When an accident results in a catastrophic injury, your attorney will need to pursue damages for a lifetime of dealing with your new normal. Your lawyer will need to factor in long-term medical care, decades of lost income, home modifications, and the emotional impact of living with a permanent disability.
At Levin & Perconti, our trusted catastrophic injury lawyers will draw on over 400 years of combined experience to build your claim based on what you will need for the rest of your life — not the insurance company’s lowball, short-term estimate. Please reach out today if you need assistance with your case.
How Does a Catastrophic Injury Lawyer Determine My Economic Damages?
Economic damages compensate for quantifiable financial losses you’ve suffered or will suffer as a result of your injury. Calculating economic damages properly is very important in a catastrophic injury claim, as your current and future medical expenses are likely to be substantial. Your lawyer must factor in what your future support needs will be based on your condition, including whether you’ll need home modifications or adaptive equipment.
Your attorney will also pursue damages for your lost wages — including pay you no longer have the ability to earn. When calculating your diminished earning capacity, your lawyer can include potentially decades of wages you will miss out on because of your injuries.
How Will My Catastrophic Injury Lawyer Calculate Non-Economic Damages?
While economic damages are relatively straightforward, non-economic damages compensate for what can’t be easily measured. You deserve compensation for the mental and emotional damage that comes from living with your injuries, including the permanent loss of mobility and independence — even if they have subjective values.
To estimate your non-economic damages, your personal injury attorney will either multiply your economic damages by a number based on the severity of your suffering or determine a rate that applies to each day you will experience your reduced quality of life.
Non-economic damages your lawyer can pursue after a catastrophic injury include:
- Pain and Suffering
- Emotional distress
- Loss of enjoyment of life
- Loss of companionship
- Loss of consortium
- Disfigurement
What Variables Can Impact the Value of My Catastrophic Injury Claim?
Often, two catastrophic injury cases appear similar but yield widely different damage valuations. A variety of factors can influence a catastrophic injury lawyer’s damage calculations, including:
- The victim’s life expectancy
- How old was the victim at the time of the accident
- The expected inflation of medical costs over time
- Cost differences based on where the victim lives
- Expected technological advances
How Will the Insurance Company Try to Dispute My Lawyer’s Valuation?
Insurance companies are only loyal to their bottom lines. In a catastrophic injury case, insurers won’t usually argue that the victim doesn’t have a valid claim. Instead, they will focus their efforts on minimizing the amount they owe.
A favorite tactic of insurance companies is making an early, lowball settlement offer. A decent sum of cash without a legal battle might seem enticing when you’re still fighting to recover and adjust, but the insurer’s initial offer likely undervalues your long-term damages significantly — potentially leaving you to face mounting care costs later with no further recourse.
A trusted catastrophic injury lawyer will be familiar with insurance company tactics and will know how to fight back. Whether the insurer is disputing your long-term care costs or arguing that your non-economic damage estimates are unreasonable, your attorney will be prepared to defend their valuations and fight to secure the compensation you deserve.
What Happens When My Catastrophic Injury Damages Exceed the Available Insurance Coverage?
If you’ve suffered a catastrophic injury, it’s possible that your lifetime damages will be more serious than the responsible party’s insurance coverage limits. This can complicate your claim, but it doesn’t mean you can’t recover further compensation.
In most circumstances, insurance companies are only responsible for paying up to their coverage limits. If you have further damages, you can then pursue the liable party individually. It’s vital to have a catastrophic injury lawyer who knows how to fight for damages beyond settling for policy limits.
Can My Catastrophic Injury Lawyer Help Ensure My Settlement Money Lasts?
Your catastrophic injury lawyer can help negotiate a settlement that best fits your individual needs. A lump sum payment may be tempting, but a structured settlement can preserve your settlement funds so they can cover your expenses reliably for decades to come. Structured settlements use annuities to provide regular payments over time, generating a consistent source of income.
Depending on your circumstances and needs, your attorney may also use your settlement funds to set up a special needs trust, which can help you maintain eligibility for government support programs while still covering your care expenses.
Let Levin & Perconti Help With Your Catastrophic Injury Claim
If you or a loved one has suffered a catastrophic injury in an accident, our trusted legal team is ready to help you secure the compensation your family deserves. Contact us online or call 312-667-4033 today to schedule a free consultation with our experienced Chicago catastrophic injury lawyers.
