Monday, October 12, 2015
Personal Injury Settlement Calculations
How much is a personal injury is worth?
Being injured in an accident can be a nightmare. Most people want an easy and quick resolution in a personal injury case. In the interest of time and ease, many can be tempted to agree to a settlement that is less than fair. Therefore, it is important to understand the circumstances surrounding your case so that you can determine what a fair amount of compensation might be.
Most of us cannot do this calculation alone. We depend on an experienced personal injury attorney to make these determinations, but even attorneys may need assistance in calculating damages from time to time. When they do, they typically rely on a settlement calculator.
A settlement calculator is often used to determine non-economic damages. Non-economic damages are those that are hard to quantify, such as pain and suffering and emotional distress. In order to use a settlement calculator, an attorney must know the amount of the economic damages you suffered. Economic damages are those with a specific dollar amount attached to them, such as medical costs and lost earnings. Once these amounts are determined, they are plugged into the calculator to be multiplied by a certain number. This number is referred to as a multiplier and will change depending upon the specific facts of the case. The worse your injuries, and the longer their effects will last, the higher the multiplier. Therefore, the multiplier will be higher in a case where a person has been paralyzed than in one in which a person has broken a bone and is anticipated to heal completely.
A settlement calculator is a tool to assist in determining what a fair settlement might be, not to identify a number that we should rigidly depend on. Different parties use different tools to evaluate how an injury should be evaluated, so our number can vary greatly from that of the opposing party.
Flora Templeton Stuart represents clients that have suffered personal injuries in Warren and Barren Counties, and throughout the State of Kentucky. Call her office at (888) 782-9090 to schedule a free consultation. Someone is available to assist you 24/7.