How Much to Ask For in a Personal Injury Settlement

October 1, 2020

The amount to ask for in your personal injury claim will depend on the severity of your injuries. You only get one chance to resolve your personal injury claim, so it is vital that you pursue the appropriate amount of compensation from the very beginning.

There are many different approaches to evaluating an injury claim. While you should seek compensation for every out of pocket expense, it is the subjective losses that are most difficult to put a value on.

Ultimately, determining how much to ask for in your personal injury case is too important to risk making a mistake. By working with a Dallas personal injury lawyer, you can put your case in the hands of experienced legal counsel. Contact the Jackman Personal Injury to schedule your initial consultation today.

Types of Damages

Before you can place a monetary value on your personal injury claim, you should first understand the types of damages that could be available to you. Every injury claim is different, and each of them are made up of varying types of compensation. In general, there are two broad categories of monetary compensation. These are known as economic damages and non-economic damages.

Economic Damages

Economic damages are the measurable losses that are common in a personal injury claim. Essentially, these are losses that are objectively verifiable. Documentary evidence like invoices, cancelled checks, or paid receipts can be used to establish the value of these losses down to the cent.

The most common form of economic damages is medical expenses. These losses begin to accrue immediately following an accident through emergency room visits and ambulance transportation. These costs can continue to grow following additional hospital visits, physical therapy appointments, and prescription medication. If your claim is successful, you are entitled to recover the full monetary value of your past and future medical bills.

Your lost wages are another example of economic losses. When an injury requires you to miss time away from your job, you have the right to seek compensation for the paychecks that you miss. If your injury has permanent consequences, you could also recover any diminished future earning capacity.

Determining the amount of lost wages you are entitled to starts with your previous pay stubs. It is possible to calculate the exact amount of lost wage compensation you are owed based on the amount of time you are out of work.

Non-Economic Damages

Non-economic damages stand out because they are subjective. Unlike economic losses, it is impossible to quantify the exact value of these damages. Determining the value of non-economic losses requires an understanding of what a jury might award for a specific claim.

The most common form of non-economic damages are for pain and suffering. The physical pain and suffering that follows a severe injury is impossible to quantify, given that every person experiences pain differently. Typically, your pain and suffering compensation will track with the amount of medical bills you accrue. In many cases, a jury will award non-economic damages based on a multiple of your total medical expenses. It is not unusual to pursue non-economic damages that are two or three times the value of your medical bills.

There are other types of non-economic damages that are common with an injury claim. These can include the loss of enjoyment of activities in your life or the diminishment of your personal companionship with a loved one.

Emotional anguish is also a form of non-economic compensation that is common with an injury claim. Emotional anguish occurs when you relive the trauma that came with a severe injury.

Speak with a Dallas Injury Lawyer About the Value of your Claim

Much of placing a value on a personal injury claim comes down to experience. When it comes to the value of non-economic compensation, only accrued experience in handling injury cases can provide an accurate estimate of what these claims could be worth.

Your best chance at recovering the compensation you deserve is through the guidance of an experienced injury attorney. The attorneys of the Jackman Personal Injury are ready to discuss your claim and advise you on what to expect. For a thorough evaluation of your personal injury claim, call right away to schedule an initial consultation.

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