Personal injury settlements can be used for various things, including paying medical bills and pursuing a lawsuit. However, the total…
A personal injury settlement is the financial resolution of a claim after someone is hurt because of another party’s negligence. It is intended to cover medical expenses, lost income, and the physical and emotional effects of an injury.
Many people are surprised by how much results can vary. That is because the average personal injury settlement amount depends on several specific details that shape how a claim is valued.
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The seriousness of your injury plays a huge role in determining your settlement amount. For example, if you have a minor strain that heals within a few weeks, your settlement will be significantly less than if you broke a bone, suffered a head injury, or damaged your spine, requiring surgery and months of rehabilitation.
According to the United States Centers for Disease Control and Prevention (CDC), “injury-related medical expenditures” commonly exceed $10,000, and this amount is even higher when emergency or extended treatment is necessary.
Another factor in the settlement process is who was at fault in causing your accident. The degree of fault assigned to each party will determine the amount of money they can recover for their losses.
If one party is partially responsible for the accident, the other party’s award will be reduced by the percentage of fault attributable to that party.
Police reports, witness statements, and photographs taken at the scene of the accident are typically some of the documentations used to assign fault.
Insurance coverage will put a limit on the total amount of money available to pay for your medical expenses and lost wages. Even though the extent of your injuries may be extensive, your insurance company will only pay up to the amount of money covered under your insurance policy.
Therefore, two parties with the same type of injury may receive materially different settlement amounts, depending on which party has higher coverage limits.
Time off work (lost wages) also affects your settlement. Lost wages from missed paychecks, reduced working hours, and possible loss of future career opportunities are all compensable damages.
Statistics on wages and employment are compiled by the United States Bureau of Labor Statistics and are frequently used to calculate lost wages. Future loss of earning capacity (ability to earn income) is also included as damage in your claim.
Not all damages come with receipts. Insurance companies and courts consider how long it takes to recover from an injury, whether the injury is permanent, and how the injury affects your everyday life.
Some of the things courts and insurance companies consider are:
Having strong evidence supporting your claim can result in a larger settlement. Some examples of evidence that can be used to support your claim are:
Lack of evidence or missing medical records may give your insurance company reason to believe that your injuries were minor or did not occur as a direct result of the accident.
Seeking medical attention immediately after your injury will link your injuries to the accident. Delaying seeking medical attention may lead your insurance company to believe that there is no connection between the accident and your injuries.
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