Estimate Your Compensation Payout with Our Arizona Injury Settlement Calculator
“No matter what type of accident you were involved in, you can pursue damages if your injuries were caused by another person’s negligence.”
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?
Usually, injury victims do not know how to answer these questions. Often, they make use of accident and injury calculators. This article provides a method for calculating injury settlements.
A good injury lawyer will also be able to help you secure a generous bodily injury settlement. You should also not have to bear the losses from your injuries on your own. At Goodnow McKay, our team of attorneys has the experience needed to help you obtain a fair bodily injury settlement.
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.”
The two most common types of damages in a personal injury case are economic and non-economic.
“Economic damages are awarded to a victim to compensate for the material and financial harm that they have suffered.”
For example, suppose that you suffered a back injury from a collision caused by a negligent driver. As part of the back injury settlement calculation, your attorney would consider the financial hardship caused by the accident. The insurance company would also factor in the financial burden as part of the settlement calculation.
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.
“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.
Common non-economic damages in personal injury cases include:
- 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 personal injury attorney is the best choice.
Injury Settlement Calculator Method
If you’ve been in an accident and are looking to file a personal injury claim, you may be wondering how much your settlement will be. Unfortunately, there is no easy answer, as settlements vary widely depending on the individual case. However, there are a few methods you can use to get a rough estimate of what you may be entitled to.
One popular method is using an accident settlement calculator. These calculators take into account factors that can influence your case such as the severity of your injuries and the amount of property damage involved. While they can’t give you an exact number, they can give you a good idea of the range of possible settlements.
Typically, insurance companies calculate appropriate injury settlements using a “multiplier” method.
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 a fair settlement. Insurance providers will want the number to be as low as possible.
A higher multiplier number corresponds to more severe injuries and outcomes. Again, the multiplier number compensates for non-economic damages resulting from your accident.
Maximize Your Settlement With Goodnow McKay
There is no one size fits all when it comes to accidents or injuries. Personal injury claims do not have a single standard amount. There can be a lot of complexity involved in negotiations between you and the party responsible.
That is why it is so important to hire a reliable personal injury lawyer to represent your best interests. An experienced attorney will examine the circumstances of your case and fight for the highest settlement possible.
There are some online injury settlement calculators that provide you with a specific amount. In the end, you will need to consult a knowledgeable attorney in order to determine how much your specific injury claim is worth.
Goodnow McKay’s team is dedicated to securing maximum compensation for our clients. Contact us today for a free consultation.