If you or somebody you love has been injured in an accident caused by the careless or negligent actions of another individual or business, you should be entitled to various types of compensation for your losses. In most situations, injury claims are resolved from settlements with insurance carriers. However, there are times when these cases have to go all the way to trial. One of the most common questions that get asked in these situations is, “How much is my personal injury claim worth?”
This is important information for injury victims to know, and we want to discuss the factors that go into determining how much compensation should be paid out as a result of an injury claim in Arizona.
Before looking at how much compensation a person will receive, we want to look at the types of compensation available for a personal injury claim in Arizona. In general, this will include economic compensation and non-economic compensation.
The total amount of compensation awarded to a personal injury victim will vary depending on the facts and circumstances surrounding each particular case. There are various factors that go into determining how much compensation a person is awarded, including the severity of the injuries, the length of the recovery time, the level of a victim’s pain and suffering, the amount of property damage, and more.
When working to determine the economic damages mentioned above, an attorney and an injury victim will gather up all the medical bills and proof of other expenses and add them up. This cannot be done until a person has reached maximum medical improvement to ensure that all of the medical bills and other costs are properly calculated.
However, calculating non-economic damages is more challenging because there are no direct bills or receipts available. In this scenario, an attorney will typically use a “multiplier method,” which means that they will take the economic damage total and then multiply that by a set number (usually a number ranging from 1.5 to 5).
For example, suppose a motorcycle crash victim sustained $100,000 worth of economic damage when adding up their medical bills, lost wages, and other expenses. An attorney may use a multiplier of three to reach a non-economic damage total of $300,000. In total, an attorney would ask for $400,000 in compensation for their client. It is critically important for personal injury victims to work with a skilled attorney to help properly calculate how much money they should receive.