How Do You Determine the Value of a Personal Injury Case?

If you are involved in a personal injury case, it’s good to be aware of how compensation may be calculated, and a personal injury attorney in Long Island, NY can help you correctly figure for everything you’re owed.

Actual Medical Expenses

Medical bills are the foundation of any personal injury claim as they show the actual expenses incurred from an injury. This could include from emergency room visits, hospital stays, surgeries, medications, physical therapy or other forms of rehabilitation. The cost of transportation to and from medical appointments would also be included.

Projected Medical Expenses

If an injury will likely require further medical treatment or long-term care, future medical costs could also be included in determining the value of the case. Medical experts will be called upon to help estimate the cost of future medical care in these cases. Reports from doctors and other medical professionals will help to prove the need for the ongoing care and justify the financial expense.

Lost Income

Since an injury can affect an individual’s ability to work, records showing loss of income will help to determine the financial loss. Pay stubs and work records will be considered to calculate the financial loss from reduced hours or missing work entirely after the injury.

Reduced Earning Capacity

Sometimes, an injury means that someone is unable to perform their work duties due to their injury and must find another position or another job. Any reduction in income will be taken into account in determining compensation for a personal injury claim. Financial experts may be called upon to project the financial loss due to someone’s reduced earning capacity.

Pain and Suffering

The value of a personal injury claim will also take into account the victim’s physical pain, emotional distress, the loss of enjoyment of life, and other intangible losses. These fall under the category of non-economic damages, and in the state of New York are often calculated using the “multiplier method.” The total amount of economic damages (like medical bills and lost wages) is multiplied by a number based on the severity of the injury and the impact on the victim’s life.

The Role of Liability

New York is one of 13 U.S. states that are “pure comparative negligence” states. This means that even if a victim was partly at fault, they can still receive some compensation, no matter what their degree of fault is. Their compensation will be based on their fault. For example, if it is determined that they were 20 percent at fault, their compensation will be reduced by 20 percent. But even if their percentage of fault is as high as 80 percent, they can still recover 20 percent.

Insurance Policy Limits and Defendant’s Financial Situation

Of course, the actual compensation received will be determined by how much the insurance policy can cover. If the compensation is being awarded in a personal injury lawsuit, the victim will not be able to get more from the defendant than they can financially provide.

If you are involved in a personal injury case, reach out to the legal team at Miller, Montiel & Strano in Garden City, NY, for legal counsel and support in Long Island and the New York metro area.

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