Whether you’ve been injured in an accident or were the perpetrator of an accident, personal injury claims are complicated and often very personal.
Whatever the circumstances of the accident, you have every right to know what you may receive or be liable to pay. Here’s a rundown on the average settlement for personal injury cases.
How Personal Injury Settlements Work
There’s no such thing as an ”average” accident. Each incident is 100% unique to those involved and so is every personal injury claim and settlement.
Settlement amounts vary greatly, depending on numerous factors. Most of the time, settlements depend on:
- The specific nature of damages
- The type of insurance held by each party in the accident
- Proof of liability
- The extent of medical expenses — both current and in the future
- Impact on being able to work i.e. earning an income
- Overall impact on quality of life
- Other medical expenses, such as specialized therapies
- The quality of legal representation
Of course, there are other out-of-pocket expenses that can be taken into account, too. But all-in-all, settlements are contingent on these factors. It’s crucial to remember that your case’s value cannot be based on averages alone.
Most personal injury settlements aren’t always paid out as a lump sum of money, either. Your case may be subject to structured settlement funding. However, you can learn more about structured settlement loans if you need access to funding urgently.
The Average Settlement For Personal Injury Cases: A Look at Numbers
Personal injury settlements vary greatly. Basically, a monetary settlement is a consensual agreement where affected parties agree upon a compensation amount. This is the best course-of-action to avoid a costly and time-consuming court process.
In short, the settlement amount is determined by how both sides estimate the court would determine case value.
For lower-end, more minor personal injury cases, you can expect to receive or pay a few thousand dollars. This is usually the case for minor traffic, bike, and car accidents.
But to put things in perspective, personal injury settlements usually range from $3,000 – $75,000, depending on the above-mentioned factors.
Very rarely will a personal injury settlement reach into the million-dollar range. However, these cases are always exceptional. They usually include punitive damages or extraordinary damages, too. These types of cases involve death, paralysis, complicated surgeries, and other therapies.
Can You Calculate Your Own Settlement Amount?
You may be able to gauge a rough idea of your settlement amount. This can be done by calculating your economic and non-economic damages and adding them together.
These are the two main damage categories considered by insurance companies.
For example, if you were involved in a life-changing car accident, here’s what to consider when calculating damages:
- Total vehicle damage and costs of repair
- Medical bills for current recovery and future recovery
- Your total loss-of-income due to not being able to work
- Permanent disability or disfigurement that requires ongoing medical expenses
- Physical pain or psychological suffering and the cost of associated therapies
You may also be awarded for additional punitive damages if the defendant’s actions were grossly negligent. This can really bump up the overall value of your settlement.
However, in order to prove this type of negligence, legal representation is necessary. In order to receive the best outcome of your case, hiring a personal injury lawyer is always recommended!
Looking to Promote Your Legal Business?
The law is almost always on your side when it comes to the average settlement for personal injury and receiving what you deserve. However, finding the right legal representation is paramount to this.
Are you a personal injury lawyer looking to promote your practice? Be sure to explore this website and grow your business with our entrepreneurial resources.