Posted on Thursday, January 23rd, 2020 at 2:08 pm
Oftentimes, when you are filing a personal injury lawsuit, money is not the only thing you wish to get out of a settlement. You also want peace of mind, a sense of justice, and for the defendant to correct or alter their behavior in the future. But money is a big part of the settlement because it can compensate for lost wages, medical bills, emotional pain and suffering, and more. This article will tell you how to calculate how much your personal injury case may be worth.
When calculating how much money you may receive in a settlement, you must consider “damages.” Damages describe what your injuries have cost you monetarily, physically, and mentally.
Compensatory damage refers to the money the defendant pays you to compensate for what was lost because of your injury. This refers to lost wages and medical bills, which can easily be calculated, as well as emotional and physical pain and suffering, which is harder to determine.
If you win your case, a personal injury award will always include compensation for your medical bills for treatment you’ve already undergone and for future treatments related to that injury. There is not a set formula that a judge uses to calculate how much money to award for pain and suffering. Usually, they will instruct the jury to use their best judgment to decide how much to award the plaintiff.
Punitive damages are awarded on top of compensatory damages. They come straight from the defendant’s pocketbook, so their purpose is to punish the defendant. Punitive damages are only awarded in cases where the defendant’s actions or behavior was especially malicious. If the defendant was simply negligent or careless, they will probably not have to pay punitive damages.
It’s recommended that you calculate how much money you may win in a settlement before you pursue a claim. If the monetary and emotional cost of hiring a lawyer and navigating the legal process is more than what you might win, then perhaps pursuing a claim wouldn’t be financially sound.
Contact a New York personal injury lawyer
If you decide to pursue a personal injury lawsuit, the trial attorneys at Hach & Rose, LLP will be ready to help you. We understand how emotionally and mentally taxing a legal battle can be, so we’ll handle all the legwork while you focus on getting better. Call our office at (347) 318-9604 to discuss your legal options today.