How Personal Injury Compensation is Calculated
Sustaining a personal injury due to someone else’s negligence can be a traumatic experience, both physically and emotionally. Not only do you have to deal with the immediate pain and recovery process, but you’ll also have to consider the financial strain that comes with it, such as medical bills, lost wages, and other expenses. Fortunately, in New Mexico, you may be entitled to compensation for your injuries. In this blog post, we’ll dive into how personal injury compensation is calculated in New Mexico and what factors can affect the amount you receive.
There are several factors that are taken into consideration when calculating personal injury compensation in New Mexico. They typically include:
1. Medical Expenses
Medical expenses are likely the most significant factor that determines the amount of compensation you’ll receive. The cost of medical bills, including emergency medical care, hospitalization, medication, therapy, and any other related expenses can be difficult to pay off without help. That is why insurance companies and other responsible parties are usually liable for these costs.
2. Lost Wages
If your injury prevents you from working, you may be entitled to compensation for your lost wages. This amount includes the money you earned and would have earned during the time you were unable to work. Additionally, if your injury limits your future earning capacity, you may be entitled to compensation for lost future wages as well.
3. Pain and Suffering
Another factor that is considered in personal injury compensation is the physical and emotional pain and suffering caused by the injury. It encompasses the physical pain, emotional distress, and mental anguish that you experience after the injury. Since it's difficult to put a price tag on something as subjective as pain and suffering, courts may use a variety of factors to help determine the compensation amount.
4. Long-Term Impacts
If your personal injury causes a permanent or long-term impact on your life, you may be entitled to compensation that will account for this. These include, but not limited to, lost enjoyment of life, loss of certain physical abilities, and loss of companionship.
5. Liability
In most personal injury cases, liability means determining who is responsible for causing the injury. If you can prove that the other party was at fault, you might be entitled to receive compensation. New Mexico has a comparative fault system, which takes into account each party’s responsibility for the injury. If the plaintiff shares a portion of responsibility, the compensation amount will be reduced by that percentage.
Dealing with a personal injury can be overwhelming, both physically and financially. However, it’s essential to know your rights and understand how personal injury compensation is calculated in New Mexico. Whether you’re pursuing an insurance claim or a legal settlement, having a strong understanding of the factors that will determine your compensation amount will provide you with a better chance of receiving fair compensation for your injuries. If you’re unsure about how to proceed with your case or need legal assistance, consult with an experienced personal injury attorney in New Mexico. They can help you navigate the process and maximize your financial compensation.
