How do I Value My Personal Injury Claim?
Tuesday, March 9th, 2010There are two primary components to your personal injury claim, commonly identified as economic and noneconomic.
Economic damages are those amounts that you can easily quantify. In other words, costs that you have incurred as a direct result of the injury. For example, your doctor may have ordered you to miss several days of work. In that case you would have a claim for wage loss. Your doctor will charge you for their services. Your economic claim will include those medical bills. You may have suffered an injury that causes a permanent disability. If you are no longer able to work, you will be entitled to lost future earnings. Again, economic claims are those that can be specifically quantified and are supported by evidence.
Noneconomic damages are those that are not easily valued. They include pain, suffering, inconvenience and loss of enjoyment of life. Obviously, it is difficult to place a value on these aspects of your claim. If your claim goes to a jury trial, the jury will decide on the value of these noneconomic claims. Settlement discussions on your noneconomic claims will usually center on how both parties believe a jury will value your claim.
Understanding the components of your claim is the first step toward understanding the value of your claim. It is important to work with an experienced attorney who will know how a jury will view your claims.
Please feel free to submit your case for a FREE EVALUATION by our attorneys.