When you are injured in an accident, medical bills and financial losses are just some of the damages that you can sustain. Many people suffer from long-term physical pain and emotional distress that have significant negative effects on their lives for months or even years. This is referred to as pain and suffering, and often makes up a large part of a personal injury settlement. If you’re wondering what pain and suffering damages are worth in a personal injury settlement, continue reading for more information and consult with a skilled Bergen County injury lawyer for knowledgeable counsel during your case.
What is Pain and Suffering Worth in an NJ Personal Injury Settlement?
The amount of money that pain and suffering damages are worth in a personal injury settlement can vary significantly. The outcome will depend on the specific circumstances of the situation and details of the injury, most notably the severity and permanence of the injury, as well as the extent to which it interferes with the victim’s daily life.
The value of pain and suffering is generally dependent on the amount of economic damages that the victim has sustained, combined with the consideration of the severity of the injury and its effects.
How is Pain and Suffering Calculated?
New Jersey law does not provide one fixed formula that all attorneys, insurance adjusters, and juries use to calculate the value of pain and suffering. Instead, there are several methods that can be used depending on the specific circumstances of the situation.
One of the most common methods to calculate non-economic damages is the multiplier method. Using this method, the victim’s economic damages must first be totaled. This includes any real financial losses like medical bills, lost wages, property damage, and any other expenses. This total is then multiplied by a factor, generally between 1.5 and 5, with 1.5 representing relatively minor injuries with fast recovery times and 5 representing very severe injuries that leave lasting damage and serious trauma. For example, if you have $100,000 in economic damages and the selected multiplier is 3, your pain and suffering could be valued at $300,000.
The per diem method is also popular in personal injury cases. When implementing this method, a daily rate is assigned to the victim’s suffering based on the severity of the injury and other factors. The dollar amount is then multiplied by the number of days the person is expected to endure the pain and suffering. For example, if the daily rate works out to be $200 and your recovery time is projected at one year, the estimated value will be $73,000.
The amount that your pain and suffering is worth depends on many factors, including the severity and permanence of the injury, whether you lost the ability to work or participate in hobbies, the impact the injury and your suffering have had on your relationships and mental health, and more. To secure skilled legal advice, reach out to an experienced personal injury attorney at Feitlin, Youngman, Karas & Gerson, LLC today.
