How to Calculate a Car Accident Settlement in Louisiana
When someone else is to blame for the injuries you sustained in a car accident, you have the legal right to hold them accountable. The Louisiana court system will handle any criminal charges that apply, but you can take action of your own by pursuing a car accident claim that will afford you the opportunity to be awarded compensation for your losses.
But calculating the value of a car accident settlement isn’t as easy as you might think. Continue reading to learn more about what goes into the valuation of a Louisiana car accident settlement.
The Value of Your Economic Damages
The first area your car accident lawyer is going to examine is your economic damages. These are fairly simple to quantify, as they refer to your monetary damages.
By reviewing financial statements, medical bills, costs of repairing or replacing your vehicle, your lost wages, and the loss of expected future income, your attorney will have a better understanding of how impactful your financial losses were so you can recover these costs.
Compensation for Psychological and Physical Losses
Once we have calculated the total economic loss you’ve suffered, we’ll move on to calculations of your non-economic damages. The physical trauma you endured and overall negative impact on your life will make up your non-economic losses. Some examples of these types of damages include:
- Mental anguish
- Loss of enjoyment of life
- Pain and suffering
- Loss of consortium
- Loss of household services
Determining how much you should be awarded for these losses is more difficult than the calculation of your economic losses, but just as important. There are a couple of ways this can be done.
One is by calculating the value of your economic damages multiplied by a fixed injury rate, and the other is to assign you a per diem (daily) injury rate and multiply that figure by the number of days you were affected by the injuries you sustained. Your attorney will use their best judgement to ascertain which method is most likely to produce a favorable outcome in your personal injury case.
Consult with a New Orleans Car Accident Lawyer
When you’re ready to seek the compensation you’re entitled to after an auto wreck, get in touch with a New Orleans car accident lawyer at the Law Office of Braud & Gallagher. You can come in for a free consultation by submitting the brief contact form at the bottom of this page or calling our office at 1-800-256-5674.