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How to Calculate a Personal Injury Settlement
If you’re injured in an accident of some kind and it wasn’t completely your fault, then you deserve to be compensated for your damages. This can be difficult at times, but a New York personal injury lawyer from Greenstein & Milbauer, LLP can help every step of the way.
One of the most difficult aspects of filing a successful claim for compensation is calculating your personal injury settlement. Read on for more information on this process.
First, it’s extremely important to be careful of what you say and how you say it when commenting on your accident with anyone. Never admit fault or say anything that could be twisted to make it look like your accident was more your fault than it actually was.
Insurers and negligent parties will use your words against you to make you carry more liability so they can reduce their obligation to compensate you. Under New York’s comparative fault rules, if, for example, you’re awarded $100,000 but found 30 percent to blame, you’ll receive $70,000—30 percent less.
Key to calculating the value of your personal injury settlement will be identifying and assigning a value to every damage you’ve suffered as a result of your injuries. There are two primary types of damages to consider when calculating settlement estimates: economic and non-economic.
Economic damages are somewhat easy to quantify and include the following:
- Current and ongoing medical expenses
- Immediate and long-term lost income
- Property damage
- Disability accommodations
- Any other out-of-pocket expenses
Non-economic damages are usually difficult to quantify and include the following:
- Pain and suffering
- Emotional distress
- Changes in daily life
- Loss of consortium
- Scarring or disfigurement
Assigning an accurate value to your damages is key to obtaining maximum compensation. A qualified and experienced personal injury lawyer in New York can help you with this complicated step.