How Are Personal Injury Damages Calculated?
Damages are the financial compensation you may be entitled to receive from a personal injury lawsuit after being hurt by someone else. In order to understand how your personal injury case will be calculated, it is important to understand what types of damages are available as well as when they can be recovered.
There are two types of compensatory damages, called economic and non-economic damages. Economic damages include things like medical expenses and lost wages, while non-economic damages include pain and suffering and loss of companionship. If you’re struggling to calculate your damages, seek out a lawyer from The Estes Law Firm to get answers.
How Economic Damages Are Calculated
Your economic damages should be the sum of all your financial losses, both ones you’ve already suffered and estimates of the future losses you will suffer. The amount of money you receive for economic losses depends on a number of factors:
- How much money was lost due to the accident
- How long it will take you to recover from your injuries
- How much money you would have made at work had the accident not occurred
If you worked for a company that paid you hourly wages or a salary, then the amount of money you’re owed will be calculated based on how much money you would have earned during the time you were out of work.
Calculating Non-Economic Damages in a Personal Injury Lawsuit
If you have suffered psychological injuries because of someone else’s actions, such as an assault, then damages may be recoverable in a personal injury claim. These types of damages are generally known as non-economic damages and refer to the mental anguish you have suffered as a result of being injured by another person’s actions, which may include:
- Anxiety and stress
- Post-traumatic stress disorder (PTSD)
Texas does not put a cap on the amount of economic damages that you can receive in a personal injury lawsuit. However, there is a cap on noneconomic damages in Texas medical malpractice lawsuits that affects how personal injury damages are calculated in the state.
Currently, the medical malpractice non-economic damage cap is $250,000 for each defendant. The maximum amount is capped at $750,000 no matter how many defendants are involved.
Calculate Your Damages with a Lawyer
Of course, the nature of your personal injury case will determine how you are compensated as well. The severity of your injuries and the details of your suffering can impact the damages you’re due, which makes it tough to calculate. That’s why it’s helpful to have an attorney who has experience in different types of personal injury cases, such as The Estes Law Firm.
Let us know how we can help you by calling 281-238-5400 or providing us with details about your situation through our online form. From there, we will explain more about how personal injury damages are calculated according to your own circumstances and what types of compensation you may be entitled to.