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How do you determine compensation for serious accident injuries?

On Behalf of | Mar 19, 2024 | Personal Injury

Truck accidents can lead to the most serious injuries with long-lasting aftereffects. Therefore, determining the total amount of compensation a person needs afterward can be challenging.

However, insurance settlements and jury awards are usually final, so a claimant cannot go back for an additional payout if costs exceed expectations. An injured person must use every resource to come up with an accurate figure for damages, and the following guidelines can help.

Calculating economic damages

The first step is looking at economic damages. These are the measurable costs that result from the accident. They include medical expenses, property damage, lost wages and loss of earning capacity.

After a truck accident, medical bills can pile up quickly. These expenses cover everything from hospital stays and surgeries to medications and long-term rehabilitation. For example, a spinal cord injury can require years of treatment before a person can walk again.

To claim these costs, a claimant must keep track of all invoices and estimates for future medical care. The testimony of medical professionals also helps to approximate future costs.

A person who is unable to work due to injuries can also seek compensation for lost wages. This includes income the individual already lost from the incident and any future income the person will miss out on due to long-term disabilities. Factors like age, education and work history play a role in assigning this figure.

Calculating non-economic damages

In addition to economic damages, a plaintiff in a truck accident case is also often able to get non-economic damages. These are subjective losses that do not have a clear monetary value but are just as important.

Pain and suffering compensation is one of the most common forms of non-economic losses. This covers the physical pain, emotional distress and psychological trauma resulting from the accident. This type of damage is harder to quantify but can significantly impact a person’s life.

Accidents can also affect relationships with loved ones. For example, a loss of sexual function or ability to express intimacy with a spouse can make one eligible for compensation. These damages are what the law calls a “loss of consortium.” They also include the loss of companionship, support and services that the injured person provided in the home to any family member.

Understanding how courts and insurance companies calculate compensation after a truck accident is important for those seeking to recover from their injuries and move forward. By giving full consideration to economic and non-economic damages, individuals can better determine the compensation they require for their recovery journey.