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Spinal cord injuries can occur in a variety of ways, and multiple parties could share liability for your damages. There are many factors that will play a part in determining the value of your damages. Here is more about how the value of a spinal cord injury claim is determined and how to recover the legal funding you need to cover your costs while you wait for your spinal cord injury settlement to be paid.
The Value of a Spinal Cord Injury Lawsuit
Although you may be disappointed to learn that there is no average settlement for a spinal cord injury lawsuit, you may be relieved to learn that the way in which spinal cord injury claims are calculated is generally the same.
Typically, people who have suffered spinal cord injuries have the opportunity to be awarded specific types of damages. They can be separated Into categories known as compensatory damages and punitive damages. Here is more:
Compensable Damages
Compensatory damages refer to the various types of losses a spinal cord injury victim has the right to recover in their claim. Every way your life has been affected by your injury should be taken into consideration.
For your lawyer to accurately calculate the value of your claim, they may need to further categorize your damages as being economic or non-economic. Non-economic damages do not have a monetary value. Non-economic damages, therefore, are more difficult to quantify. They impact every person’s life differently, if at all.
This, in part, is why there is no average spinal cord injury settlement. Every person’s life is impacted by their injuries in the accident that caused them differently. Some examples of non-economic damages that are often awarded in spinal cord injury lawsuits include:
- Chronic pain and physical suffering
- Mental anguish and emotional distress
- Loss of enjoyment of life
- Loss of protection, support, love, companionship, guidance, advice, and society
- Damage to your personal and professional reputations
- The inconvenience of being involved in an accident
Economic Damages
Economic damages refer to the financial losses you have experienced. Financial losses are easier to quantify as they are easily proven via financial records such as pay stubs, bank records, receipts, quotes, and outstanding debts. Economic damages spinal cord injury victims may have the right to recover include:
- The cost of repairing or replacing your vehicle
- Other property damage repairs or replacement costs
- The increase in your auto or health insurance premiums
- The income you lost by being unable to work
- Your loss of future earnings if you were terminated or your injuries prevent you from continuing to work
- The cost of your current and future healthcare expenses, including medical equipment and devices, co-pays, and medications
Punitive Damages
Punitive damages are typically only awarded when the court system wants to send a message to the community. Compensable damages are the type of loss you have the right to recover. Punitive damages are not the same.
The courts may find certain defendants’ conduct grossly negligent, intentionally harmful, or malicious. If this happens, they may feel it necessary to punish them beyond your compensatory damages. They may feel it appropriate to order the defendant to pay a considerable amount of punitive damages to signify the court’s intolerance of the defendant’s conduct.
Never plan on being awarded punitive damages. However, your attorney can give you a better idea as to whether punitive damages could be awarded in your case.
To apply for free, call (877) 735-0016
The Value of a Spinal Cord Injury Insurance Settlement
The value of your spinal cord injury claim is not the only factor that determines how much you will be awarded in your spinal cord injury case. Many spinal cord injury victims need to pursue claims with an insurance company to recover compensation for their damages.
However, insurance companies and policies will generally only cover specific types of losses. For example, the insurance company might be willing to cover your medical expenses if the defendant carried bodily injury liability coverage.
If the insurance company does not offer coverage for pain and suffering, or the defendant opted out of this coverage, you may not have the right to recover compensation for pain and suffering in an insurance claim. As you can see, insurance settlements and negotiations can quickly become complex. You can take steps to ensure you are not taken advantage of by the insurance company by having your spinal cord injury lawyer negotiate with the insurer on your behalf.
How to Get Financial Help When You Need It Most
While you are struggling to make ends meet, it could be months or longer before your spinal cord injury settlement is paid out. If you are hoping to find financial relief, reach out to High Rise Financial for a pre-settlement spinal cord injury lawsuit loan.
Here, you could get an advance on your spinal cord injury settlement so you can escape financial insecurity. Then, once your spinal cord injury settlement comes in, you can use those funds to pay back your lawsuit loan. To learn more about whether you meet the eligibility requirements, do not hesitate to contact our team of loan specialists to discuss your financial needs today.
Contact High Rise Financial to Fund Your Spinal Cord Injury Lawsuit Loan
Although there is no average settlement for a spinal cord injury lawsuit, the ways in which your damages are calculated will be paid based on specific factors. Your spinal cord injury attorney can give you a better idea of how much you could expect to be awarded in your insurance and civil claims.
Get access to your money now while you wait for your case to be resolved when you contact our team of dedicated loan specialists at High Rise Financial for help. Contact us by phone or through our quick contact form to further discuss the specific details of your case.
Call or text (877) 735-0016 or fill out our form to apply today for free.