You may think nothing’s more upsetting than being injured in an accident. Just wait until you’re trying to recover compensation. You’re probably going to sit through countless rounds of negotiations. This is after struggling to figure out the value of your personal injury claim.
Looking at the estimated value of a Nevada accident claim isn’t a lot of help. Every accident claim is different and this impacts value. So, what factors into your accident claim’s value? Once you know what affects accident claim values, it’s a little easier to figure out what you may get in financial compensation.
The Value of Your Economic Damages
Your economic damages are usually pretty easy to figure out, especially if you’re saving all of your bills and receipts. All you need now is a calculator. Your economic damages cover all of your tangible losses. These are things like your medical bills, lost income, and property repair/replacement costs.
Depending on the severity of your injuries, your claim may include both lost current and future income. This can significantly increase your accident claim’s value. This also applies to your injuries. Medical costs tend to jump when injuries are severe
Your Non-Economic Losses
Skipping over your non-economic losses can be tempting. You can’t fall back on bills or receipts, non-economic damages are intangible. What’s considered non-economic damage is a pretty extensive list.
Typically, most accident claims list pain, suffering, and mental anguish as non-economic losses. However, if your injuries are severe and life-changing, your list of non-economic damages may be a bit longer. You may also be listing loss of life enjoyment, emotional distress, and even inconvenience to name a few.
Since you aren’t relying on bills and receipts calculating non-economic losses can be challenging. It’s the main reason why it can be tempting to ignore your non-economic damages. However you can use one of two formulas to come up with their average value.
The Multiplier Method
This is the most commonly used way to figure out non-economic damage values. The multiplier method takes the total value of your economic losses and assigns your level of pain a number between 1.5 and 5.
The more severe your injuries, the higher the number. So, a whiplash injury may only rate a 1.5 while a broken leg may mean your pain is around a 3. If your economic losses are $100,000 and your pain is rated at 3, your formula will look like,
$100,000 x 3 = $300,000, which is the value of your non-economic losses. Now add your non-economic and economic losses together. Now you have the full value of your accident claim. In this example, the claim’s full value is $400,000.
The Per Diem Method
You can also use the per diem method to determine the value of your non-economic losses. This formula takes your average daily pay and multiples it by the number of days you experienced pain. Before you start wondering how the insurance company is going to verify you’re in pain, you usually look at the number of days you receive treatment for your injuries.
Figuring out your average daily pain also isn’t too complicated. Take your average annual salary and divide it by the number of days you work in the year. So, if your average daily income is $200 and you received treatment for 60 days, your formula is,
$200 x 60 = $12,000. This is the value of your non-economic damages. To get your claim’s total value, add your non-economic and economic losses.
Nevada is a Comparative Fault State
Like a few other states, Nevada follows comparative fault rules. If you’re familiar with comparative negligence, it’s the same insurance law. The rule allows for more than one individual or entity to be liable for causing the same accident.
If you’re speeding and are t-boned by a driver running a red light, you’re both probably guilty of negligence. You and the other involved driver are both breaking traffic laws so comparative fault applies.
Everyone is assigned a percentage of blame based on their actions leading to the accident. As long as you’re not more than 50% responsible for the accident, you can file a claim against the at-fault driver. However, your potential settlement amount will be reduced by your assigned percentage of blame.
Protecting the Value of Your Accident Claim
With so much going into the value of an accident claim, you don’t want to let anything fall through the cracks. Working with a Nevada personal injury attorney can help ensure you receive your claim’s maximum value.
