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How Much Is My Personal Injury Claim Worth?

Posted in Personal Injury on November 16, 2020

In Texas, the civil justice system works by giving injured accident victims the chance to seek compensation for their losses from negligent parties. If you were recently injured in an accident as a result of someone else’s negligence, that person or party may owe you compensation. You need to understand how much your personal injury claim is worth before you resolve your case. Obtaining an accurate case evaluation can help you demand a fair amount during settlement negotiations. To speak to an experienced personal injury lawyer in Dallas, give us a call. Free consultations offered.

What Are Compensable Losses?

Before you can understand the value of your claim, you must understand the definition of a compensable loss. In a personal injury case, compensable losses are damages you suffered due to the defendant’s negligence or recklessness. They can refer to past and future economic and noneconomic damages. They can also refer to punitive damages, or an award specifically meant to punish a defendant for gross negligence. The average injury claim in Texas involves several types of compensable losses.

  • Past and future medical expenses
  • Lost wages
  • Pain and suffering
  • Out of pocket costs
  • Property damage
  • Lost quality of life
  • Loss of consortium or wrongful death damages

The specific compensable losses you can claim depend on the circumstances of your individual case. A lawyer in Texas can help you create a full and accurate list of all the damages you suffered due to the defendant’s actions. From there, your lawyer can help you demand a suitable settlement award to cover the extent of your losses. If a settlement does not properly reimburse you for your losses, your lawyer can take the case to trial instead.

How to Calculate the Value of Your Personal Injury Claim

To evaluate your damages, you and your lawyer will need to analyze what the accident and your injuries have cost you financially, physically and emotionally. This will take an in-depth look at how the accident has impacted you. Your lawyer may start with an overview of all your economic losses. You and your attorney can add up your economic damages using receipts, bills, invoices, pay stubs, medical records and other such documents. Then, your lawyer can help you calculate your noneconomic damages using an appropriate method.

There are two basic ways a jury will calculate noneconomic damages, or pain and suffering. The first and most common is the Multiplier Method. With this method, the jury will multiply your total amount of economic damages by a number that represents the severity of your injuries. The second method, the Per Diem Method, multiplies a daily amount (often equivalent to the victim’s daily wage) by the number of days the victim will reasonably experience pain and suffering. A lawyer can help you estimate an appropriate amount to claim in noneconomic damages during your case.

What Factors Can Affect the Value of Your Personal Injury Claim?

Many different factors can change how much you receive from an insurance settlement or injury lawsuit in Texas. The amount of medical treatment you will need throughout your lifetime due to the accident, for example, can determine how much someone owes you in past and future health care costs. The amount of money you used to make at your job before the accident can impact your lost wage claim. Many other factors, such as your age, health, and the amount of pain and suffering you endured, could also affect the value of your case.

Liability is another issue that could impact the value of your case. If you can hold two or more parties liable, you can increase your chances of securing full compensation for your losses. If the other party is disputing liability, however, this could reduce your compensation. The comparative negligence defense in Texas could reduce your award amount by a percentage equivalent to your fault for the accident. It can be difficult to understand the value of your personal injury claim. The best way to obtain an accurate estimate is by speaking to an attorney.