What Is the Average Personal Injury Settlement Amount?
If you’ve suffered an injury due to someone else’s negligence, you may be entitled to compensation for your losses. This can include reimbursement for medical bills, lost income, and the emotional toll of pain and suffering. However, the potential value of your claim can vary significantly based on the unique circumstances of your case.
Personal injury settlements often range from a few thousand dollars to several million, influenced by factors like the severity of the injury, liability, and insurance coverage. Working with an experienced personal injury attorney can help ease the stress of the legal process and improve your chances of securing a fair settlement.
A common question among injury victims is: “What is the average personal injury settlement amount?” Read on to better understand how settlements are determined and what you might expect in your own case.
What Is a Personal Injury Settlement?
A personal injury settlement is an agreement between the injured party and the party responsible for the injury (or their insurance company) that resolves the case without going to trial. The settlement typically involves a monetary payment in exchange for the injured person agreeing not to pursue further legal action.
Settlements are often negotiated before a case goes to trial. Many personal injury cases are resolved through settlements. The amount of the settlement will depend on the specifics of your case, including the severity of your injuries, the costs involved, and the extent to which someone else was responsible for your accident.
What Factors Affect the Average Personal Injury Settlement Amount?
While there is no fixed amount for a personal injury settlement, several factors can influence the total amount awarded in your case.
Some of the key factors include:
Severity of the Injuries
The severity of your injuries is one of the most significant factors in determining your settlement amount. Severe injuries, such as traumatic brain injuries (TBIs), spinal cord injuries, or multiple broken bones, typically lead to higher settlements because the long-term impact of these injuries can be substantial.
If your injury results in permanent disability, chronic pain, or disfigurement, you may be entitled to a higher settlement amount. This higher amount can help compensate you for the long-term effects on your life.
Medical Expenses
The amount of medical expenses you have incurred as a result of the accident will play a significant role in determining your settlement. This includes all past and future medical costs, such as hospital bills, surgeries, prescriptions, physical therapy, and any other treatments you require for your injury. Insurance companies and defendants typically factor these costs into the settlement to ensure that they are adequately covered.
Lost Wages and Earning Capacity
If your injuries prevent you from working, you may be entitled to compensation for lost wages. This includes both the income you have already lost due to your injury and any future earnings that you may lose as a result of the injury. For example, if you are unable to return to your previous job or if your earning capacity is diminished because of your injury, you could receive compensation to account for those future losses.
Pain and Suffering
Pain and suffering refers to the physical and emotional distress caused by an injury. This type of damage can be hard to quantify. However, it is an essential part of a personal injury claim. Pain and suffering can include the physical pain from your injury, emotional distress, mental anguish, and the loss of enjoyment of life. The severity of your injury and how it affects your daily life will be factored into the amount of compensation for pain and suffering.
Liability and Fault
The amount of compensation you may be awarded will depend on the level of fault involved. In cases where the other party is clearly at fault, you are more likely to receive a higher settlement. However, if you are partially at fault for the accident, your settlement amount may be reduced based on your percentage of fault.
Insurance Coverage
The amount of insurance coverage available is another factor that will affect your settlement amount. If the at-fault party has substantial insurance coverage, there may be more money available to settle the claim.
On the other hand, if the at-fault party has minimal coverage or is uninsured, it may be more difficult to recover the full value of your claim. In some cases, you may have uninsured or underinsured motorist coverage. These additional coverages could help cover unanticipated damages.
Settlement vs. Trial
It’s important to remember that a settlement is an agreement to resolve the case without going to trial. While a settlement can provide quicker compensation and avoid the risks of a trial, it may be less than what you would receive if you were to win in court.
If a settlement is not reached, the case may go to trial, where a judge or jury will determine the amount of compensation. In some cases, the potential for a higher award at trial may motivate the defendant to offer a higher settlement before the trial begins.
How Can a Personal Injury Lawyer Help?
If you’ve been injured in an accident, it’s essential to work with an experienced attorney to ensure you receive fair compensation for your injuries. A personal injury lawyer will investigate your case thoroughly, negotiate with the insurance company, and, if necessary, take your case to trial to secure the best possible outcome. Having a skilled lawyer in your corner can make a significant difference in the outcome of your case.
Contact The Dallas Personal Injury Law Firm of Benton Accident & Injury Lawyers Today
If you’ve been injured in an accident in Dallas, TX, contact us for more information, please contact the experienced Dallas personal injury lawyers at Benton Accident & Injury Lawyers today. We offer free consultations.
We proudly serve in Dallas County and its surrounding areas:
Benton Accident & Injury Lawyers
1825 Market Center Blvd # 350, Dallas, TX 75207
Phone: (214) 556-8321
Hours Open: 24/7
Our firm is located near you. We have an office in Dallas.
Find us with our GeoCoordinates: 32.7950252,-96.8241861