Claim Calculator UK: How to calculate the amount of financial losses and expenses you can claim as a result of an accident
Claim calculator UK: Specialist solicitor explains the types of financial losses you can claim as a result of an accident; how to calculate past and future losses using lost salary wages as an example, the evidence necessary to prove your loss with access to a specialist solicitor free online claim calculator UK tailored to your individual accident circumstances.
A claim calculator UK for pain and suffering for your actual physical or psychological injury is described on another of our articles – see our compensation calculator UK, or see examples of compensation payout amounts for our articles setting out in alphabetical order all the body parts you might injury with compensation calculations for each.
What are the types of financial loss and expenses which can be included in your claim calculator UK?
There are many types of financial loss and expense, which can be included within a claim calculator UK, following an accident. Some of which might seem obvious, such as lost income and medical expenses, some not so apparent such as care and assistance in the home provided by friends and family or travel expenses to and from your GP / hospital.
Are all financial losses the same for the purpose of a claim calculator UK?
”No” – financial losses fall into two parts – past losses and future losses.
1. Past financial losses (losses already incurred up to the date of settlement of your claim)
The claim calculator UK for past financial losses is a calculation based on pure mathematics.
Consider all the expenses have you incurred as a direct result of your accident. This might be lost income, medical expenses, travel expenses to the hospital and GP, etc. Then add together all these losses to give you your total past financial losses.
Remember – it is for you, as the Claimant, to prove loss – so each past financial loss must be supported by evidence.
For example – lost salary wages can be supported by 13 weeks of payslips prior to your accident showing an average net income (pay after tax and national insurance) compared to your payslips following the accident showing a reduction in income. 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.
In addition it will be necessary for a medical expert to verify that your absence from work was reasonable given the injuries you had sustained.
Interest can only be charged as part of a claim calculator UK for past losses and expenses if your solicitor has issued your claim at court. A settlement prior to the involvement of the court will not allow your solicitor to charge interest.
2. Claim calculator UK for future financial losses and expenses (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)
A claim calculator UK for future losses is not quite so simple as past losses.
Taking lost income as an example – how can you prove how much time you will need to have off into the future?
The only way to prove future absence from work is to rely on medical expert evidence.
Imagine you suffered severe whiplash 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.
First of all 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 of how long it is likely you are to recover sufficiently to go back to work. The medical expert is not all seeing, so in essence this is an educated guess – but it is a guess that the court can rely on.
If you were assessed as being able to go back to work, but with limited symptoms with your injury still present you could suffer what is known as a “disadvantage on the open labour market” as should you lose your job you might be less able to find another job compared to an individual with no symptoms.
As part of a claim calculator UK – future financial losses would have to be discounted for early payment.
Imagine you were unable to work for another 10 years when your claim settles. You would not receive ten times your net annual salary as you could invest this money and make 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.
Online specialist solicitor free 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 online specialist solicitor free help options – including discussing the circumstances of your accident & how your compensation will be calculated, direct with our experts by phone or online.