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How Does a Personal Injury Settlement Calculator Work?

A personal injury settlement calculator gives claimants a general idea on how much should they receive from the insurance company.

However, the amount is just an estimate and should not be taken at face value.

It is recommended that you acquire the services of a personal injury attorney to help you in calculating the possible amount of compensation you deserve.

Doing it alone may result in over or underestimating the value of your personal injury claim.

Factors that Affect Personal Injury Compensation

A personal injury calculator considers different factors in producing an estimate of your deserved compensation.

Most personal injury claims are different from each other so the amount that another claimant gets may not necessarily be the same with you despite the similarity of your injuries.

This is because the loss that you experienced may be different.

You may have a different job or a different lifestyle that although you have the same type of injury from the same accident, the amount of loss may not be the same.

Given that, personal injury calculators often use the same factors in calculating settlements and compensations.

Here are the three commonly used factors in computing personal injury claims:

• Total Financial Loss – This covers all losses that automatically have a dollar value equivalent. This includes lost income, medical bills and expenses related to the injury.
• Level of Pain and Suffering – This covers physical and mental injuries that include temporary and permanent disabilities and how it changed your lifestyle.
• Extent of Liability – This covers the amount that should be paid in relation to the liability of the defendant. If you have some fault in the accident as well, the defendant may claim for comparative negligence to reduce the total amount of your compensation.

How to Compute your Personal Injury Damages?

Computing your personal injury claim starts with your total financial loss.

The calculator will compute your total medical expenses related to the injury from the accident.

They will then add the lost income and other monetary losses related to the injury. That will form the base amount for the personal injury claim.

Losses that do not have a dollar value like pain and suffering are then converted to have a monetary value and are added to the base amount.

If you have some comparative negligence or have some fault in the accident, then an amount will also be assigned to the level of your liability.

That amount will then be subtracted from the amount you had before.

For example, if the personal injury calculator assigned your total loss, including financial and suffering, a value of $10,000 and you admitted to about 20% liability on the accident, then the final amount will be $8,000.

Again, the amount is not exact but rather an estimate of what you may get.

Consult a personal injury attorney for more details.