If your motorcycle got damaged after colliding with a motor vehicle, you may feel eager to discover the value of your compensation for damages. Before you try to calculate that particular figure, you should first ask this question: Can I prove that the driver that hit me was negligent? If you cannot answer that question with a firm “yes,” then there is not much chance that you can get compensated for your damages.
Types of values used during a determination of any rider’s compensation
Settlement value: This is an estimation that gets made by the owner of the damaged motorcycle. Yet if you are that particular owner, then your estimate must fall within a certain boundary. It must qualify as a reasonable guess, one made by judging the size of the awarded compensation.
Trial value: This figure too ought to be viewed as estimation. It estimates the value of what you could win, if your personal injury case were to go to trial. While you arrive at the settlement value by guessing at the size of your compensation, you calculate the trial value by using a recognized formula.
The values that get placed in the standard formula
Before you can use the standard formula you must calculate a sum. Add the amount that represents your lost earnings to the figure that stands for your lost earning capacity. Your lost earning capacity includes the losses forced on you by medical bills, therapy and other medically-related costs.
In addition to calculating your losses, you need to determine what your salary might be in the future, considering what you make now. For that reason, you should consider hiring a lawyer, a legal professional that knows how to purchase the guidance that comes from an economic expert. Once you have calculated the sum of your lost earnings and lost earning capacity, you have the figure that stands for your special damages.
Comparing the special and general damages
During a trial, the jury’s judgment determines the general damages. Unlike the trial value, the jury’s judgment does not get used in any formula. The trial value gets used to calculate a certain figure, one that is slightly more than the worth of the settlement. You arrive at that particular figure by using the formula to get 20% of the trial value.
That calculated figure reveals what you should accept, while trying to settle your case out of court. You should be willing to settle for less than what had been your guess (the settlement value), because such an approach frees you from the need to invest time and money in trial proceedings. Your personal injury lawyer in Oakville will not have to guess at your suitability as a witness.