Before filing a personal injury claim, many naturally wonder “how much is my case worth?” and the honest answer to this question is that it depends. The possible payout for your claim is contingent on the severity of your injuries and your total damages, which requires a thorough investigation. However, it could help you to understand how personal injury claims are calculated in Atlanta, Georgia.
Types of Damages Available in a Personal Injury Lawsuit
Before we get started on the process of calculating injury claims, it’s essential that you understand the types of losses that could be included in a possible payout. Financial compensation for your case will depend on the economic and non-economic damages available for your injuries.
The economic portion of your damages could reimburse you for any out-of-pocket expenses stemming from your injury. This compensation would include money for your past and present medical bills, the cost of ongoing medical treatment, repair/replacement of lost property, lost income, and loss of future earning capacity.
Meanwhile, intangible losses would make up for the patient’s psychological injury stemming from the accident. This part of compensatory damages is often referred to as the pain and suffering portion of an injury lawsuit. These damages could include pay for the injury itself, disability, loss of consortium/companionship, anxiety, harm to one’s reputation, and loss of society.
How Much is My Case Worth?
The total compensation for your injury claim should include all economic and non-economic damages stemming from your accident.
Calculating the value of economic damages in an injury claim is pretty straightforward since it consists of adding the total cost of your out-of-pocket expenses stemming from your injury. This calculation will include the dollar value of your entire medical bills, the estimated cost of future medical treatment, and lost income.
However, calculating the value of your non-economic losses is not as simple. Since the psychological harm stemming from a personal injury is unique to each person, the worth of these damages depends mostly on the severity of your injury.
The Multiplier Method
The simplest way to calculate the pain and suffering portion of your claim is through the multiplier method. This approach multiplies your total economic damages by a factor typically ranging from 1.5 to 5. However, this factor can be significantly higher/ lower depending on the circumstances of your claim.
For many, the multiplier method is a fair way to calculate non-economic damages, but it’s not a one-size-fits-all solution. In other circumstances, the daily rate method may provide a better approach.
The Daily Rate Method
This procedure determines a fair daily rate for living with your specific injuries and later multiplies this rate by the number of days it took you to recover from your accident. Establishing a daily rate can be difficult, but it common to use the patient’s actual regular wages. The rationale for using this number is that a day of healing after an accident is at least as emotionally demanding as attending work.
Every personal injury case is unique and how your claim gets calculated depends on the circumstances of your accident. However, speaking with a knowledgeable attorney today could give you more insight on how to recover the maximum compensation for your injuries.