Settlements can provide Kentucky personal injury victims with compensation for both economic and non-economic damages that they have suffered. Economic damages are the tangible losses from the accident, such as medical expenses, lost wages from missed work, and loss of earning potential. These losses are relatively easy to calculate.
Non-economic damages can be trickier. Because pain and suffering settlement amounts are difficult to determine, injured Kentuckians should rely on the knowledge and perspective of an experienced Kentucky Courage attorney to value their claim properly and seek a just settlement.
Is There an Average Settlement Amount for Pain and Suffering?
Because many factors, including the severity of the injuries, affect any personal injury case, there isn’t an average amount for a typical pain and suffering settlement. Every case stands on its own facts.
Generally, the worse your physical injuries are and the more impact the injuries have on your future, the more compensation you may seek.
Why Individual Case Factors Result in Varying Settlements?
A number of factors affect the final settlement of a personal injury case, including the following:
- How badly you were injured. The worse your injuries and the longer they take to heal, the higher your medical expenses and the greater the impact on your ability to work or care for your family.
- Whether you were rendered disabled. If the accident results in a permanent disability, your non-economic compensation is usually higher to account for these effects.
- Whether you can live independently. Some people may require accommodations in a skilled nursing facility or assisted living facility. Your settlement can cover these costs.
- The limits of the defendant’s insurance policy. The at-fault party’s insurance provider pays most personal injury settlements. The amount you receive may be affected by the limits of the liability policy.
How To Calculate the Cost of Pain and Suffering?
It can be hard to quantify non-economic compensation for pain and suffering and harder still to place a dollar value on your mental well-being. Many personal injury attorneys use one of two methods to calculate the cost of pain and suffering.
The multiplier method of calculating your pain and suffering compensation starts with your total economic losses. Your attorney tallies your economic losses and then multiplies them by a factor based on the severity of your losses to determine your total compensation amount.
The per diem method assigns a daily rate to the number of days your life is affected by the pain and suffering from your accident injuries. The daily rate is multiplied by the number of days your injuries and pain affected your life. For example, if your per diem rate is $200, and your accident leaves you in pain for 50 days, your non-economic compensation would be $10,000.
Benefits of Having a Personal Injury Attorney for Your Case
If you have been seriously injured in an accident caused by someone else, seek the guidance of an experienced attorney. Our personal injury lawyers based in Kentucky are ready to stand up to big insurance companies and seek the maximum compensation available in your case. Contact us today at (877) 809-5352 for a free consultation.
