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Average Settlement Amounts for Personal Injury Claims

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Blog/ Personal Injury/ Average Settlement Amounts for Personal Injury Claims

When a person is the victim of some type of incident in which they sustain an injury, that person commonly wants to get an idea of what the average settlement amount is for the type of claim that he or she will likely file in the near future. Unfortunately, determining an average amount of a settlement is not as simple as one might believe. It is important to remember that an average is a number that is the result of an equation associated with range, meaning that numbers can range from minimal to extremely high. Range becomes an issue in determining the average settlement for an injury claim. Because injuries vary in severity and impact, the amount that the victims are compensated also varies. The manner and timeframe in which the case in filed and initiated also matters.

While numbers and averages can be provided to offer some insight, speaking with an experienced personal injury attorney, like the lawyers at the Carter Mario Law Firm, will allow injury victims to speak with someone who can use their experience in personal injury law to provide an accurate estimate of the potential settlement amount, as well as advise how the case will proceed.

Personal injury settlements are reached when the defendant agrees, normally through their attorney, to pay the plaintiff an agreed upon amount of money. The amount agreed upon is usually what the plaintiff agrees their case is worth, based on information offered to them by their attorney. Unfortunately, many plaintiffs leave money on the table when they attempt to deal with the defendant or their insurance company on their own. While an attorney also provides the representation that a plaintiff needs during the claims process, they are also able to use their experience to advise the plaintiff of the amount that their case is worth.

There are certain steps that should be taken in order to improve the chance of reaching a settlement, as well as increasing the settlement amount, starting with filing the claim within the allotted timeframe. The sooner the claim is filed the better.

One of the key elements that will influence the amount of a personal injury settlement is the damage incurred as a result of the accident. Damages can include medical expenses, lost wages, as well as any other type of lost concrete financial income caused by the accident. It is also possible for the injured party to be awarded compensation for emotional pain and suffering.

Because of certain variables, such as medical expenses, it can be difficult to predict the final settlement, because it may not be easy to predict the final cost of medical care; however, an experienced attorney will have a better bearing on what the final costs will be. While injured parties should not use this as a concrete formula for predicting the final settlement amount, a common formula used to predict the settlement is to multiply the projected medical expenses by three.

Because of the complexity and uniqueness of each personal injury case, it can be extremely difficult for the average person to predict a settlement amount with any real efficacy; however, the Carter Mario law firm has established an exceptional reputation for working individuals in their area to provide them with the type of information that allows them to be more informed about their case. For the person who has been injured in an accident, and not aware of where they should begin, contacting the lawyers at Carter Mario is a good start.