In a few of our latest blogs, we discussed what to do when the insurance company offers you a lowball settlement offer. But how do you know the difference between a low settlement and one that is far? In other words, how do you calculate what your claim is really worth?
In reality, there really no one-size-fits-all approach to calculating total damages; the actual amount will vary based on specific circumstances and various factors regarding the accident and injury. However, there are various types of damages that all injury victims may pursue.
When you’re injured in an accident, you will most likely be filing a claim to make up for your compensatory damages, which are intended to make you “whole” again. You may pursue compensation for two types of compensatory damages:
These damages are ones that are directly related to the expenses you incurred as a result of the accident. Economic damages are less likely to be disputed, as they often require you to add up the total cost of your related expenses, such as:
Costs of surgeries
Lost earning capacity
Ongoing medical care
Physical therapy or other needed specialist visits
Keep in mind that you should not just add up your current expenses, but calculate what your future expenses will be related to the above list.
Now, non-economic damages are those that are related to how your life has been impacted because of the accident, versus your monetary losses. They include things like:
Pain and suffering
Diminished quality of life
Longterm or lifelong disabilities
Because these damages are often more disputed than economic damages, they require your attorney to show just how your life has been affected by the accident by bringing in related evidence, such as journal entries, doctor’s notes, or testimonies by friends and family members.
Also known as exemplary damages, punitive damages are a rare type of award given in instances where the defendant’s actions were particularly egregious. While compensatory damages are meant to make the injured whole again, these damages are awarded as a way to deter the defendant and the general public from acting with similar gross negligence in the future.
Helping You Pursue Maximum Compensation
Ultimately, pursuing maximum and fair compensation for your injuries and other damages requires hiring an attorney who can fight for justice on your behalf. At Aizenman Law Group, our injury attorneys are all too familiar with the tactics used by insurance companies to devalue claims.
We are prepared to review your case, determine your total damages, and stand in your corner so you obtain the compensation you need to recover the right way.
For dedicated, experienced legal counsel in your corner, contact our Tulsa legal team at (918) 215-8856 at your earliest convenience. We are available 24 hours a day, 7 days a week and offer no-fee, no-obligation case review.