How Much Compensation Can You Get for a Personal Injury Settlement?

Many victims of recent accidents are curious how much does personal injury pay. If you've been seriously hurt in an accident, you have multiple different things to think about, not the least of which are financial obligations. Knowing the answer to how much this personal injury pay can help you chart a clear path for your future and give you the resources needed to move forward as effectively as possible.

Knowing exactly how much you can get for your personal injury case could make a significant impact on the outcome of that case. Many people are curious about the types of damages that could be available to them and the factors that could influence their overall ability to recover. Understanding average personal injury settlements gives you an idea of when an insurance company is offering something that is fair and reasonable. Don't forget that legal fees will come out of your personal injury settlement on the other end. 

Personal injury is a broad term used to describe a range of cases like those involving medical malpractice, a motorcycle accident, wrongful death, a truck accident, and any cases that lead to serious injuries because of another party's negligence. These can also be referred to as a tort case.

If you or a loved one has experienced such an injury, you can complete a free, no-risk case evaluation to get more information. 

Average Personal Injury Settlement Amounts

Before you ask your lawyer how much does personal injury pay, you'll need to give them some specifics about your case. There are averages that can be applied across different types of cases and across the entire country but average personal injury settlement amounts will vary significantly. This depends on factors, such as medical bills, missed wages, property damage and more.

On one hand, an injury case that has relatively minor injuries and little to no impact on your future life could settle for around a couple thousand dollars. However, some personal injury cases can settle for a lot more. The average personal injury settlement amount, for example, can be anywhere from a few thousand dollars to upwards of $75,000. These numbers are specific to your individual case and the factors at hand.

Many cases, however, are in the middle. While it is certainly possible that you have heard of personal injury payment amounts that are owed in the millions of dollars, these are usually specific to catastrophic injury cases. They might also come with significant punitive damages for situations in which the person who caused the accident was egregious in their actions or failure to act.

How Do I Know if My Injury Case Will Settle for the Average Amount? 

It is important not to assume that you know the base value of your damage claim. Your lawyer needs to do significant research to determine the extent of your injuries and the expectations to determine the value of your injury case. You could even be surprised once you sit down with your lawyer and ask how much does a personal injury case pay because in your case this might involve factors that you never considered.

The top way to determine a fair number for your injury case is to speak with a knowledgeable personal injury lawyer about your own case. Your lawyer can answer questions about economic as well as non-economic damages. The components of every case help to determine the fair value of a personal injury settlement. There are three primary components that can impact your settlement amount. The first of these is whether or not you have high economic damages. This can significantly increase the value of a settlement claim.

Having many damages and coming to the table with medical bills, lost wages and the expectation that you'll be unable to return to work as a result of your injuries can make it difficult for the other side to argue that a low settlement amount is fair. If you have a claim for punitive damages due to the negative actions of the defendant, this can also significantly impact the value of the claim.

Finally, you have to take into account the average settlement amounts and court cases that have settled in similar situations in the past to help give you a range of what might be possible. Remember that your average personal injury settlement will also depend on what the responsible party can pay.

Even if you can prove that the other side is 100% responsible for your injuries and you have a lot of damages, the job of collecting a verdict amount can be more complex than you expected, meaning that you may not recover all of your damages. Perhaps the person, for example, has an insurance policy limit of $100,000. Even though you come to the table with damages of $300,000, you might have to lower your expectations. This is particularly true if there are no other assets to go after in a personal injury claim.

How Much is My Case Worth: Pain and Suffering

If you are eligible for pain and suffering damages, this can significantly impact your case. These typically go along with your economic damages, but it falls to the experience of a knowledgeable personal injury lawyer to present a compelling case that your physical and emotional impacts are greater than your total financial losses.

This means that your case can be greatly skewed towards pain and suffering damages. Remember that punitive damages are not reliant on your personal losses. Instead, they are about the actions of the other party. Punitive damages are not available in every type of personal injury case and will depend on your state location. Certain states even have caps on punitive damages as well.

Punitive damages are calculated separate from things like medical expenses. Your medical records and your medical bills can all be used to calculate a fair number for economic damages, but punitive damages consider things that are less tangible and more difficult to measure. To learn more about the amount of money that you might be entitled to under a claim when it comes to things like emotional distress, schedule a free, no-risk case evaluation.

Understanding Legal Fees in Personal Injury 

When asking how much does personal injury pay, you must consider that there will be other expenses taken out of a successful settlement or trial case. This includes payment to an injury lawyer. Understanding your fee arrangement up front as well as any other expenses associated with the case can help minimize disagreements with you and your attorney.

It is difficult for many people who have serious personal injuries to have a lot of money at the outset of a case to pay an attorney, which is why plenty of personal injury law firms accept cases on a contingency fee basis. This means that no money is required from a client to open a case and instead a percentage of the winnings from a settlement or a trial are paid out at the end. In personal injury cases, an attorney’s fee could be as high as 40% of the money that the lawyer obtains for the client. This also does not include expenses which can include things like copying or sending certified mail. In deciding whether or not to hire an attorney on a contingency fee basis you've got to figure out whether the finances of your specific injury case make it worthwhile.

What if the insurance company has declined to pay you any funds, but the possible damages in your case are large? It makes a lot of sense to hire a personal injury lawyer with extensive experience in this field to increase your chances of success. If your claim does not involve a lot of damages, however, where the insurance payout amounts are very limited and you may need some or all of these funds to be able to pay your own medical bills and move on with your life, you may attempt to handle your case on your own. Be aware, however, that personal injury cases can be very complex and you might find yourself in over your head.

Another reason to retain a lawyer is when you are in a situation in which an insurance company has presented you with a high settlement amount but you still believe it's too low for your individual case. You must think and measure against how much has been offered by the other side to how much an attorney might be able to push for a bigger amount.

aIf an attorney might only be able to get you a further 25% you might choose to accept the settlement amount as is. As an injury victim, however, it's unlikely that you understand all of the factors influencing your case and what truly can happen in court.

There are risks associated with going to court as well, so a knowledgeable personal injury lawyer can help you make a determination about when it's in your best interest to accept a settlement offer or to attempt to negotiate a slightly higher amount before simply focusing on taking the entire case to court. The support of a lawyer can be instrumental in helping you recover from this devastating accident and chart a course towards the future. Schedule a free consultation with an experienced personal injury lawyer today.