fail to think about receiving compensation for things they were forced to miss out on because of an injury. Perhaps you were forced to miss a keystone business meeting that would have resulted in a lucrative deal had you attended, or maybe you missed a family reunion or the funeral of a loved one. All of these things could be factored in to calculating your injury settlement.
If you have been injured, then it is essential that you discuss the circumstances of your case with an experienced personal injury attorney before you speak with any other parties about compensation. Contact Inkelaar Law today to learn how we can help you get the justice you deserve.