How Much Money Will I Get from My Injury Settlement in Mississippi?
Before you file your personal injury lawsuit, you probably want to know how much your case is worth and how much money you will be able to recover in a settlement. While it is impossible to know exactly how much you will be able to recover, a thorough assessment and investigation into your claim, will allow for a determination of the types of damages that are available for recovery. The following considers damages available in a personal injury lawsuit, whether or not the state of Mississippi caps any damages, and how you can learn more about how much money you may be able to recover from your personal injury settlement.
Noneconomic and Economic Damages
The two most standard types of damages that are recoverable in a Mississippi personal injury claim are economic and noneconomic damages. Economic damages refer to actual financial losses, whereas noneconomic refer to intangible or emotional losses.
The types of economic damages that are recoverable in a personal injury claim include:
- The full value of your medical expenses, both past and future, related to your injury;
- The cost of any treatment, rehabilitation, prescriptions, in-home health care, etc.
- The value of any property that was destroyed or damaged as a result of your accident (i.e. an automobile involved in a crash);
- The value of any lost wages or benefits, both past and future, associated with the accident.
If you suffered any other economic losses, these too are recoverable.
Types of noneconomic losses that a plaintiff in a personal injury action may seek include compensation for:
- Mental anguish;
- Emotional distress;
- Physical impairment;
- Loss of enjoyment of life; and
- Other nonpecuniary damages.
Another type of recoverable damages in a personal injury case are punitive damages. Unlike economic and noneconomic damages, which are both designed to compensate a victim for their losses, punitive damages are designed to punish the defendant. Under Mississippi Civil Code Section 11-1-65, punitive damages are only recoverable when the plaintiff’s injuries were caused by the defendant’s malice, gross negligence, or fraud. Punitive damages are capped based on the net worth of the individual from whom damages are being sought. For example, a punitive damages award cannot exceed $20 million if the defendant has a net worth of $1 billion. More commonly, the standard that applies is: Punitive damages cannot exceed two percent of the defendant’s net worth for a defendant worth $50 million or less.
When you meet with the Gardner Law Firm, we will review your case for free. There is no cost or obligation for the consultation. To schedule your consultation, call our offices today at (228) 436-6555. You can also get in touch with us online.