Economic Losses Calculator For Personal Injury Claims

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Recovering compensation from a personal injury requires that many factors be considered. Whether it is through an insurance claim or a personal injury lawsuit, there must be a starting point for settlement negotiations to begin. This is true regardless of whether the accident was a car accident, slip and fall, medical malpractice, or another personal injury. 

Compensation for an injury can vary significantly. It is critical to get the advice and guidance of an experienced New York City personal injury attorney to understand the value of your claim. At Kucher Law, we can help.

A Basic Understanding of the Value of an Injury Claim

While every accident and recovery will be different, insurance companies and courts must come to a basic understanding of what the possible payout will be for an injury claim. They will collect an objective list of the expenses that were actually incurred by the injured party, called economic damages, and then add more subjective factors, non-economic damages, to that figure. The total of these will be the starting point for determining the final compensation.

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NOTE: This calculator is not guaranteed to be 100% accurate and should only be used as a guideline.

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In a personal injury claim, age may enter into compensation for future medical costs, loss of earning capacity, and non-economic damages. This is because life expectancy is often a factor for these types of damages. The younger the victim, the longer their life expectancy, and the longer they may need compensation for these damages.

Annual Salary

Compensation for lost wages and loss of future earning capacity will be based on the victim’s current annual salary. 

Lost wages will be calculated based on the victim’s hourly wages or salary multiplied by the number of hours or days missed. There may be other factors considered in the salary calculation, such as overtime regularly made, lost promotion opportunities, lost wage increases, lost sales commission, and lost bonuses that they may also be able to recover.

Medical Expenses

Medical expenses are the total provable expenses that an injured party has incurred as a direct result of the accident. These will include:

Future Medical Expenses

Many injury victims face long recoveries and extensive medical care, including additional surgeries, therapies, and other additional care, sometimes years into the future. Factors that might be considered are:

An injured victim and their attorney will have the burden of proof that future medical expenses will be reasonably expected. Calculating what may be needed into the future can be difficult and require the skill of medical experts or your treating physician.

Future Lost Wages

Compensation for future lost wages, also called lost earning capacity, will consider the difference between what a victim would have earned had the injury not happened and future income they may earn that is now limited by their injury.  For instance, if the injured party is unable to return to their line of work and must take a lower salary or is unable to return to work entirely, future lost wages represent the amount of salary the victim would have reasonably expected to earn had it not been for the accident.

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Pain and Suffering

Other damages can sometimes be recovered in a personal injury case that can be less easy to quantify. These damages, called pain and suffering or non-economic damages, cover any physical pain and mental and emotional effects that the accident and injuries have had on the victim. 

In order to put a dollar value on pain and suffering damages, the insurance company or court will use what is called a multiplier to calculate what these damages are worth. The multiplier will be based on how bad the injuries are and how much medical treatment has been received and may be needed in the future. It will also consider whether the victim will be able to recover, how long-lasting the effects may be, and how these injuries have impacted their life.

Comparative Negligence

Further impacting the value of an injury claim is fault. In New York, we are a pure comparative negligence state which means that the recovery of the injured victim will be reduced by the percentage of their fault for the accident.

Getting Experienced Legal Assistance

If you have been injured in an accident, you have the choice of many personal injury attorneys in New York City. But depending on their experience and skill, the recovery you get from a personal injury claim can vary dramatically. You owe it to yourself to hire an attorney who is dedicated to getting you the maximum compensation you deserve. 

At Kucher Law, we are confident in our results and have the financial recoveries to prove it. If you have been injured in an accident in New York City, call us at (929) 274-8000 or contact us online to schedule a no-cost consultation.

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