How to Calculate Your Personal Injury Claim’s Worth
Personal Injury Claims
You’ve already suffered a lot. You were physically injured, missed time off of work, had to pay medical expenses and may have even suffered property damage, as well. Now, you just want to get back on your feet financially, but you have to shell out even more on legal fees to acquire the money. How do you even begin to put a price tag on these losses? How is the value of damages in a personal injury claim calculated? Get all the answers below.
Compensatory Damages: What You Lost
If you want to calculate how much your claim is worth, then you need to start with the basics. What measurable monetary costs did you incur? This may include:
- Medical bills
- Lost wages after missing work
- Property damage
- Prescription costs
You’ll want to get documentation, like bills or receipts, to confirm the real costs of each loss. Add each of these amounts together, and you’ll have a baseline from which you can begin to value your case. Did you also suffer non-monetary damages like emotional distress? The value of these damages are added to your baseline amount, but it’s often challenging to calculate their worth. Speak with an attorney about how to measure the value of these additional losses.
Punitive Damages
In addition to compensatory damages, the court may award punitive damages, too. This compensation is meant to punish the reckless party, and it’s typically reserved for situations when negligence was extreme or intentional. This compensation is usually calculated by multiplying your total compensatory damages by a number ranging from 1.5-5. The multiplier is higher when the recklessness was more extreme.
New Jersey’s Modified Comparative Negligence Standard
On top of all of these calculations, comparative negligence may factor into your claim’s value as well. Were you partially responsible for the accident? If you were more than 50% responsible, then you can’t seek out compensation. If you were only partially responsible, then your overall compensation award may be reduced based on your percentage of fault. It can be challenging to determine whether or not you played a role in an accident, but an attorney can help.
Contact a Nutley Personal Injury Lawyer to Discuss Your Personal Injury Case in New Jersey
Did you or a loved one sustain serious injuries in New Jersey? Don’t let the medical bills pile up while you wait for the negligent party or their insurance company to do the right thing. Right now, you need an aggressive personal injury attorney on your side, fighting to get you the compensation you need, want, and deserve. The skilled attorneys at Birkhold & Maider, LLC represent clients injured because of accidents in Essex County Superior Court, Passaic County Superior Court, Bergen County Superior Court, Union County Superior Court, and Middlesex Superior Court, and throughout New Jersey. Call 973-784-8583 or fill out our online contact form to schedule a free consultation about your case. We have an office conveniently located at 189 Franklin Avenue, Suite 1, Nutley, NJ 07710.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.
