Calculate Your Personal Injury Settlement Value
“In Arizona, you have the right to receive settlements for three types of damages: economic damages, non-economic challenges, and potentially punitive damages.”
Car accidents can leave victims with bodily injury and other forms of personal discomfort. Since these accidents can affect your well-being as a victim, you should have adequate compensation. If you experience an accident, you may have to consider the value of your settlement package.
Calculating compensation for personal injury involves careful consideration. How much do you expect from the at-fault driver in the accident? It is understandable to be concerned about medical bills as they are likely to increase over several weeks and months. The wages you would miss during your treatment and the time required to find a competent lawyer who can help you file a claim for your settlement pose a challenge as well.
To begin your journey on the process of compensation, it is pertinent to know the types of damages you can be compensated for, depending on your state. Read on to figure out how much compensation you may receive after suffering from a personal accident or injury.
Damages Covered in Personal Injury Settlements
Similar to other states, Arizona law advises that you add up all the costs incurred during the accident. If you devote time to calculating these costs, you will stand a better chance of collecting reliable evidence to support your compensation claims.
In Arizona, you have the right to receive settlements for three types of damages: economic damages, non-economic challenges, and potentially punitive damages.
1. Economic Damages
Economic damage is also known as physical or special damages. It covers compensation for all monetary expenses incurred as a result of your injury. This includes medical expenses which tend to occur over time, depending on the severity of your injury.
The compensations covered in economic damages include medical bills, income loss relating to the injury, loss of earning capacity, and other damages and loss of property resulting from the accident. Calculating the total value of these damages is relatively easy through the use of medical receipts and some other formulas.
2. Non-Economic Damages
“In Arizona, the civil justice system permits the victim (or plaintiff, in this case) to file for personal injury settlements for both the economic and non-economic damages.”
Non-economic damages include compensation for the victim’s pain and sufferings, emotional torment, or loss of enjoyment resulting from the accident. These are intangible damages and therefore, contain mental elements. Calculating these damages usually requires an objective and professional medical examination.
Non-economic damages affect the victim in the same way as economic damages. In Arizona, the civil justice system permits the victim (or plaintiff, in this case) to file for personal injury settlements for both the economic and non-economic damages.
3. Punitive Damages
These are money damages given to the victim, together with the aforementioned compensatory damages. The victim may receive punitive damages when the at-fault party performs an act with evil or malicious intent. This goes well beyond the normal negligence or accident that usually causes injury to a person. Punitive damages serve as a punishment to the defendant and as a warning to others who may want to engage in such misconduct.
Victims are not generally awarded punitive damages in cases of personal injury settlements. In the Arizona law system, the victims only have rights to punitive damages when the defendant shows gross negligence, malicious or willful, and wanton conduct during the proceedings.
How to Calculate Your Personal Injury Settlement Value
Now that you know the many damages that you could recover in a personal injury settlement, calculating the value should be the next step. You can make use of our Personal Injury Settlement Calculator to get an estimate of your settlement value. However, you should consult your lawyer for a good financial and legal analysis.
In Arizona, many attorneys and insurance adjusters apply a certain formula to determine a rough estimate of the typical injury claim payout. The formula goes like this:
Damages = Economic damages x 1.5 (based on the injury severity) + lost income.
For instance, assuming you fractured an arm in a motor collision and the medical expenses sum up to $10,000. Let’s also assume that the injury made you miss 2 months of work which would have paid you $20,000. This may be how your formula will look like:
Damages = Medical expenses ($10,000 x 1.5) = $15,000 + lost income $20,000 = $30,000. This implies that your total estimated damages is $30,000.
Note that this formula just shows a starting point towards your settlement value. The personal injury claim settlement amount may increase or decrease based on several factors. Such factors include recovery length, injury permanence, quality of medical evidence, and the impact of the injury on your everyday life.
As a comparative negligence state, the Arizona law system may reduce your compensable damages based on how faulty you are in the cause of the accident.
Other factors that may affect the personal injury claim settlement amount include the quality of the evidence presented, negligence or willingness of both victims and defendants, and other resulting factors. Therefore, you need to present quality evidence to enable you to get the best compensation for damages.
Contact Goodnow McKay
If you are utilizing our Personal Injury Settlement Calculator, chances are that you have already experienced enough pain and suffering. Make sure you are pursuing the maximum amount of compensation for any physical and emotional injuries you’ve endured. Contact Goodnow McKay today to expedite the legal process and receive the compensation you deserve.