How to calculate damages in a personal injury accident

By SiliconIndia   |   Monday, 07 May 2018, 11:49 Hrs
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Calculating the damages - physical, material and the suffering after an accident - can be somewhat daunting for the victim who is already preoccupied and affected by the events that have just taken place. Using a personal injury calculator is very helpful in many cases but many victims need to go beyond what they are usually compensated for and try to obtain damages for other, less quantifiable issues like pain and suffering.

Calculating economic damages

A settlement calculator is a tool that can be easily used by the victim of a personal injury accident in order to gain insight into the true value of his/her settlement.

The economic damages typically remunerated for after an accident include the medical expenses - both present and future ones, the property damage, like that of the vehicle, the lost earning, also both present and future.

Calculating non-economic damages

If the actual damage to property and the medical bills are easy to add up and calculate, the process becomes more difficult and delicate in some cases when we refer to pain and suffering. The actual impact of a personal injury accident, especially of catastrophic injuries, will not be limited to physical or material damage, but will also include distress, post-traumatic stress, general suffering and depression. The true impact will vary from one individual to another, however, insurance companies have to come up with a mathematical method to award settlements for pain and suffering.

An easy quantifying method is to use a per day calculation scheme. For this purpose, a pre-determined amount is offered for each day during which the victim is believed to have suffered. Another approach is to use a multiplier (usually between 1.5 and 5%) which is added to the past and present medical expenses. This multiplier will depend on the severity of the accident and will only have the highest value in those cases that involve severe life-altering injuries.

Calculating damages in a personal injury accident is not always an easy task. You should take the time to use a calculator and the non-economic damages formulas to determine a fair amount that will help you deal with all of the costs of the recovery. Remember: you can always ask for help from a personal injury lawyer.

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