You must have been worried about the loss of money you had spent on the accidental damage either physically or mentally. In simple words, these kinds of financial loss due to the accident, usually known as damages. However, you cannot calculate the amount of compensation or personal injury using your own. You need to consult a qualified attorney who can help you not only with the calculation but also with the other legal formalities for receiving compensation.
However, before going to an attorney if you want to check whether the attorney would be able to recover the funds or not. You can check it by putting and calculating the settlement amount of personal injury using the information I have provided below. Though, you need to understand the types of damages first.
Types of Damages
There are mainly two types of damages one is economic damage, and the second one is non-economic damage. They both are different from each other as one is connected with the physical accident or injury, and the second one is connected with the mentally or emotionally painful. Let’s have an in-depth look in both of the damages.
Economic Damage:
These kinds of damages are usually referred to as special damages. In this case, most of the time, a lot of funds need to spend on medical treatment as the injury is physical. You can go through the following points for the calculation of compensation you will be getting.
- Your medical expenses would be cover under this compensation matter.
- The amount of funds you have to spend or have been due to the bills would be cover under the compensation.
- The costs associated with hiring someone for doing household services until and until the patient get recovered.
- You will continue to earn the potential income as long as you are on the rest or recovering from the injury.
- The medical trial costs It means a medical expert will be called on your behalf for your check-up.
Non-economical damage:
Non-economical damage can be described explicitly as the kind of damages which are not attached to any price tag. The stress or loss of enjoyment in life after a particular accident would be cover under this damage.
There are some general damages attempt to compensate an individual for the pain they have experienced. Examples of non-economical damage include:
- Anxiety
- Pain and suffering
- Loss of consortium
- Loss of ability to participate in activities
- Trauma, such as Post-Traumatic Stress Disorder (PTSD)
- Disfigurement
- Emotional anguish
The thing is, you cannot quickly calculate the amount of compensation like economic damages as there are not any bills of treatment available with us. Therefore, the two methods which have been used to calculate personal injury cost is daily rate method and the multiplier.
- Daily rate method: The daily rate can be referred to the amount patient needs for living every single day. The doctor will calculate this amount for treatment purposes.
- Multiplier method: It adds all of your non-economic damage cost and multiply by 1.5. It depends upon the insurance companies though.
Michael S. Bardwell is a healthcare professional with a passion for advancing patient care and improving healthcare systems. With expertise in patient-centered care and a track record of implementing innovative solutions, he is a respected voice in the medical community. As a regular contributor to TAFMED.org, Bardwell shares his insights on healthcare topics and is committed to making a positive impact. When he’s not working, he enjoys spending time with family and giving back to the community through philanthropy.