7 Key Factors That Should Be Considered in Calculating an Injury Settlement

You’ve received an offer to settle your personal injury claim. Now it’s time to calculate a settlement amount. How much you can expect to receive depends on certain factors that apply to your case.

In general, your personal injury compensation is related to the expenses and losses you have experienced and expect to experience as a result of the accident. Calculating these damages is rarely easy, because you are asked to assign a value to noneconomic factors, such as emotional distress and pain and suffering, but you need a dollar value to present. Below are seven key factors that should be considered when putting together a settlement amount.

Medical Costs

Your medical expenses are a core component in your injury claim. They include the cost of emergency and follow-up treatment, ambulance rides, and medication. All medical costs you incurred can be factored into the settlement, so be sure to keep thorough records of your treatments.

Loss of Earning Capacity

Another important calculation factor is lost income. If your injuries forced you to take unpaid leave from your job or even caused you to miss a bonus payment you would otherwise received, these losses will be taken into account.

Loss of Future Earning Capacity

If your injuries were so extensive that you will never be able to work again, the loss of future earning ability will definitely be considered, as your ability to be economically self-sufficient has been taken away. How much this will come to can depend on what work you did previously.

Pain and Suffering

Pain and suffering refers to the physical distress caused by your injuries. This is one of the more difficult damages to assign a value to, but the general rule of thumb is that the more painful and traumatic your injuries, the higher your settlement will be. If the effects are permanent, the settlement amount will be affected significantly.

Mental and Emotional Distress

Accidents can result in intense mental and emotional trauma. Like pain and suffering, it is difficult to assign a dollar amount to such damages, but if there is evidence that you have significant and ongoing distress because if your injuries, you may be compensated accordingly. To prove mental and emotional damages, you should present evidence of treatment from licensed mental health professionals.

Lost Experiences and Opportunities

A surprising number of personal injury claimants fail to take this factor into account. Do your injuries now prevent you from playing with your kids? Enjoying golf, jogging, and other pursuits that used to be an important part of your life? All of these things could be factored in to calculating your injury settlement.

Property Damage

If your property was damaged at the same time you were injured, the loss should be included in your claim. For example, if you were in a motor vehicle collision and your car was damaged beyond repair, the fair market value of the vehicle can be calculated and added to the settlement.

If you have been injured, it is essential that you retain an experienced Texas personal injury attorney who can help you determine what your case is worth and fight for the settlement you need to move toward a better future.