How To Evaluate The Worth Of Your Personal Injury Claim Case?

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You may have involved in a car accident or have suffered from a fall injury. While there are various other things that are needed to be taken care of, filing a personal injury claim case is most important.

The worth of your personal injury claim case depends on three main factors:
  • Considering Liabilities.
  • Calculating damages.
  •  Coverage by Insurance Companies.
1.    Considering Liabilities: 

The first factor is the demonstration of whose liability is the accident? In other words, who was the one at fault?

Generally the percentage of fault is inversely proportional to the percentage of the recovery claim.
Your case might fall under one of the three categories:

·        When you are at 100% fault = No compensation
·        When the other person is at 100% fault = 100% compensation.
·        When you are partially at fault = partial compensation. 

2.    Calculating Damages: 

When involved in a personal injury, the damages suffered are of two types:

·        Economic Damages: The damages that have a “monetary value” are called Economic Damages. These include property damages, medical bills, and lost wages.
·        Non-Economic Damages: Non-economic is not easily quantifiable. They are also known as “pain and sufferings”. Lawyers and insurance companies use different methods to measure non-economic damages. 

   The Multiplier Method for Calculating Non-Economic Damages:

The multiplier method is the most common calculator for evaluating chronic pain. This includes multiplying medical bills by the multiplier and adding total economic damages to it. The multiplier value can range from 1 to 5 depending upon the severity of the injuries.
The formula looks like:

[Medical Bills × Multiplier] + Total Economic Losses (Lost wages + Medical Bills + Damage to the property). 

The Pier Dam Method:

The Pier Dam is another method to calculate the non-economic damages which involve setting a day compensation value. The lawyers and insurance companies decide the daily compensation for pain and sufferings by considering:

o   How severe the injuries are?
o   How significant is the impact of the accident on your mental health?

3.    Coverage By Insurance Companies:

The third and final factor is the insurance coverage of the party who was at fault. If the offender has huge insurance coverage for personal injury, there is a chance that you might get a larger claim value. But in a case where there the other party is not insured completely, then you might not be able to recover a sufficient amount.

“Who Will Evaluate My Claimable Value For My Personal Injury?”

It is better to consult your insurance company or a professional lawyer as soon as you suffer from a personal injury. They make sure that you are not tricked by the legal advisors of the other party.
Moreover, they also make sure that you get the deserved amount of compensation.

Though a good legal advisor will always guide you better, you should have this basic knowledge of personal injury laws and claims so that you are never tricked by anyone.