Factors That Impact Your Claim Value
Posted on October 7, 2020 in Personal Injury Claim Process
In the event you or somebody you care about has been injured due to the careless, negligent, or intentional actions of somebody else, you may be entitled to significant compensation. However, there are various factors that can affect the value of a personal injury claim in Oregon. Here, we are going to distinguish between economic and non-economic damages and evaluate what factors can influence the value of these damages.
Factors that can influence a personal injury claim
There are many factors that can affect the value of a personal injury claim, and it is important to distinguish between economic and non-economic damages that can be awarded in these situations.
Economic damages refer to the types of compensation that are fairly easy to calculate in the aftermath of somebody sustaining a personal injury. These types of damages can include:
- Any medical expenses the personal injury victim incurs
- Lost wages and benefits if a victim is unable to work while they recover
- Various household out-of-pocket a victim incurs due to their injury
- Property damage expenses
Personal injury victims and their attorneys will use various documents to prove economic losses that can help ensure they are fairly compensated. This can include obtaining medical bills, pay stubs, property damage estimates, tax returns, and other receipts that are available. Economic damages can be calculated by adding all of these expenses together.
The main factors that influence the total amount of economic damages the victim will be awarded after an injury include the severity of the injury, the amount of time a victim is unable to work, and the amount of out-of-pocket expenses they incur.
Non-economic damages are not going to be as easy to calculate as economic damages. Before we discuss the factors that affect non-economic damages, we want to understand what this type of compensation entails:
- Pain and suffering damages
- Mental anguish or emotional distress damages
- Loss of personal enjoyment damages
- Loss of consortium for a spouse
- …and more
When working to determine the total amount of compensation awarded for non-economic damages, personal injury attorneys will typically look at the severity of the injury, how long-lasting any disabilities are expected to be, the amount of scarring or disfigurement a victim sustains, etc.
Because there are no receipts or bills associated with non-economic damages, an attorney will typically use a multiplier method to reach a reasonable amount of compensation for their client. This will involve adding up the total economic damages a victim incurs and multiplying this by a certain number (typically 1.5 to 5).
For example, if a victim sustains $100,000 in economic damages (including their medical bills, lost income, out-of-pocket expenses, etc.), the attorney may use a multiplier of 3. This would mean that they would ask for $300,000 for non-economic damages.
The total amount of compensation an attorney will seek for their client would be $400,000 in this scenario.
Call an attorney for help with your case
If you or somebody you care about has been injured due to the careless or negligent actions of somebody else, you need to work with an attorney to help secure the compensation you are entitled to. There are various factors that can affect the value of your claim, but an attorney will help ensure that you receive maximum compensation for injury and property damage losses.