What Is the Value of a Personal Injury Case in Denver?

Every personal injury case is unique. Though it is normal for claimants to want to know how much their cases are worth, it is important not to gauge values based on a perceived “average” amount. There is no one-size-fits-all settlement for a personal injury case in Denver. An in-depth review from a Denver personal injury lawyer is the best way to get an accurate evaluation of your case.

How to Determine Case Value in Denver

Calculating the financial compensation, or damages, you could receive from your personal injury claim takes an understanding of what is available. The goal of a claim is to make the injured accident victim whole again by holding the defendant or at-fault party financially responsible for various losses. There are three main types of damages awarded in the personal injury justice system.

Economic Damages

Economic damages refer to the monetary losses directly caused by the accident, such as medical bills, lost wages and property damage repairs. Calculating economic damages requires adding up all of the bills, receipts and costs associated with the harmful incident and the victim’s injuries. Future foreseeable costs must also be calculated, potentially with help from medical experts or life care planners, in the event of a catastrophic injury or permanent disability.

Noneconomic Damages

Noneconomic damages encompass every other way the accident and injury impacted the victim besides financially. A victim could be paid for intangible losses such as pain and suffering, emotional harm, and mental anguish. Calculating noneconomic damages is more difficult than economic since there are no hard numbers involved.

The most common way noneconomic damages are calculated is the Multiplier Method: the victim’s total amount of economic damages multiplied by a number (typically between 1.5 and 5) based on the severity of the injuries. If economic damages are $100,000, for instance, and a multiplier of three is given for a moderate injury, $300,000 would be assigned in noneconomic damages.

Punitive Damages

The least common type of damages awarded in a Colorado personal injury case is punitive or exemplary. Colorado Revised Statutes Section 13-21-102 states that in a case where it is proven that the defendant acted with fraud, malice, or willful and wanton conduct, additional damages may be awarded to the injured party to punish the defendant. Discuss your case with a Denver attorney to determine if punitive damages could be available.

Factors That Affect Case Value

It is important to have an idea of how much your personal injury case in Denver is worth before you engage in settlement negotiations with an insurance provider. That way, you can protect your rights and negotiate for a fair and full value.

Many factors can impact case value, including:

Injury severity: since more serious injuries cause greater damage to victims, these case values are generally higher.
Comparative fault: if you are found to be partially responsible for the accident, this could reduce your case value by an amount equivalent to your percentage of fault.
Insurance available: the amount you receive in a personal injury settlement in Denver will be limited to the insurance available on the defendant’s policy.

The most effective and reliable way to optimize your personal injury case value in Denver, Colorado is with legal representation. Hire a skilled and experienced personal injury lawyer to take over claim negotiations or a personal injury trial on your behalf to maximize your payout. For a free consultation to learn more about the potential value of your personal injury case, contact Fang Accident Lawyers.