Beyond the Medical Bills: How Do Accident Attorneys Calculate the Full Value of Your Losses?

When you’ve been injured in an accident, your losses extend far beyond the medical expenses, so skilled accident attorneys investigate to uncover all the impacts to seek compensation that accounts for each and every factor. The full value of your personal injury claim includes economic losses such as medical bills and lost wages, as well as intangible losses such as pain.

Here, we review how accident attorneys determine the full range of losses and value them to recover full compensation in a personal injury lawsuit.

What Types of Losses Can Be Included in an Accident Claim?

Florida law allows accident victims to seek compensation for a wide range of economic and noneconomic losses. Economic damages are paid for factors that have a clear monetary value, while noneconomic damages are paid to provide compensation for intangible effects of an accident that don’t have a direct cost but that have a negative impact on the quality of life in ways that can be incredibly important.

Are There Medical Losses Besides the Bills?

When an experienced accident attorney seeks compensation for medical losses, they do more than just add up a stack of bills from hospitals and doctors. They look for other costs associated with medical care, such as transportation, over-the-counter expenses, and equipment purchased to help the victim cope with the injuries.

Even more critical is calculating future medical costs. Every medical expense triggered by the accident should be covered, and it takes in-depth consultations with medical professionals to understand the prognosis and anticipate future needs. It is necessary to predict whether the condition will improve or gradually worsen over time, and how it will affect other parts of the body. All expected medical needs for treatment, therapy, medication, and other factors need to be itemized and valued.

How Will the Accident Affect the Victim’s Earning Capacity?

The physical and mental effects of an accident can interfere with earning capacity in the short and long term, and the impact needs to be analyzed, considering questions such as:

• Will the victim be able to return to the same type of employment, or will they need to find a new occupation?
• Will the victim only be able to work limited hours?
• Will the victim be able to work at all?
• What was the expected career earnings projection before the accident, and how is it different now?

These future-loss projections are based on records of past earnings and employment experience, so accident attorneys must obtain this information and analyze it in detail.

What about damage to property?

If your car was torn apart in a collision with a truck or your motorcycle is lying in pieces on the road, you know that it’s only fair that the person who caused the accident should be responsible for the cost of restoring your damaged property. A dedicated accident attorney will investigate to determine all the additional losses caused by the collision, including damage to your property.

What types of noneconomic damages can be recovered in Florida?

Florida law allows recovery of noneconomic damages for a number of intangible losses, including:

• Pain and suffering (physical pain that may be temporary or permanent)
• Emotional distress (mental effects including anxiety, PTSD, and depression)
• Loss of enjoyment of life, including favorite activities
• Scarring or disfigurement (compensation for physical and mental impact)
• Loss of consortium (compensating spouse for the loss of companionship, intimacy, and help that the victim is not able to provide)

How Do Accident Attorneys Calculate the Value of Pain and Suffering?

Because intangible losses such as pain have no monetary equivalent, attorneys must take a different approach to valuing them.

While the value of intangible losses is subjective, attorneys do have recognized approaches they can use to establish a value. They look at the legal precedent for similar losses in other cases and compare the circumstances, considering factors such as:

• Severity
• Expected duration
• Extent of loss of mobility or independence
• The victim’s lifestyle before the accident compared with the future lifestyle allowed after the accident

When an impairment or suffering is permanent, it can significantly increase the damage award.

FAQs About Calculating the Value of Accident Losses

Is there anything the accident victim or family needs to do to help establish the value of losses?

In addition to providing records and information when requested, one of the most important things the victim and the family can do is keep a running log or journal explaining how the injuries affect daily life. If the victim could not make it to a child’s graduation or could not even sit up in bed to watch a favorite TV show, keep a record of when it happens and how the victim feels. Records of daily suffering can be powerful evidence.

Why do insurance companies often place a lower value on intangible losses?

Insurance companies are looking to reduce the amount they need to pay out on a claim. While the insurer may be willing to admit that something is owed for pain, they are likely to value it low by simply multiplying medical expenses by two rather than considering the impact pain has had and will continue to have on the victim’s life. Work with an attorney prepared to refute the insurance company’s arguments and explain why a much higher award is justified.

How can I tell whether a settlement offer covers the full value of my losses?

If the offer was made right after the accident, it is not likely to cover all the losses because you don’t even know the extent of future medical needs at this point, let alone the suffering you may experience due to pain, emotional trauma, and the limitations in your life. It takes time to understand how the accident will affect your life. It is a good idea to consult a knowledgeable accident attorney soon after the accident for a free case evaluation, so you can leave with a clear understanding of your rights and how to get what you deserve.

The Experienced Legal Team at Searcy Denney Tallahassee Knows How to Fully Value Accident Claims in Florida

When an accident caused by someone’s irresponsible actions leaves you with physical and emotional damage to the quality of your life, you deserve to recover compensation for more than just your medical bills. The experienced attorneys at Searcy Denney Tallahassee fight to recover amounts that make up for every aspect of your life the accident has harmed. But to get the best results, we need to start building your case as soon as possible after the accident.

You can find out what your case may be worth by scheduling a free consultation with our team today.