Now that you’ve gotten a settlement offer on your personal injury claim, it’s time to calculate and negotiate the dollar amount. But there are certain factors that will play a significant role in this calculation and how much leverage you have to work with in demanding increased compensation. It’s never easy to assign a monetary value to things that can’t be bought, but factors like distress will come into play along with more economically tangible items like property damage.
1. Medical Costs
Experienced personal injury attorneys understand that the central figure of your personal injury claim is the medical costs. These expenses include follow-up appointments, medical transport, physical therapy, medication, surgery, and more. It’s important to keep a record of all of your medical treatments and expenses.
2. Loss of Earning Potential
When personal injury keeps you from working your usual hours, or you simply lose income due to the injury, you are eligible to recoup that in your personal injury settlement. Perhaps you missed a bonus or a raise due to your unforeseen absence. Or maybe you had to take an unpaid sabbatical to tend to your medical situation. Assigning a value here will help you to be made whole.
3. Loss of Future Earning Potential
If the injury you suffered will affect your ability to earn wages in the future, you are also entitled to compensation. Sometimes injuries are so extensive, continuing to work is impossible. If you’re not going to be able to be self-sufficient because of your injuries, you are entitled to a fairly steep settlement. The amount due for earning potential usually commiserates with your wages at the time of the injury.
4. Pain and Suffering
Pain and suffering isn’t easily calculated. It’s not economically tangible and quantifying it is subjective. For this reason, the more extensive and traumatic the injury, the higher the value for pain and suffering. Even if your injuries are fairly mild, pain and suffering can still be calculated in the settlement.
5. Distress
Mental and emotional distress is another factor that is not financially tangible, but it too can be calculated into a personal injury settlement. In order to receive compensation for distress, you’ll need to have documented evidence of ongoing mental or emotional distress due to the trauma of the accident. If you do not have evidence from a mental health professional, it is not likely that you’ll be able to claim this.
6. Lost Opportunities
When your injuries have kept you from taking advantage of opportunities or life experiences, like playing with your children, walking your dog, hiking, or your favorite hobby, you can recover lost opportunities damages. If you can no longer do the things that you once did, you can put a value to that.
7. Property Damage
If both you and your property are damaged simultaneously, then you can be compensated for that damaged property. For instance, your mobile device is damaged along with your vehicle in a car accident. You are well within your rights to receive the value of both pieces of property so that they can be replaced or repaired.
With so many factors contributing to your personal injury claim settlement, it helps to have a plan of action and someone to help you navigate the negotiations and calculations. You deserve what your case is worth so that you can have a better future.
