Calculating financial compensation in a personal injury claim

How much are you likely to be awarded – and how much do you get to keep?

When you’ve been involved in a personal injury accident there can be serious consequences. Most people suffer pain and discomfort. Many miss time off work. It’s a difficult and stressful time and it can lead to severe financial hardship.

If you’ve been involved in an accident that wasn’t your fault, you’re entitled to make a claim both for the discomfort you’ve suffered and any financial losses that you’ve experienced as a result. But how do you work out what you’re likely to receive?

How much is a personal injury claim worth?

The short answer is: ‘it depends’. Every claim is different. As a general rule, the more severe your injuries, the more compensation you’re likely to receive.

The level of compensation will also take account of the financial losses you’ve suffered as a direct result of the accident. That could include loss of earnings – both immediately following the accident and in the future. It would also cover damage to property and any costs associated from your medical treatment – including specialist treatment, travel, prescriptions and other expenses. Whatever costs you’ve had, keep all your receipts!

What happens in extreme cases?

Fortunately, most people get back to full health after an accident. But some accidents can cause long-term and life-changing injuries. These more complex cases can lead to high levels of compensation.

For example, someone suffering from a long-term disability may have to make changes to their home. They may need to buy a special vehicle or they could require ongoing medical care. Additionally, they may not be able to continue in their current job. These types of costs can all be included in a personal injury claim.

What if someone is killed following an accident?

No amount of financial compensation can ever make up for losing a loved one as a result of an accident.

The immediate relatives of someone killed in an accident (spouse or partner, parents, children, siblings, grand-parents and grandchildren) are entitled to receive compensation for the pain and suffering of losing a loved one. This is known as Loss of Society.

In addition to this, anyone who was financially dependent on the deceased (usually spouse and/or children) are entitled to recover further compensation to cover the cost of the financial contribution they would have received (known as Loss of Support).

Other things such as funeral costs and the costs of things like grief counselling can be recovered as part of a claim.

Is there a guide to the amount of compensation I could receive?

Most personal injury solicitors have personal injury compensation calculators on their websites that show approximate amounts that are typically awarded for different types of injuries. Calculators are a useful guide but the precise level of compensation you are entitled to will depend on the individual circumstances in your case.

What happens if I’m self-employed and can’t work for a period of time?

If you’re self-employed, a serious accident can have a devastating impact on your finances. After all, if you aren’t able to work, your whole business can quickly fall apart. Your personal injury solicitor will look at the actual work you’ve missed out on because of the accident and will also estimate the loss of future earnings. Claims are usually based on your accounts for the previous three years. It’s sometimes possible to get an interim payment in cases of financial hardship.

What impact does the solicitor’s fee have on my compensation?

It’s our job to make sure you get as much compensation as possible for your physical suffering and financial losses.

When we take on a case, we operate on a no win, no fee basis. That means there are no up-front costs for you. Our costs form part of the claim against the guilty party. We also charge a success fee of up to 20% of the claim value. Our success fee includes VAT and outlays while some personal injury solicitors can charge up to 30% plus VAT for their success fee.

If you think you have a claim, speak to Watermans Accident Claims and Care personal injury solicitor today

It doesn’t cost you to discuss your claim. Our Total Care team can help you get the medical support you need and put together your legal case. Why not get in touch with us today?