How Are Personal Injury Settlements Calculated in Kentucky?

If you’ve suffered an injury due to the negligence of another party in Kentucky, you have the right to seek a personal injury settlement. Understanding how personal injury settlements are calculated can help you make informed decisions. This information can help you when negotiating with insurance companies or during your lawsuit. By understanding how personal injury settlements are calculated, you can seek a settlement that reflects the full extent of your losses. Below, we look at how personal injury settlements are calculated in Kentucky.

Types of Damages in Kentucky Personal Injury Cases

In Kentucky, personal injury settlements compensate victims for different types of damages. Understanding the types of damages you can recover in a Kentucky personal injury case is the first step in understanding how personal injury settlements are calculated in Kentucky.

In Kentucky personal injury cases, recoverable damages fall into three main categories;

Economic Damages

These are the actual financial losses you have incurred due to the accident, such as medical expenses, lost income due to time away from work, repair or replacement costs, and rehabilitation costs.

Non-Economic Damages

Unlike economic damages, non-economic damages are not tied to specific monetary expenses. Instead, these damages compensate for the intangible effects of an injury. Non-economic damages reflect the personal impact the injury has had on your quality of life and overall well-being. These damages include loss of enjoyment of life, emotional distress, and pain and suffering.

Punitive Damages

These damages are rare since they are meant to punish the defendant rather than compensate the victim. Kentucky law states that punitive damages can only be awarded if a plaintiff can prove that the defendant acted with malice, oppression, or fraud.

Understanding the types of damages recoverable in a Kentucky personal injury case can help you ensure you receive all the damages you are entitled to.

How Are Economic Damages Calculated?

Economic damages are generally easy to calculate since they involve measurable financial losses. For instance, calculating medical expenses entails counting all costs related to treating your injuries, such as hospital stays, medication, and ambulance services. Any anticipated future medical care is also considered when calculating how much you are owed for medical expenses. If you are owed lost wages, calculate how much income you have lost due to your inability to work because of your injury. Ensure you include time taken off for medical appointments or recovery. If your injuries affect your ability to work in the future, you can also recover compensation for diminished earning capacity. Factors like age, skills, and current earnings can affect this calculation.

How Are Non-Economic Damages Calculated?

Calculating non-economic damages can be a bit complicated because these damages are subjective. The two primary methods used to calculate these damages are;

• The Multiplier Method: Using this method, the total non-economic damages are a product of the chosen multiplier (usually a number between 1.5 – 5) and the total economic damages.
• The Per Diem Method: For this method, a daily dollar value is assigned to your non-economic damages. The total per diem amount is a product of the dollar value and the number of days you endure those effects.

Contact Us for Legal Help

If you’ve been injured and need help assessing your claim, contact our skilled London & Southeast Kentucky personal injury attorneys at Cessna & George Law Firm.

Source:

apps.legislature.ky.gov/law/statutes/statute.aspx?id=17783