After suffering a debilitating back injury, it is not uncommon for injury victims to wonder how much they could be awarded. Although the thought of going to court and dealing with a difficult and drawn-out litigation process can be overwhelming, pursuing insurance and civil claims may be your best opportunity to recover your damages in their entirety.
Unfortunately, there is no average settlement for a back injury. Although many victims are hoping to find a specific dollar amount, the truth is every person’s case is different. The types of losses that could impact your life due to your back injuries are significantly different from another person’s situation.
However, you do have the right to be made whole. While your attorney fights for maximum compensation in your case, it could take time for your settlement to come in. Fortunately, when you contact High Rise Financial for help, your financial struggles are over.
Calculating the Value of Your Back Injury
If you are hoping to recover the total value of your back injury damages, your attorney will need to go over all of the ways your life may have been impacted. To ensure each loss is taken into account, your back injury attorney will need to quantify your damages into categories known as economic damages and non-economic damages.
Special damages are commonly referred to as economic damages. Economic damages are financial losses that are easily quantified. Your attorney can place a monetary value on them by providing proof of their value through receipts, quotes, bank records, bills, and other documents.
Examples of special damages you could be awarded following your back injury include:
- Loss of income
- Diminished earning potential
- Property damages
- Costs of child care
- Household maintenance and upkeep fees
- Costs of increased auto, health, or life insurance policy premiums
- Any other out-of-pocket financial losses
General damages do not have a monetary value. They are more commonly referred to as non-economic damages. Your attorney needs to place a monetary value on them if you hope to be awarded compensation accordingly.
However, due to the fact that general damages may have a significant impact on the back injury victim’s life, ensuring compensation for their non-economic damages is of utmost importance.
Examples of general damages awarded for back injuries include:
- Pain and suffering
- Sexual dysfunction
- Mental anguish
- Reputational damage
- Loss of consortium
- Reduced quality of life
- Disfigurement and skin scarring
Exemplary damages are most commonly referred to as punitive damages. Punitive damages are not any type of loss you are going to have the right to recover in your back injury claim. The only way you will be awarded punitive damages is if the court system finds it necessary to punish the defendant for conduct they have deemed intolerable, egregious, grossly negligent, abhorrent, or reprehensible.
The courts may award punitive damages at their discretion. Punitive damages are typically only awarded when the courts want to inform the community that they are taking cases of this nature seriously and will ensure just punishment for defendants who commit similar crimes in the future.
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How to Determine What Your Back Injury Is Worth
Although there is no average amount of compensation awarded and back injury claims, you can get a better idea of how much your lawsuit or insurance claim could be worth after going over your damages in detail.
To accurately calculate the value of your claim, there are multiple methods your attorney may use. Generally, these include the per diem method in the multiplier method:
The Per Diem Method
In utilizing the per diem method, your attorney will go over your non-economic damages and assign them a financial value for each day you have experienced these losses.
For example, if your attorney determines the value of your non-economic damages is set at $50 per day, and you have experienced these damages for five years, or 1,825 days, your $50 per diem amount would be multiplied by 1,825, to give a value of $91,250 in non-economic damages.
This value will then be added to the value of your economic losses to get the total value of your back injury claim.
The Multiplier Method
The multiplier method is different from the per diem method. Instead, your attorney will evaluate the severity of your back injuries in a sign at a value of between 1 and 5. This number will then be multiplied by the total value of your economic damages to obtain a value of your non-economic damages.
For example, if your attorney assigns a back injury value of three, and your economic damages are valued at $1 million, your attorney will multiply 1,000,000 x 3, for a value of $3 million in non-economic damages. The $3 million in non-economic damages, plus the $1 million in economic damages, would put the total value of your back injury claim at $4 million.
How Are Back Injury Claims Paid Out?
There are several ways in which you could be awarded compensation following your back injury. Generally, back injury settlements are paid out through trial verdicts or insurance claims.
How to Find Financial Relief
When you are dealing with the ramifications of your back injuries, it can be difficult to know what your next step should be. You do not have to wait for your back injury settlement to come in to get the financial help you need.
You can find financial relief when you reach out to High Rise Financial for help. Get a cash advance on your back injury settlement and cover your costs today.
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Contact High Rise Financial for Pre-Settlement Back Injury Funding
If you have a pending back injury settlement and are ready to escape financial insecurity, do not hesitate to contact our experienced loan specialists at High Rise Financial for help.
We can provide you with pre-settlement back injury funding if you meet our eligibility requirements. Contact us by phone or fill out our application today to access your lawsuit loan in a matter of hours.