Calculating Your Damages: Including Medical Bills, Lost wages & Non-Economic Damages

How Your Compensation is Determined In Nevada

If you have been in an accident and are in the process of a claim, you may be wondering how much compensation you will receive. An insurance company will look at lost income, medical bills, pain and suffering, as well as some other losses in order to determine your amount.

Estimating how much you could receive is a complicated process. The insurance company will evaluate how bad your injuries are, what type of accident you were involved in, and any state laws that may apply to the situation in determining your compensation.

The amount you are given can also be impacted by your Nevada personal injury lawyer. They will help you gather all of the evidence you need to provide and help negotiate settlements that better reflect the impact the accident had on you.

Understanding Types Of Damages In Las Vegas Personal Injury Cases

There are two main types of damages when it comes to personal injury cases, compensatory damages and punitive damages. Compensatory damages are focused on making up for loss and can come in the form of economic damages and non-economic damages. Examples of these damages include:

Economic Damages

• Medical Expenses
• Lost Wages
• Property Damage
• Rehabilitation Costs
• Household Services
• Transportation Costs
• Out-of-Pocket Expenses
• Funeral and Burial Expenses

Non-Economic Damages

• Pain and Suffering
• Emotional Distress
• Loss of Consortium
• Loss of Enjoyment of Life
• Scarring and Disfigurement
• Loss of Reputation
• Humiliation

Punitive damages are not given out very often and are typically awarded when the action was extremely dangerous and harmful. These damages aim to discourage any future behavior.

Step-by-Step Guide To Calculating Personal Injury Damages

Step 1- Calculating Economic Damages: Begin by gathering all of the documents that detail the economic costs you have incurred as it relates to your injury. This might include medical bills, employment records of lost income, and estimates for property damage repairs. Directly from these documents, your economic damages will be calculated.

Step 2- Calculating Non-Economic Damages: As with your economic damages, you will want to provide information that will help determine your non-economic damages such as pain and suffering, loss of enjoyment of life, and emotional distress. Non-economic damages are harder to calculate as there is no tangible evidence. They will be determined using the multiplier method or per diem method.

Step 3- Assessing Details Of The Case: Once the evidence for your damages is complete, the insurance company will consider how severe your injury is, who was at fault and by how much, and your pre-existing conditions. The answers to these considerations will either increase or decrease your compensation. This is where a Las Vegas personal injury lawyer is especially helpful as they will implement strategies to ensure you get the most compensation possible.

Step 4- Considering Previous Cases: The insurance company will take a look at cases that are similar to yours to determine how much was awarded and how much is the appropriate amount to award you. This does not lock the amount in place, but rather provides a benchmark.

Step 5- Ensuring Statutory Limits: There are statutory limits in Las Vegas that prevent damages from being too high of an amount. These limits are in place to ensure the compensation is not so high that businesses, insurance rates, and the general economy are impacted.

Step 6- Expert Testimony: The last important step is acquiring expert testimony from doctors, psychiatrists, and other experts that can speak to your condition and the future care you may require.

Using The Multiplier & Per Diem Methods For Non-Economic Damage Calculation

Non-economic damages are difficult to calculate as they don’t have tangible costs associated with them. Because of this, the multiplier method or the per diem method is often used to do the calculation. Your Las Vegas personal injury lawyer can help you estimate what amount you could be eligible for.

For the multiplier method, the process is done by taking the economic damages amount and multiplying it by a number from 1.5-5. The number used to multiply by the economic damages is determined by how severe the injury is, how long the recovery might take, and the accident’s impact on quality of life.

The per diem method gives a fixed number for each day of suffering since the injury. Like the multiplier method, severity of injury, recovery time, and quality of life is also considered.

What Evidence Will You Need To Calculate For Damages

Economic damages are calculated through documentation. If you want to receive as much compensation as possible, you must provide as much evidence as possible. You will give these documents to your Las Vegas personal injury lawyer who will provide them to the insurance company. The documents you should provide include:

• Medical Records including ER charts, surgical reports, bills, therapy notes, etc.
• Employment Records such as tax returns, performance reviews, pay stubs, etc.
• Impact log tracking symptoms interfering with life like pain levels, sleep quality, etc.
• Receipts and invoices documenting medical equipment purchases, vehicle repair invoices, etc.
• Photographs and videos with time and date stamps of the accident

When it comes to sharing this evidence with your insurance company, you should follow your attorney’s directions as the timeline of sharing the documents can affect the amount you are compensated for.

Look No Further Than Our Las Vegas Personal Injury Lawyers For Comprehensive Legal Help!

If you find yourself in an accident and are unsure of your next steps, reach out to our expert Las Vegas personal injury lawyers. At Benson & Bingham, we approach each case with compassion and in-depth knowledge of Nevada law. We work hard to ensure that you receive the maximum amount of compensation for your injuries!

Contact us today for a consultation and discover how our attorneys can give you peace of mind through the settlement process.

Read About Our Other Secret Top Tips To Maximize Your Compensation

1. Understanding the Insurance Process: Navigating insurance claims and negotiations effectively.
2. Gathering Crucial Evidence: Tips for collecting and preserving evidence to strengthen your case.
3. Documenting Your Injuries: Importance of thorough medical documentation for maximizing compensation.
4. Negotiating with Insurance Adjusters: Techniques for achieving a favorable settlement offer.
5. Understanding Settlement Offers: Evaluating offers and knowing when to accept or negotiate further.
6. Considering Future Damages: Anticipating long-term medical expenses and future losses.
7. Avoiding Common Mistakes: Pitfalls to avoid that could jeopardize your settlement.
8. Calculating Your Damages: Including medical bills, lost wages, and non-economic damages.
9. Proving Liability: Strategies for establishing fault and holding the responsible party accountable.
10. Dealing with Medical Providers: Managing medical bills and liens during the settlement process.
11. Utilizing Expert Testimony: Leveraging expert witnesses to support your claim.
12. Navigating Legal Deadlines: Understanding statutes of limitations and other time constraints.
13. Preparing for Litigation: Steps to take if settlement negotiations break down and litigation becomes necessary.
14. Seeking Emotional Support: Importance of seeking emotional support during the settlement process.
15. Reviewing Legal Fees and Costs: Understanding the financial aspects of hiring a lawyer and pursuing a claim.