Claim Calculator For Financial Loss And Expense Due To Personal Injury
Discover the types of financial losses you can claim as a result of personal injury an accident; how a claim calculator determines past and future losses (using lost salary wages as an example); the evidence necessary to prove your loss
In addition, you can access to a free claim calculator tailored to your individual accident circumstances.
Calculating Compensation For Injuries
At any time you can use wither our pain and suffering compensation calculator or payout tables by body part.
You will find body parts set out in alphabetical order with all manner of injuries combined with payout tables for each.
What types of financial loss and expense can be claimed?
There are many types of financial loss and expense following an accident. Most of which can be included within a compensation claim calculations. Some losses might seem obvious, such as lost income and medical expenses. Some not so apparent. For example – care and assistance in the home provided by friends and family or travel expenses to and from your GP / hospital.
Examples Of Losses In Common Types Of Accident
Road accidents and work injury are the most common types of personal injury claim in the UK.
Our compensation for car accidents and work accident compensation articles provide details of typical financial losses you can claim.
Are all financial losses and expenses calculated in the same way?
No – generally financial losses and expenses fall into two distinct parts distinct parts known as past and future losses. The means of calculation of each is slightly different.
Past financial losses and expenses claim calculator
Your past financial loss and expenses relate to those losses you have already incurred. However – there is a slight distinction between a loss and an expense.
Distinction Between Financial Loss And Financial Expense
Your past losses are sums that you would have ordinarily received up to the date of settlement of your claim. For example – lost income.
Whereas, your past expenses are things you have already paid for up to the date of settlement of your claim. For example – medical expenses, such as painkillers.
Simple mathematics to calculate
The claim calculation of both past financial losses and expenses is based on pure mathematics.
With your help – your solicitor will collate all the expenses have you incurred as a direct result of your accident and add them together to give your total past financial losses.
Evidence to support past financial loss and expense
Keep Records As Evidence To Support Financial Loss And Expense
The burden of proof is on you, as the Claimant, to prove loss. Therefore, you should keep all supporting records and receipts as evidence to support past losses.
You should be guided by your solicitor. However, you ultimately will have to provide this evidence to your solicitor at some point in your claim.
As a general rule – no evidence no recovery!! So don’t be under compensated – keep teh records you need.
Examples of loss and expense might include:
Medical expense
Medical expense may be supported by receipts.
Future Receipts Can Support Lack Of Initial Receipts
You may not be thinking clearly immediately following an accident. Therefore, it is a common mistake that you may not have kept your initial receipts for financial loss.
However – don’t despair!!
Future retained receipts can often support the absence of earlier receipts, as they demonstrate a consistent ongoing expense.
For example – you may not have kept receipts for your first few weeks of painkillers. However, once your realise. you should keep the receipts for all the following weeks.
This consistency of expense will support your initial lack of evidence and hence a larger sum can form part of our financial loss and expense claim calculator.
In addition – bank card transactions may be able to show a consistent expense.
Lost income
Lost wages (should you be employed) – can be supported by 13 weeks of payslips prior to your accident date. These payslips allow your solicitor to prove your average net income
Net Income
Your net income is your take home pay. In other words – your pay after tax and national insurance are deducted.
Alternatively – a letter from your employer verifying your average earnings prior to the accident together with a confirmation of your absence and reduced income might suffice.
Confirmation From A Medical Expert
In addition to proof of your lost income – you will generally require support from the medical expert instructed in your claim.
In other words – it will be necessary for a medical expert to verify that your absence from work was reasonable given the injuries you sustained.
Interest
Interest on financial losses can generally only be included as part of your claim calculator – if your solicitor has issued your claim at court.
Therefore – settlement prior to the involvement of the court will usually not allow your solicitor to charge interest.
Future financial losses and expenses claim calculator
Future losses and expenses are those financial losses you have yet to incur, but are likely to incur *due to the fact you are not yet recovered from your injury when your injury claim settles).
A claim calculator for future losses is not quite so simple as past losses.
Example of future lost income
Taking future lost income as an example. How can you prove how much time you will need to have off into the future?
Medical expert evidence
The only way to prove future absence from work is to rely on medical expert evidence.
For example – imagine you suffered severe neck injury in a road traffic accident or a broken leg in a work accident resulting in absence from work. As your claim approaches settlement – you are still absent from work as you are still recovering from your injuries.
Firstly – a medical expert instructed by your solicitor would need to verify that given your injuries and the nature of your work – continued absence is reasonable.
In addition, the medical expert would have to provide in a prognosis an estimate of how long it is likely for you to recover sufficiently to go back to work.
Educated Guess
The medical expert is not all seeing, so in essence a prognosis is an educated guess.
However, it is a guess that the court can rely on.
Disadvantage on the open labour market
You may be assessed as being able to go back to work, but with some symptoms or disability of your injury still present.
In this instance, you could suffer what is known as a disadvantage on the open labour market.
In other words – a sum of compensation to take into account the risk that should you lose your job in the future you might be less able to find another job (compared to an individual with no symptoms).
Discount for early payment of future losses
As part of a UK claim calculator – future financial losses would have to be discounted for early payment.
Example Of Being Unable To Work For Another 10 Years
For example – imagine you were unable to work for another 10 years when your personal injury claim settles.
You would not receive ten times your net annual salary – as you could invest this money and make more money.
Instead it is likely you will receive in the region of 6 – 7 years of your annual salary for early payment of a lump sum.
See our salary compensation article – for further details about calculating lost pay as a result of an accident.
SUMMARY – Financial Loss And Expense Claim Calculator
In summary – past and future financial losses and expenses are calculated in a slightly different manner, with future losses being discounted for early payment. Evidence in support is essential – both receipts and expert medical opinion. However – there is no claim calculator as good as speaking with a specialist solicitor.
FREE Specialist Solicitor Help
There is no substitute for a solicitor when it comes to a calculating your compensation payout.
Using the automated online claim calculators are both highly misleading and highly inaccurate.
See our specialist solicitor telephone / online free help options. You can not only call direct to speak to a solicitor, nut also ask a question or have your claim assessed.
You may simply need to discuss the circumstances of your accident to know what to do next and how your compensation will be calculated.
