How is the Value of a Personal Injury Claim Calculated?
Suffering injuries in a preventable accident can create a host of physical, emotional, and financial setbacks for victims, which is why our civil justice system recognizes their need to recover financial compensation – and why at-fault parties can be held liable for providing that compensation.
By working with our experienced personal injury lawyers, victims throughout Waco, Austin, and the surrounding areas of Texas have bold and unwavering advocates who fight for the compensation they deserve – including compensation for all of their relevant damages. When handling cases, we take the time necessary to understanding the full scope of our clients’ losses, and to calculating the potential value of their claim based on real information.
While it may be difficult to estimate the value of a case early on – especially when the full nature of a victim’s damages are not yet known – it is important to understand how damages are calculated in personal injury cases. Generally, victims harmed by negligence will be eligible to recover the following:
- Economic damages – Victims of accidents that were caused by the negligent or wrongful acts or another have a right to recover the economic damages they incurred as a result. These damages are tangible losses and usually associated with verifiable sums. For example, common economic damages include medical expenses, future medical needs, lost work wages or future earnings, costs of therapy or emotional services, and more.
- Non-economic damages – As opposed to economic damages, non-economic damages have no verifiable sum attached to them. These damages, instead, refer to the intangible losses victims may suffer following preventable accidents and injuries, such as their pain and suffering, mental anguish, loss of quality of life, and more. Non-economic damages are just as important of a factor in personal injury claims as economic damages.
- Exemplary damages – In some personal injury cases, victims may be entitled to a recovery of exemplary damages. Also known as punitive damages, these awards are only available in cases where at-fault parties committed acts of willful or egregious negligence (such as drunk driving). Punitive damages are intended to serve as further punishment for wrongdoers, and as a deterrent to others.
Understanding the needs of victims and the damages they suffered is only half the battle. In order to recover the compensation one deserves, exceptional legal work and experienced guidance become critical. At the Law Offices of Vic Feazell, P.C., our legal team is prepared to help victims across the region fight for the full and fair recovery they deserve during their times of need! To discuss a potential case, contact us today. Consults are free and confidential.