What Is the Average Payout for a Personal Injury Claim Lawsuit?
The effects of an accident can be traumatic and overwhelming. It could affect one's job, family, and ability to earn money. It may also lead to a permanent disability. Hence, if you've been involved in any form of accident due to the negligence of someone else, it is necessary to consult a professional personal injury lawyer in Myrtle Beach. These professionals will examine your case and see if it is possible to file a personal injury claim.
The process of filing a personal injury claim is usually stressful and may take some time, depending on your lawyer's ability. Therefore, it's essential to know the estimated worth of your claim before you go ahead.
Based on data derived from several cases over the past five years. Here is the average payout for different types of personal injury cases;
- Auto accident settlement Average: $41,783.00
- Truck accident Average: $42,909.88
- Motorcycle accident Average: $62,564.31
- Pedestrian accident Average: $36,253.73
- Workers’ compensation Average: $21,946.62
However, there are some cases with settlement way beyond this average. Some run into millions of dollars. So you shouldn't base your claims on these averages alone. It would be best if you considered some other key factors, which we will also be talking about in this post.
Importantly, the lawyer you hire should be able to provide you with some estimates based on their experience. So the first thing you should do after sustaining an injury and you are looking to file a claim is to consult with a personal injury lawyer.
What is a Personal Injury Settlement?
Personal injury settlement helps both the at-fault party (defendant) and the claimant to reach an agreement before the case proceeds to trial. Once the case gets to trial, the outcome becomes subjected to the jury and the judge. And this process does take a lot of time and extra resources. So it is always in the best interest of all parties involved to settle out of court.
The following damages must be included when calculating a personal injury settlement:
Punitive damages are awarded for punishment purposes. If your injury lawyer discovers during research that the accident was rather intentional than negligent, then the court may punish them for their action by asking them to pay.
Suffering and Pain
If you've been injured in an accident, it's your legal right to seek a monetary claim for your suffering and pain. Sometimes, the pain may be temporary; other times, it may be permanent. No matter the type of pain you suffer, your injury lawyer should consider the discomfort when calculating your injury claim.
Loss of Income
Some certain accidents and injuries could prevent the victim from working and earning income. If you find yourself in such a situation, then you are entitled to claims that cover both your present and future income until you're able to resume work.
When calculating your medical expenses, you must consider both the present and future expenses, like follow-up care, rehabilitation, or treatment. In cases where you can't determine future expenses, your injury lawyer will work together with professionals in the field to help you so that you don't ask for something lower than you deserve.
If your properties were damaged or you suffered any form of financial impact due to the accident, then you have the legal right to ask for a claim.
Steps Involved In Personal Injury Settlement
Determine The Value Of The Case
The two parties will calculate the total worth of the case and come up with estimates. While the insurance company tends to base their calculation on how much they've paid for similar cases in the past, injury lawyers base their calculation on the total cost of damages and related costs incurred by the victim as a result of the accident. And then some more.
Demand Letters And Settlement Offers
After doing their estimations, the at-fault party sends an offer letter, while the claimant sends a demand letter; this continues until both parties reach an agreement
The Signing Of The Settlement
Once an agreement is reached, both parties will sign an agreement on the settlement amount. After signing the agreement, the claimant can no longer pursue a claim for the same accident.
Factors that Can Impact a Personal Injury Settlement
As mentioned earlier every case is different; therefore, the settlement you will get depends on certain factors. While some personal injury cases receive between $3,000 to $25,000 payout, some receive above $25,000, and a good number of claimants have also received over $75,000. Therefore, it's almost impossible to tell a personal injury settlement without thoroughly evaluating the case. However, below are factors that can influence the average payout of a personal injury settlement:
Extent of Damage
The extent of damage incurred will determine your injury settlement. Damages can be a loss of job or health. The more your losses, the more your payout will be.
The At-fault Party's Insurance company's Policies
The at-fault party's insurance company also plays a crucial role in determining your average payout. Most insurance companies have their policy limits; if your claim is beyond their limit, they may be unwilling to reach an agreement that caters to your overall loss.
The average payout for a personal injury claim lawsuit varies depending on the above factors. However, how professional and experienced your injury lawyer is can go a long way in helping you increase your payout.
The role of a personal injury lawyer is mostly overlooked. However, they are one of the essential factors that determine the outcome of a personal injury claim lawsuit. Several reports have shown that people who hire a personal injury lawyer for their case tend to get a better and fairer settlement than those who handle the matter alone. So naturally, it makes sense for you to get them involved in your case from the onset.