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How Much Is a Personal Injury Case Worth?

Posted on February 15, 2022 in

If you get injured in an accident in Arizona, you may have the right to file a personal injury case against one or more parties for causing your injuries. You may be able to file a Phoenix car accident claim, for example, if a distracted driver crashed into you. Understanding how much your personal injury case is worth is important, as it can prevent you from settling for less than you deserve. It can also give you an idea of how much to expect in compensation so that you can start building your future.

Types of Damages Available 

Determining the value of your personal injury case starts with creating a comprehensive list of all of your damages. Damages are the losses that you suffered that are eligible for financial compensation. Your compensable damages are the expenses and losses incurred due to the actions or negligence of the defendant. In a typical personal injury case, they may include:

  • Medical bills
  • Future foreseeable medical costs
  • Out-of-pocket expenses and legal fees
  • Lost earnings and employment benefits
  • Loss of the future ability to earn
  • Property damage
  • Disability or disfigurement
  • Pain and suffering
  • Loss of consortium
  • Reduced quality or enjoyment of life
  • Punitive damages

The compensable losses in a personal injury case are organized into three categories of damages: economic, noneconomic and punitive. Economic damages are the financial expenses connected to an accident. Noneconomic are the personal and intangible consequences of an accident, such as physical pain and emotional distress. Punitive damages are only awarded in a case involving gross negligence, maliciousness, or a willful and wanton disregard for the safety of others. They are meant to penalize a defendant. 

Calculating the Value of Your Personal Injury Case

Once you and a Phoenix personal injury attorney create a list of your losses to include in a demand letter or personal injury lawsuit, your attorney can estimate the value of your case for you. It is important to work with an attorney to get a personalized estimate. Some cases are worth $10,000 or less, while others are worth millions. The value of your case will depend on your specific losses and details that are unique to your case alone, such as your injury diagnosis and prognosis for the future.

It can be difficult to estimate the value of your case without an in-depth review by a lawyer. A lawyer will add up all of the expenses related to your accident and recovery, such as your medical bills and property repair estimates. Then, your lawyer will use the severity of your injuries (and other factors) to estimate a potential amount you could receive in pain and suffering damages. This value is difficult to predict, as it is largely up to a jury to decide. In general, the more severe the injury is, the higher the pain and suffering award. Many factors can influence the value of your case.

How Can You Maximize Your Financial Recovery?

In general, maximizing the value of your personal injury case in Arizona takes minimizing your degree of fault for your injuries, knowing how to deal with an insurance company and protecting your rights by hiring an attorney. The following are general tips that can help you optimize the financial outcome of a case:

  • Don’t admit fault for the accident.
  • Go to a hospital right away to mitigate your losses
  • Carefully document your injuries.
  • Identify all defendants with assistance from a lawyer.
  • File an insurance claim without delay.
  • Understand the insurance coverage available and the limits of a policy.
  • Don’t give the insurance claims adjuster a recorded statement.
  • Don’t rush into a quick settlement.
  • Recognize your right to go to trial for maximum compensation, if necessary.
  • Consult with an attorney before signing anything from the insurance company.

Once you accept a settlement from an insurance company, you typically cannot go back or reopen your case – even if you discover that your injuries will cost more than you originally expected. This is why it is imperative to obtain a case value estimate from a personal injury lawyer in Chandler before signing off on a settlement offer. An attorney can help you understand the true value of your case and negotiate for maximum financial compensation.