The million-dollar question for everyone intending to file a personal injury claim is how much their claim is worth. Sadly, there may not be one answer that fits all cases, and that is probably not what you are looking for.
This guide explores those factors that you can use to get a rough estimate based on the circumstances of your case.
You may not grasp everything by reading an article. So you will still need to work with a lawyer when navigating your claim to get a proper valuation of your case. For that, you should consult attorney Omeed Berenjian of BK Law Group.
The good thing is most lawyers can give you a rough estimate of the value of your claim in your first consultation, which is usually free, so you have no reason not to get help.
Damage Valuation
There are two main revocable damages in a personal injury case; economic and non-economic. Economic damages are a sum of the expenses tracing back to the injury, such as medical bills, the cost of prescription medication, and lost wages. Non-economic damages include emotional distress, stress, PTSD, disability, disfigurement, etc. The problem with valuing non-economic damages is that you cannot quantify them in monetary terms. Instead, you will need to apply formulas.
The first option is applying the per diem formula. Under this option, a monetary figure (diem) is assigned each day of suffering. Typically, the diem is a reasonable figure, say $200 per day or a day’s wages. But it also depends on the level of suffering: the more severe the injuries, the more suffering there is and, consequently, the higher the diem.
The second option is the multiplier option. A multiplier is a figure used against economic damages to determine non-economic damages, ranging between 1.5 and 5, but it could go higher for the more severe cases. For example, if a 1.5 multiplier is applied where economic damages are $100,000, recoverable damages would be $250,000.
Punitive Damages May Apply
You could consider seeking punitive damages if gross negligence was a factor in an accident. Punitive damages are applied to punish the defendant for their misconduct and are usually accompanied by criminal charges or violations.
For example, if you are in an accident where the driver had a high level of alcohol intoxication, the court can award punitive damages as punishment to the offender. However, applying punitive damages does not prevent them from facing criminal penalties for their actions.
There is no formula for awarding punitive damages. But it can be several times the value of compensable damages.
Factors Affecting the Value of Your Claim
The most significant factor in a claim’s value is the injuries’ severity. Severe injuries require specialized treatment and lengthy hospital stays, significantly increasing economic and non-economic damages.
Minnesota is a comparative negligence state, which means that an injured person can still collect compensation if they are partially at fault for an accident. Most states have a comparative approach to negligence, allowing victims to recover compensation relative to their level of fault.
The strength of your case is also a critical factor. Over 95 percent of personal injury claims settle out of court. In most cases, a defendant will accept a higher settlement if the odds are stacked against them. And the only way the odds will be against them is if you have a strong case. Quality legal counsel is among the most effective ways to ensure a solid case, so be careful of the lawyer you pick to represent you.
Conclusion
While determining the exact value of your personal injury case can be complex, understanding the key factors involved, such as the severity of your injuries and the potential for punitive damages, can provide some clarity. Working with an experienced lawyer is essential to getting a more accurate estimate and maximizing your compensation.
