An accident can cause many types of losses to the victim, both economic and non-economic. Calculating these losses is a very important part of personal injury cases. You need to know how much you have lost due to the accident to claim it. Claiming too much or too little can hurt your case.
Calculating economic losses is fairly easy when compared to calculating non-economic losses. This is exactly the reason why you need a lawyer. Hiring a lawyer is mandatory to get the maximum compensation. An experienced lawyer will calculate damages accurately and get you the compensation you deserve.
When calculating compensation, you need to consider many factors to arrive at an accurate number. Even missing minor details can result in lower compensation. This blog post explores the factors you need to consider when calculating compensation.
Factors to Consider When Calculating Compensation
The following are some of the factors you need to consider when calculating compensation:
- Medical bills
- The severity of your injuries
- Lost wages
- Loss of earning capacity
- Property damage
- Non-economical losses
The first thing you need to factor in are the medical bills you incur. Financial loss due to healthcare is the primary type of loss any victim will experience. Healthcare is not cheap, and if your injuries are severe, you will have to spend a lot to recover completely. So, you need to consider the total loss you have incurred due to medical care.
The Severity of Your Injuries
Some injuries go away in a couple of weeks or months, but some stay for a long time. You need to consider the severity of your injuries and how long you will need medication to treat them. Also, if you have sustained a permanent disability, you will have to make some modifications to your home. You need to consider that too.
Obviously, following an accident, you will miss work for some days. It could be days, weeks, or months, depending on the severity of your injury. The money you would have earned in that period if you weren’t injured should be considered. This is known as lost wages.
Loss of Earning Capacity
Some injuries can cripple your ability to earn. This is a horrendous situation, especially if you are the sole breadwinner for your family. Fortunately, you can also claim compensation for loss of earning capacity. The money you would have earned until your retirement will be calculated and claimed.
In most accidents, you will sustain property damage. For example, damaged cars in car accidents. Fixing it will require a lot of money if the damage is severe. You need to factor in the money you spent to fix your property when calculating compensation.
The hard part of calculating losses. So far, what we have seen are economic damages, which can easily be calculated just by adding the bills. Non-economic losses include loss of consortium, pain and suffering, loss of quality of life, etc. Honestly, how can you even calculate compensation for these losses? This is why you need a lawyer.
As said, calculating the losses accurately is an important part of personal injury cases. Fumbling at this stage can hurt the entire case. Hire a lawyer and let them calculate your losses and guide you throughout the process.