Calculate Your Compensation Payout with Our Arizona Injury Settlement Calculator
“Most people are unfamiliar with the personal injury claims process until it affects them or someone they love.”
No matter what type of accident you were involved in, you can pursue damages if your injuries were caused by another person’s negligence. But how much is your personal injury claim worth? What is an appropriate settlement amount?
Most injury victims do not know how to answer these questions. Oftentimes, people will use accident and injury calculators. We offer an injury settlement calculator method in this article.
But it is also important to speak with an accomplished Phoenix injury attorney. At Goodnow McKay, our legal team has the experience to secure generous bodily injury settlements for our clients.
You should not have to bear the losses from your injuries on your own. When you file a personal injury claim, our legal professionals will help you to financially recover and get your life back on track.
Common Damages in Personal Injury Cases
In a personal injury case, the term “damages” refers to money awarded to the victim of the injury. The victim is known as the “plaintiff.” Damages are paid by the person who is responsible for the harm or their insurance provider. This person is known as the “defendant.”
There are two common categories of damages in personal injury cases. Those categories are economic and non-economic damages.
Economic damages are awarded to a victim to compensate for the material and financial harm that they have suffered. In other words, economic damages make up for direct financial losses.
For example, suppose that you suffered a back injury from a collision caused by a negligent driver. Your attorney would consider the resulting financial harm to calculate an appropriate back injury settlement amount. The relevant insurance company would also consider these expenses.
Common examples of direct financial losses in personal injury cases include:
- Medical bills for treatments and prescriptions
- Anticipated future medical costs
- Lost income from missed work
- Decreased long-term earning capacity
- Cost of lost irreplaceable items
- Repair and replacement costs for damaged property
Economic damages can be calculated by adding up the plaintiff’s bills and expenses resulting from the accident. In the example above, the costs of vehicle repair and medical treatments would contribute to the economic damages you could claim.
While economic damages are easy to calculate, non-economic damages are less simple. Non-economic damages are awarded to compensate the victim for intangible losses due to their accident or injury.
This type of loss can be difficult to translate into monetary terms. That is why many victims search for an online personal injury settlement calculator.
For example, how much should you be paid to compensate for the fact that you cannot pick your child up without pain? What is the price of being unable to comfortably go for a walk with your spouse? These questions are complex.
“While economic damages are easy to calculate, non-economic damages are less simple. Non-economic damages are awarded to compensate the victim for intangible losses due to their accident or injury.”
- Physical pain and suffering
- Disfigurement and disability
- Mental anguish and trauma, including stress, anxiety, and panic
- Inability to enjoy activities and lower quality of life
- Loss of consortium (typically awarded in wrongful death cases)
It is very difficult to quantify non-economic losses. Using an injury settlement calculator method and speaking with a qualified legal professional is the best choice.
Injury Settlement Calculator Method
If you are planning to file a personal injury claim in Arizona, speak with an experienced attorney. The amount of your settlement will be a point of negotiation between you and an insurance provider or the at-fault party. Having an experienced legal representative, like those at Goodnow McKay, will help to ensure the best outcome for you.
Most insurance companies use a “multiplier” method to calculate appropriate injury settlements.
The Multiplier Method
Suppose that you are seeking a work injury settlement from an on-the-job accident. The insurance company will add up the medical costs from your workplace injury. They will then multiply it by another number to account for your non-economic losses.
This number is called a “multiplier.” Multipliers typically range from 1.5 to 5. After multiplying your medical costs by the multiplier number, they will add your lost wages to the total.
The multiplier settlement calculator formula is:
(medical costs) x (multiplier number) + (lost wages) = injury settlement amount
Obviously, you will want the multiplier to be as high as possible so that you receive an appropriate settlement. Insurance providers will want the number to be low.
More severe injuries and consequences usually result in a higher multiplier number. Again, the multiplier number is intended to compensate for the non-economic damages from your accident.
Contact Phoenix Personal Injury Attorney Goodnow McKay
Every accident or personal injury is unique. There is no single standard amount that you can expect for a personal injury claim. Negotiations between you and the liable party can become complicated.
That is why it is so important to hire a reliable Arizona injury lawyer to represent your best interests. A legal professional will examine the circumstances of your case and fight for the highest settlement possible.
Some online injury settlement calculators provide you with a specific amount. But the only way to determine the value of your specific personal injury claim is to consult with a knowledgeable attorney.
The team at Goodnow McKay in Phoenix has the skills and experience to secure maximum compensation for our clients. Give us a call today to schedule a free initial consultation.