How Are Damages Assessed in Your Personal Injury Case?
When you have suffered injuries and losses in an accident with another party at fault, you may wonder how much you’re entitled to in monetary compensation. At The Goss Law Firm, we offer free case evaluations to understand what, how and why your injury happened. However, determining your compensation is a longer process that requires more investigation than your initial consultation. While every case is different, here’s what you should know about the process of assessing damages.
What Are Economic Damages?
Economic damages are quantifiable damages and losses from an injury that could easily be calculated by adding up dollar amounts. This includes hospital bills, medical co-pay receipts, missed days at work, and consequential lost wages. The point of compensation for these damages is to make the victim financially whole again after their accident.
What Are Non-Economic Damages?
Unlike economic damages, non-economic damages are more complex and difficult to value. Non-economic damages and losses tend to be intangible and can include:
- Past, current, and future anticipated medical costs
- Past wage losses and future anticipated losses of income
- Property losses
- Pain and suffering
- Mental anguish/emotional trauma
- Disfigurement and scarring
- Loss of enjoyment of life
Insurance companies tend to use a damages “formula” to calculate a settlement, and adjusters are trained to use such formulas at the beginning of the negotiations process. An example of this formula is to assign pain and suffering a “per diem” amount. This way, you are paid a daily rate for as many days you experience pain and suffering. Another formula to estimate pain and suffering expenses is to take the total medical costs and multiply them by 1.5 to 5, depending on severity.
Jury Determined Compensation
If you have a case significant enough to bring to court, your monetary compensation will be decided by a jury with many factors for them to consider. The jury will have a more lenient approach to your case and take many things into account, such as your credibility, medical evidence, and even your likeability.
To learn more about how damages are calculated, speak with the reputable attorneys at The Goss Law Firm today at no upfront cost to you.
Experienced Attorneys Serving Kansas City. Call The Goss Law Firm Today.
When injured in an accident through no fault of your own, you are confronted with many unknowns. Many questions will arise, many of which you are not knowledgeable enough to answer. Insurance companies know this and capitalize on it, offering you an insufficient settlement that does not cover the full scope of your injuries and damages.
At The Goss Law Firm, we will ensure that your rights are protected, and you receive the best possible compensation to cover your economic and non-economic losses after an accident, now and moving forward. Contact The Goss Law Firm today by filling out and submitting a contact form on our website or calling our office toll-free at 816-888-5000.