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.