February 23, 2025
Calculating the true value of your injury claim is essential for avoiding low settlement offers from insurance companies. Understanding the various factors that contribute to your claim's worth can empower you during negotiations and help ensure you receive fair compensation. Here’s a comprehensive guide on how to accurately assess the value of your personal injury claim.
Your medical bills are a primary component of your injury claim. This includes:
Emergency room visits
Surgical procedures
Rehabilitation costs
Ongoing medical treatment
Gather all receipts and documentation related to your medical care, as these will form the basis for your economic damages.
If your injuries have caused you to miss work, you can claim compensation for lost wages. Calculate the total income lost due to your inability to work, including:
Sick days used
Future lost earnings: if your injuries affect your ability to earn income long-term
In addition to economic damages, you may also be entitled to compensation for non-economic damages, such as pain and suffering. This is often calculated using methods like:
Multiplier Method: Add up your economic damages (medical expenses, lost wages) and multiply by a factor (usually between 1 and 5) depending on the severity of your injuries. For example, a serious injury might use a multiplier of 3 or 4, while a minor injury might use a 1 or 2.
Per Diem Method: Assign a daily monetary value to your pain and suffering (e.g., $100 per day) from the date of the accident until you reach maximum recovery.
Consider how your injuries have affected your daily life and activities. This can include:
Loss of enjoyment in hobbies
Changes in relationships
Emotional distress or mental health issues
Documenting these impacts can help substantiate your claim for non-economic damages.
If your injuries require ongoing treatment or rehabilitation, estimate the costs associated with future medical care. This can include:
Long-term therapy
Potential surgeries
Having expert opinions, such as from medical professionals, can strengthen this aspect of your claim.
Read: The Role of Expert Witnesses in Challenging Denied Personal Injury Claims
Several online tools and calculators can help estimate the value of your personal injury claim based on the factors mentioned above. These calculators often use established formulas that consider both economic and non-economic damages. Additionally, judicial guidelines exist that provide ranges for compensation based on specific injuries, which can serve as a valuable reference point.
Once you have calculated the true value of your claim, be prepared to counter any low settlement offers from insurance companies:
Calculating the true value of your injury claim is critical for avoiding low settlement offers from insurance companies. By thoroughly assessing medical expenses, lost wages, pain and suffering, quality of life impacts, and future medical needs, you can establish a solid foundation for negotiations.
If you need assistance calculating your injury claim's value or have received a low settlement offer that does not reflect the true extent of your damages, Hall & Dixon is here to help. Their experienced legal team specializes in personal injury cases and can provide tailored guidance to ensure you receive the compensation you deserve. Contact Hall & Dixon today for expert support in handling your personal injury claims in North Carolina.
Read: Dealing with Bad Faith Insurance Practices in Low Settlement Offers
