When it comes to calculating compensation, there is no formula a law firm uses to determine a pay-out. However, there are certain things that determine a realistic level of financial compensation – things which lawyers look to when putting forward a settlement demand. Information about what these are can be found below:
Your level of liability
To be eligible for compensation, you must have a level of diminished liability – if you were 100 per cent responsible for the accident in which you were injured, then unfortunately the other side will be under no obligation whatsoever to pay you. Furthermore, the more liable you are for an accident, the less financial compensation you can realistically expect. So when it comes to calculating compensation, your level of liability plays a significant role.
How can I calculate my claim?
To calculate your claim’s value, consider how severe your injuries are and how they will affect you in the long-term. Then, consider what the financial damages are to you as a result of your injuries. The worse they are, the more you can expect. Alternatively, you can visit Accident Advice Helpline and use their claims calculator to get an estimated claim pay-out value. You can also call AAH for free, no obligation advice following a personal injury.
The extent of your injuries and how they have and will affect your life
The extent of your injuries and how they have and will affect your life will be taken into account when calculating compensation. Generally speaking, the worse your injuries are and the higher your level of pain and suffering, then the more compensation you can expect. The extent of your injuries, a recovery period and your prognosis will be determined through a medical examination, which you must attend as part of the claims process.
So for example, you can expect to receive more compensation for grade 3 whiplash (severe) whiplash) than for grade 1 whiplash (minor whiplash), and you can expect to receive less compensation for a third-degree burn than for a first-degree burn.
Claiming financial losses
In addition to compensation for your injuries, you can also claim back related financial losses and out of pocket expenses. To do so, you need to have proof of your losses, such as receipts, bills, and wage slips. Depending on the extent of your financial losses, the total amount of compensation you receive could be bumped up considerably. If you have become unemployed because of your accident, you can also claim back future lost income.
The compensation awarded for financial loss is called ‘special damages’. Your special damages will be combined into your settlement demand along with your general damages.