After you are injured and need to file a claim with an insurance company, the main question to be answered during the investigation of your claim is the amount of money you deserve for your accident. While the insurance company certainly attempts to make this process as simple for you as possible, it is not with the intention of reducing your stress and getting you the money you deserve. Instead, the insurance company will try to make getting a settlement seem effortless in order to keep you from hiring an attorney. Without a history of experience and knowledge about personal injury claims, it is very difficult to determine what you truly deserve for your accident, and the insurance company will take advantage of this to pay you as little as possible.
The following is an overview of how damages are calculated in a personal injury case but are not intended to provide you with any concrete answers about your own case. The sooner you partner with a personal injury attorney in Tampa, the more time they will have to investigate your situation and reach a concrete determination about the amount that you deserve.
Calculating Economic Damages
Economic damages are the basis of a personal injury claim and are the simplest to calculate for a variety of reasons. Primarily, these damages are the easiest and most prevalent in a claim because they come with measurable, calculable values. They include any impact on your life that has a dollar value, including any bills, expenses, or impacts on your income.
All treatment-related costs, such as ambulance bills, hospital bills, surgery costs, and any medications, copayments, physical therapy, or other medical losses, are included in economic damages. In addition, any changes to your earning capacity or income, such as missed days of work or decreased earning capacity, are also included in these calculations. If you used any vacation days or paid time off in order to cover missed work, then these will be treated the same as cash and should also be included in your compensation.
Calculating Non-Economic Damages
Non-economic damages are much harder to calculate, and much more likely to be contested by the insurance company because of this fact. These types of damages seek compensation for things like the actual pain and suffering that comes with an injury. In order to determine a dollar amount that a victim deserves for these abstract effects of an accident, there are a variety of methods that your attorney will utilize, each of which is intended to get you the most amount of money that is fair and possible.
One method for determining non-economic damages is by using a multiplier. This multiplier is a number chosen on a predetermined scale that indicates the severity of these damages and is then applied to your total economic damages in order to convert these issues into monetary terms. For example, a multiplier of 1.5x and economic damages of $100,000 will result in you seeking non-economic damages of $150,000