A personal injury settlement can be worth a few thousand dollars, hundreds of thousands of dollars, or more, with many sources claiming an average of around $50,000. However, these figures aren’t always indicative of the money you will receive if you have a claim.
Your settlement is highly dependent on the type of case and various factors specific to your situation. It isn’t helpful to guess what your settlement might be worth; however, it is a good idea to speak with an attorney who can help you understand the value of your claim.
Our Fairfax personal injury lawyers have recovered over $100 million in settlements and awards for injured accident victims. We are highly trained and laser-focused on getting you the maximum settlement you deserve. Call today to schedule a free consultation.
What Is a Settlement Agreement?
A personal injury settlement is money paid by the liable party to the party injured by their actions. Typically, the liable party’s insurance company is responsible for paying, and an agreement is often reached via negotiations.
The intent is to compensate the injured party for the damages they have suffered. In exchange, the injured party agrees to release the liable party from future legal responsibilities. Depending on the severity of damages, some settlements can be over a million dollars.
Settling prevents the case from going to court, which can be expensive, time-consuming, and stressful for all parties. However, it is important to consult with an attorney before taking the initial settlement offered by an insurance company.
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Initial Settlement Offers
After your accident, a representative from the liable party’s insurance company may present a settlement offer. Whatever amount they are offering, there is a strong chance it is less than what your case is actually worth.
Insurance companies sometimes bring lowball first offers, hoping you don’t understand the value of your personal injury case. If you take it, you waive your rights to future compensation, and you may still need help in the weeks and months ahead.
Your personal injury lawyer will know how to assess your damages and determine whether any settlement offers are fair. An attorney can handle your claim, deal with the insurance companies, and negotiate on your behalf to get maximum compensation for your damages.
Determining the Value of Your Case
Every case is unique, so determining what the average personal settlement is worth is difficult. In addition to the complex differences between cases, many settlements are confidential, and the participants are bound by nondisclosure agreements.
Even though the raw numbers needed to calculate an average are elusive, you can still get an idea of what your case might be worth by considering some of the significant factors that determine its value. This includes things like:
- The severity of your injuries
- Your economic damages
- Your non-economic damages
Your attorney will understand how to factor in all of your damages to get the best possible settlement.
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Severity of Your Injuries
The severity of your injuries is a major element that determines how much your personal injury settlement is worth. The average personal injury settlement is worth more for a case with long-term or lifelong injuries than one with less severe injuries.
In minor accidents, it may be reasonable to expect that you’ll recover fully in a short amount of time. You are still entitled to compensation, but the size of your settlement will reflect the damages you suffered.
However, in some cases, accident victims suffering catastrophic injuries may have long periods of recovery before they are back to their former physical state. Sometimes, in the case of injuries like severe traumatic brain injury, life will never be the same.
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Economic Damages
Your economic damages will play a key role in determining what your personal injury settlement is worth. These are the expenses you have incurred because of your accident. They are relatively easy to calculate because they are associated with a specific dollar amount.
Your economic damages may include things like:
- Medical expenses
- Lost wages
- Property damage
It’s wise to keep a record of all of your expenses after your accident. Hold on to copies of bills and invoices that show money you’ve paid or owe. Pay stubs can show lost wages when you are unable to work. This can help your attorney be sure to include all of your costs.
Non-Economic Damages
Not all damages are physical or economic. Non-economic damages can add to the amount of your personal injury settlement. These damages consider the emotional, mental, and social hardships associated with your accident.
Some common non-economic damages you may recover include:
- Pain and suffering
- Mental anguish
- Emotional distress
Non-economic damages aren’t always recoverable, but in some cases, they can greatly increase your settlement amount. Your attorney can advise you on how they apply to your specific case.
Get Help With Your Personal Injury Claim
If you’re wondering about what the average personal injury settlement is worth, you may have been injured in an accident recently. If so, it is smart to consult with a personal injury lawyer as soon as possible to make sure you preserve your legal standing.
Our attorneys can help you understand what your case is worth and prevent you from making mistakes that can jeopardize your claim. We’ll guide you every step of the way and work to get you the maximum compensation you are entitled to.
At BenGlassLaw, our team has been fighting for injured accident victims since 1995. Call today to schedule a free consultation and find out how we can help.
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