One of the most frequent questions one may have if involved in an accident and seriously considering filing a personal injury claim is how much the average settlement amount of personal injury claims really is. Knowing what one might possibly get will go a long way in making informed decisions regarding the case and being able to have reasonable expectations for its outcome. This article will give insight into what average compensation might look and feel like, the determining factors, and how to maximize compensation.
Average Settlement Amount for Personal Injury Claims
Due to several influencing issues, the amount of settlement that may be received by a victim for personal injury claims could vary highly. While minor injuries usually settle between 3,000 and 15,000 dollars, severe ones might get settled in the range from 50,000 to 500,000 dollars or higher, based on the situation.
Settlement value does indeed bear a lot of relation to the nature and extent of the injury. For example, soft tissue injuries such as whiplash generally lead to smaller settlements while truly catastrophic injuries requiring extensive treatment and consequent rehabilitation may see much larger settlements and payments.
Insurance carriers will also taken into consideration and calculate the extent of medical treatment, lost wages, and other economic and non-economic damages to be compensated in coming to the final amount.
If you want to learn more about personal injury law and common cases, then you can read our guide Common Labor Law Questions In New York State for more useful context.
Factors Affecting the Amount of Personal Injury Settlement
The value of settlement in a personal injury claim is valuable in a combination of the following factors:
Nature of the Injury: The nature and severity of your injury are major determinants in settling the amount for your case. More grievous injuries, such as those that may require surgery or long-term rehabilitation, normally attract higher compensation.
Medical Expenses: Medical expenses incurred, which are reasonable for the treatment of the injury it includes but it is not limited to emergency care, hospital stay, physical therapy, medication, and future medical needs.
Lost Wages Damages: Depending on your case, you might be eligible for compensation due to not going to work as a result of your injury. You can also recover lost wages for future years if your injury impacts your working years.
Pain and Suffering: This is the physical pain and emotional distress that one has because of the injury. The higher the pain and suffering, the greater the sum one will be compensated in terms of non-economic damages.
Quality of life: When the injury impacts your life or your enjoyment in daily activities or life itself, then that too increases the settlement amount.
How Are Personal Injury Settlements Calculated?
The amount of settlement in cases of personal injury is usually based on economic and non-economic damages. Economic damages would include all the quantifiable costs that can be easily added up: things like medical expenses and lost wages. Non-economic damages account for such cases as pain and suffering, reduced quality of life.
Most often, an insurance company will use a multiplier method to arrive at a dollar amount for pain and suffering, by multiplying the total of your economic damages by a number-between 1.5 and 5-depending on the severity of the injury. For example, if your medical expenses come to $10,000, using a multiplier of 3, the pain and suffering settlement amount is $30,000, added together for a total settlement of $40,000.
Besides that, considered also is comparative negligence, and in the case of comparative negligence, comparative negligence is applied in arriving at the finalization of the settlement, which means if a case of partial fault on your part is established in causing the accident, your percentage of fault might reduce your settlement.
Examples of Personal Injury Settlements
Following are some examples related to settlement concerning personal injury and what one may expect:
Minor Injury Case: In a slip and fall case there was an injury in the form of ankle sprain plus minor bruising. The victim received $5,000 to cover medical costs and minor pain and suffering.
Moderate Injury Case: The X suffered a broken arm in a car accident, for which the victim was out of work for three months, required surgery and physical therapy. A settlement in the sum of $ 85,000 was received, which includes medical expenses, lost wages, and pain and suffering.
Severe Injury Case: The victim who was treated for multiple fractures and traumatic brain injury following the motorcycle accident will never be able to work. The medical bills, future lost wages, and diminished quality of life necessitated a settlement to the client for $500,000. These examples are provided just for the purpose of giving an idea of what the settlement amount may range between. Each case has its own specific scenario and its amount.
Figuring how best to maximize your personal injury settlement. Below are some helpful tips in maximizing your personal injury settlement.
Seek Medical Help Immediately: It is fitting that after an accident, you always seek immediate medical treatment. This is not only important to your health but also provides you with the right kind of documentation of your claim.
Document Everything: You will be required to document your injuries and treatment, along with all expenses related, precisely. This will be done through photo documentation of each injury, medical bills, and proof of lost wages.
Avoid Quick Settlements: Most insurance companies try to quickly settle for low amounts. For this reason, one should not take the first offer but could get the advice of an attorney in order to increase one’s entitlement.
Employ the services of a personal injury attorney: A good attorney will assist in negotiating with insurance companies to get the best possible settlement. He will build a case for you in such a case because he works for you and helps you to gather evidence and represents you in the case.
If you’ve suffered a personal injury and want more on what to do, see our resource on Where Can I Find Free Legal Advice Following a Car Accident?
