How Much is My Personal Injury Case Worth?
If you have been injured in an accident due to another person’s actions, you have the legal right to seek financial compensation. Many types of injuries are grounds for a lawsuit.
If you are thinking about filing a personal injury lawsuit, you might wonder how much your case is worth. The value of a personal injury case is determined by the amount of damages that an injured person suffered due to an accident. The term “damages” refers to the physical, financial, or mental harms caused by an accident or injury.
Each case is unique, and there is no standardized value of personal injury claims. The value of your case comes down to the damages that you sustained.
Below, we will discuss the common types of damages in personal injury cases. Speaking with an accomplished attorney is crucial if you are thinking about filing a personal injury suit.
What Are the Common Types of Damages in a Personal Injury Suit?
Damages are payments made by the liable party to the victim in a personal injury case.
These payments may come directly from the responsible person. More often, the payments come from the liable party’s insurance provider.
Most injury claims do not escalate to the trial phase; most cases are settled outside of the courtroom.
In personal injury cases, there are two primary types of damages: compensatory and punitive damages.
Most of the financial compensation in personal injury cases falls under the category of compensatory damages. These payments are intended to compensate the victim for the losses and harms that resulted from their injury.
Compensatory damages are not intended to make the plaintiff wealthy or better off than they were before. Instead, they are meant to make the victim whole.
To do this, a dollar value is assigned to the losses from the accident. If successful, the claimant receives that amount from the party that caused their injuries.
One type of compensatory damages is known as “economic” damages. These are the losses from the injury that can be easily calculated in monetary terms.
Consider the following examples:
Medical Bills and Expenses
Medical treatments and services are the most common financial costs that injury victims face. Claimants should not bear the burden of paying for medical care that was only necessary because of another party’s negligent actions.
Common examples of medical expenses include:
- Ambulance rides
- Emergency room visits
- Therapeutic treatments
- Prescription medication costs
- Doctor’s appointments
- Medical accessories, such as wheelchairs or walkers
A skilled personal injury attorney will not only fight to secure the cost of the victim’s current medical treatments. They will also help victims to recover compensatory damages for anticipated future treatments.
For example, suppose that you sustained a traumatic brain injury in a traffic collision caused by another driver. If your injury requires ongoing treatments, your attorney can pursue economic damages for future medical costs.
You may be entitled to loss of income due to your injuries. Many times, injury victims are unable to work while recovering from their accident. Some injuries are so severe that they reduce your earning capacity.
This can exacerbate the financial pressure that victims face from medical expenses. You should not carry the burden of these losses on your own.
If your injury was due to another person’s negligence, the liable party can be held accountable for your lost wages and diminished earning capacity.
If any tangible piece of property was damaged during your accident, you can seek compensation for repair or replacement costs. Property damage is common in car accident cases.
An accomplished personal injury attorney will seek financial recovery for the cost of repairing your vehicle. If your vehicle was totaled, you can secure money in the amount of the value of the lost property.
Not every type of loss from an injury translates into monetary terms. In other words, not every negative consequence from an accident comes with a price tag.
The harms from an injury that are more difficult to quantify are known as “non-economic” damages. These damages are another form of compensatory damages.
Typical examples of non-economic damages in personal injury cases include:
- Physical pain and suffering
- Emotional distress
- Mental anguish
- Loss of enjoyment of life
- Loss of consortium (typically invoked in wrongful death cases)
Speaking with a qualified personal injury attorney is the surest way to secure maximum compensation in your case.
It is rare for a jury or judge to award punitive damages. Punitive damages are intended to punish the liable party for their conduct rather than compensating the victim for their losses.
These types of damages are only awarded in cases in which the responsible party’s behavior is outrageously reckless or egregious. Most U.S. states have a legal cap on the punitive damages that can be awarded in injury cases.
How Do New York’s “No-Fault” Insurance Rules Affect My Case?
Typically, the value of your personal injury case will be determined by the sum of the economic and non-economic damages that you sustained.
Non-economic damages are difficult to calculate. There is no single or universal method for quantifying these intangible losses. Because of this, it is crucial to secure the services of a skilled injury attorney.
New York state operates under a “no fault” insurance system. This means that accident victims are usually reimbursed by their own insurance provider for damages, regardless of who is legally liable for causing the accident.
New York state law requires certain minimum amounts of liability coverage for motor vehicles. These minimums include:
- $25,000 per person for bodily injury
- $50,000 for death
- $10,000 per accident for property damage
It is important to seek compensation from your insurance provider quickly following an accident. Victims are required to file for these benefits within thirty days of their accident.
You should always consult with a legal professional before speaking with an insurance adjuster.
Contact Rosenbaum & Rosenbaum, P.C. to Discuss Your Case
If you have been hurt in an accident, the skilled legal professionals at Rosenbaum & Rosenbaum, P.C. can help. Our legal team has a track record of winning maximum compensation for our clients. We know that no victim should face financial hardship from their injuries.
Let our team of accomplished New York City personal injury lawyers fight for you. We are available 24/7 to discuss your case. Contact us for a free consultation today!