When faced with a personal injury, the road to recovery can seem daunting and overwhelming. With the added stress of navigating the legal system and the financial impact of medical expenses and lost wages, it’s natural to wonder what your injury claim is worth.
The internet is full of resources and tools, including injury claim calculators, that claim to give you an estimate of your compensation. However, it’s important to understand that these calculators can only provide a general estimate and may not accurately reflect the unique circumstances of your case. Before negotiating with insurance companies, it’s crucial to have a thorough understanding of how the value of a personal injury claim is calculated.
The Science Behind Personal Injury Claim Calculations
Personal injury cases can be complicated and often require a deep understanding of the claimant’s circumstances and the impact of their injury. To help simplify the process, many insurance companies and personal injury law firms use claim calculators. These calculators utilize a basic formula.
Conversely, insurance adjusters also resort to computer programs to handle claims. However, the equations implemented are usually kept confidential. Major insurance companies, such as Colossus, are speculated to utilize computer software programs.
Inputs that serve as pivotal factors in both the injury claim calculators and insurance company software include:
- Medical treatment
- Property damage
- Lost earnings
- Degree of pain and suffering
- Lifestyle-related impacts
One common approach used in claim calculations is the multiplier method. This method considers the claimant’s economic damages (i.e., medical bills, property damage, and lost wages) and multiplies that amount by a factor ranging from 1.5 to 5 to determine the value of their pain and suffering. In severe injury cases, the multiplier could be as high as 6 to 10.
The Problem With Claim Calculators in Personal Injury Cases
Personal injury cases can be complex, and there is no one-size-fits-all formula for calculating compensation. Using claim calculators to determine injury compensation is unlikely to result in an accurate figure.
Computer programs that rely on simple inputs, such as medical bills and property damage, cannot account for real-world complexities. For example, the impact of an injury on a person’s career, lifestyle, and future outlook are all important factors in determining the value of a case.
Comparing two people who suffer a broken leg in a car accident is a prime example of the limitations of claim calculators. An office worker and a professional athlete could have the same medical bills, but their long-term outcomes could differ vastly. Upon recuperation from the injury, the office worker is capable of resuming work and fulfilling a job that involves light duties. However, a broken leg could significantly impact the career and life of the athlete, causing a high degree of psychological distress.
Another example is the value of personal property. Even if two individuals have the same car model from the same year and declare the vehicle a total loss after an accident, the worth of each car could differ substantially. The variation in the cars’ values is attributed to factors like the vehicle’s current condition, mileage, and any aftermarket additions.
In conclusion, while claim calculators may seem like an easy and convenient way to calculate compensation in a personal injury case, they are limited in their accuracy. A computer program cannot fully capture the complexities of every person and every injury.
Assessing the Value of Your Personal Injury Lawsuit
It is important to note that each personal injury case is unique and that the value of your case will depend on the specific facts of your case. Our experienced personal injury attorneys at Gemma Law Associates work tirelessly to ensure you receive the full compensation you deserve.
- Investigate the Accident: The first step in determining the value of your personal injury case is to investigate the accident thoroughly. This involves gathering all relevant information, including police reports, witness statements, and medical records. This information will be used to build a strong case on your behalf.
- Evaluate Your Injuries: Our attorneys will carefully review your medical records to determine the extent of your injuries and their impact on your future. This includes any medical treatments you may need, any loss of earnings, or other financial losses.
- Consider Other Damages: In addition to your medical expenses and lost wages, you may be entitled to compensation for other damages, such as pain and suffering, loss of enjoyment of life, and emotional distress. These types of damages are often called “non-economic damages” and can be difficult to quantify. Our attorneys will use their experience and expertise to determine the full value of your claim.
- Review Insurance Coverage: We will review the insurance coverage available in your case, including any liability insurance that may be applicable. This will help us determine the maximum amount of compensation that may be available to you.
- Negotiate With the Insurance Company: Our attorneys will negotiate with the insurance company on your behalf to ensure that you receive the maximum compensation possible. If a settlement cannot be reached, we are prepared to take your case to trial.
Common Types of Personal Injuries and Relevant Statistics
Personal injury cases can arise from a wide range of circumstances, including car accidents, slip and fall accidents, medical malpractice, and product liability.
Here are some of the most common types of personal injuries and relevant statistics:
- Car Accidents: Car accidents are one of the leading causes of personal injury in the United States. According to the National Highway Traffic Safety Administration, there were over 6 million police-reported car accidents in the U.S. in 2018.
- Slip and Fall Accidents: Slip and fall accidents can result in serious injuries, including broken bones, head injuries, and back injuries. According to the National Safety Council, slip and fall accidents are the leading cause of injury among those 65 and older and result in millions of emergency room visits each year.
- Medical Malpractice: When a healthcare professional fails to provide the appropriate standard of care, the results can be devastating. Medical malpractice is a leading cause of death in the United States, with over 250,000 deaths yearly attributed to medical errors.
- Product Liability: If you have been injured by a defective product, you may be entitled to compensation for your losses. Product liability claims are becoming more common as consumers become more aware of their rights and the dangers associated with certain products.
It is important to consult with an experienced personal injury attorney who can help determine the true value of your case and help you pursue the compensation you deserve. At Gemma Law Associates we are here waiting around the clock to do just that. Let’s figure out what your particular case is worth together. Call now to schedule your free consultation today.