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How Is Personal Injury Compensation Calculated?

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Following an injury resulting from another individual’s negligence, it is natural to have questions regarding how you will be reimbursed for the experience. After all, you could be facing medical bills, pain, and even lost wages after the event. However, there is no simple answer to: “How is  personal injury compensation calculated?” Instead, answering that question requires the injured party, and ideally his or her personal injury attorney, to consider several factors.

Key Considerations

When calculating the cost of your injury, a personal injury attorney will focus on many factors. First, there are economic damages, which are easier to prove to insurance adjusters. These include medical bills already incurred, as well as those which you will be faced with in the future as a direct result of the accident. This category also includes lost earnings resulting from the injury, property damage, and any other expenses that can be linked to the incident. Not all types of personal injuries will have all of these costs present, but it is still necessary to consider each one.

Then, there are non-economic (but equally disruptive) damages. These costs are harder to demonstrate because there is not a clear dollar amount attached, but they are still very important to factor into the settlement amount. One of the most important considerations here is pain and suffering. The physical distress you experience because of your injury can be demonstrated by keeping detailed records of your pain and your doctors’ visits. Also included in this category are emotional distress and loss of enjoyment – and not only that which is experienced by you. Loss of consortium is also factored in, meaning any companionship that has suffered or been destroyed as a result of complications linked to your injury.

Securing an Optimal Settlement

Guided by these factors, your attorney will guide you to a dollar amount to demand in your settlement claim. The insurance adjuster will come up with their own settlement amount, and that could differ from the number determined by you and your attorney. This is where having an experienced attorney on your side can truly be valuable, as your legal counsel can help you craft a winning strategy for negotiating a successful settlement with the insurance company, or for suing the company for what you deserve.

Do you have a case for our Miami personal injury attorneys? Call our office today for a free consultation so that we can begin seeking justice, together.

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