An accident that results in injury or illness will likely lead to a hefty price tag. From medical bills and repair bills to lost salary from time you took off work to recover, your finances will most certainly take a blow. However, if the accident was caused by another person’s negligence or intent, then you can potentially file a personal injury claim. But how much will this claim affect your finances? And does your claim even have enough value to make filing worth your time?
What Is the Average Settlement for a Personal Injury Case?
The overall average settlement for a personal injury case is over $50,000. More than half of individuals that file personal injury cases receive damages between $3,000 and $25,000, while around 30 percent receive over $30,000.
What Affects The Settlement Results?
Typically, the damages you receive for a personal injury claim are based on the following factors:
- Cost of medical bills
- Cost of rehabilitation and other medical expenses
- Lost wages or salary due to time off work
- Pain and suffering
- Permanent damages or disabilities
- Damaged property
- Loss of loved one
The amount can vary greatly based on these factors. For example, if you broke your arm as a result of a car accident, you will probably receive fewer damages than someone who is now paralyzed from the waist down. Additionally, the at-fault party’s insurance policy will also dictate the amount you receive in settlement since insurance companies will not pay damages over a certain policy limit.
Finally, there are additional factors that can potentially lead to a more successful outcome. One of the most important factors is a qualified attorney. According to recent surveys, more than 91 percent of plaintiffs that hired legal representation received a settlement. On average, the compensatory damages also tended to be higher than those given to plaintiffs without representation. This is primarily because personal injury lawyers are well trained in the art of negotiating settlements so the plaintiff receives a substantial and successful outcome.
How Does the Court Land on the Settlement Amount?
In determining the compensatory damages the plaintiff is eligible to receive, the court will attempt to place a monetary value on all the consequences of the accident. This means they will do their best to put a dollar amount on the cost of any bills, lost wages, damages property, etc. They will also attempt to quantify more abstract factors such as “pain and suffering” and the “loss of a loved one.”
When it comes to compensatory damages, you want to ensure you receive enough to quell the financial consequences of the accident. The best way to confirm that you receive a reasonable settlement is to meet with a personal injury lawyer, like a personal injury lawyer in Trenton, NJ. They will be able to help you get the compensation you deserve.
Thank you to the experts at Davis & Brusca for their input into personal injury law.