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Personal Injury Settlement Amounts With Examples

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Average Injury Claim Settlement Amounts

There is no way to judge the value of a personal injury claim without significant investigation. That’s because the value of any personal injury claim is primarily based upon two contingent factors, neither of which is known at the outset. The first is the severity of the injury suffered, and the second is the availability of recovery from the person responsible. If the person responsible for the accident doesn’t have insurance, even a devastating injury could be worth very little. That’s because in situations like this, we don’t want to talk about theoretical value, but actual, real value–money you can put in your pocket to help pay bills.

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A severely injured person can get a judgment against a penniless person for a billion dollars and never actually see a cent of it. Though it’s not the subject of this article, this is exactly why it’s a good idea to make sure you carry Uninsured and Underinsured Motorist Coverage on your automobile insurance policy.

Alternatively, a multi-million dollar insurance policy won’t have to pay even close to their policy limits for a minor fender-bender that caused minimal injuries.

Navigating the process of even figuring out a fair value to place on your personal injury case can be difficult to do on your own, which is why it’s imperative for you to have an experienced personal injury law firm on your side.

Insurance companies like to get off easy, and there’s no better way to do that to an unsuspecting person who doesn’t have an attorney than to offer them what seems like a good deal up front but failing to disclose that there’s more. For instance, many people don’t know that they can force an insurance company to disclose policy limits in Colorado by filing a demand for the same with the insurance company’s registered agent. That way you can get a copy of the at-fault driver’s policy limits and know that the offer really is a maximum offer.

But an experienced lawyer wouldn’t just stop there. The automobile policy of the driver might just be the tip of the iceberg. An attorney can find out if there are other insurance policies that might come into play on top of the automobile insurance policy of just the driver. Maybe there’s an umbrella policy. The insurance company doesn’t have to tell you about additional policies unless you know what questions to ask, so don’t leave anything on the table. Our firm prides itself on our thorough investigations into recovery before we consider any settlement.

It is important to note that every personal injury claim is unique and the details of each case are what determine how much the case is ACTUALLY worth. Remember, we’re talking actual value–equating to money you can recover and put in your pocket to help get back on your feet. Every accident has different injuries, costs for medical treatments, costs of property damages, variable pain and suffering, and some injuries can last a lifetime while also causing a loss of enjoyment of life due to the inability to do the activities the person once enjoyed so much. All of these things, as well as fault, play a major role in how much each settlement will be, so don’t expect your personal injury claim settlement to be the same as what somebody else got just because your accident claim was similar. But every accident has an actual limit to recoverability, regardless of the severity of injuries, and that is usually the insurance policy limits–the most money that a person can, or would be forced, to actually pay you.

For these reasons, the average wrongful death settlement and average car accident settlement varies drastically, so make sure to speak to a lawyer about your case in particular to ensure you have an accurate valuation of your claim.

Settlements are calculated slightly differently by each personal injury attorney, judge or insurance adjuster, especially the amount for non-economic damages which is usually negotiated a few times before being agreed upon; however there are a few parts that remain the same always. Economic and non-economic damages that are eligible for compensation.

Economic Damages

Economic damages are classified as any monetary cost the victim incurred due to the accident and any injuries resulting from that accident. These are things like medical bills, property damage, lost wages(past and future), loss of income due to inability to perform, household services and more. All of these things have a specific dollar amount tied to them that gives them a specific value that the personal injury victim had to pay for.

Non-Economic Damages

Non-economic damages are the things the victim has to deal with that do not have a specific price tag associated with them. These are things such as pain and suffering, mental anguish, emotional distress, loss of enjoyment of life, loss of quality of life, permanent disfigurement and more. Since these things do not have a specific price tag, they are considered non-economic damages in personal injury lawsuits.

In rare cases the judge may also award punitive damages if the at fault party willingly acted in a very unsafe manner.

Statute Of Limitations

It is also important to note that your claim must be filed before the statute of limitations for personal injury claims has passed. This is 2 years from the date of the accident and in some cases, 2 years from the date of discovering the injuries. The statute of limitations is 3 years if an accident that did not involve death resulted from a motor vehicle accident. In any accident that involves death, the statute of limitations is 2 years from the date of the death.

Types Of Settlements

There are two main types of settlements in personal injury cases, structured settlements and lump sum payouts. A structured settlement is when both parties or the insurance companies agree to pay the victim their compensation package over a long period of time, typically with payments being made every month or every two weeks until paid in full. This can be useful if the injured party wants to make sure they use that money wisely and doesn’t have the temptation to go spend that large dollar amount all at once. The other method of compensation is a lump sum payout. This is where the entire amount of compensation is paid out to the victim at once, with no more payments being made in the future. This payout method can be beneficial if the victim wants to invest that money to set themselves up for a better financial future, but may lead to issues if they use all that money and can’t pay their medical liens or any future medical expenses that pop up.

Get Help From An Experienced Personal Injury Attorney

 Our injury law firm Rector Stuzynski LLC has been successfully handling personal injury claims for our clients for decades. During that time, our lawyers have learned every different way to go about dealing with injury claims and they know exactly what each different case needs to be successful. We handle every case from start to finish, so you can stay at home and heal from your injuries while letting us handle all of the heavy lifting that is personal injury litigation. Our staff keeps you informed at every moment of progress so you always know where your claim stands and our team is here for you 24/7 should something urgent arise. We have a long list of happy clients and we are sure you will be glad you decided to work with us as well, so give us a call today for a free consultation. We are available by phone 24/7 or you can drop by our office and speak with our attorneys in person at our Colorado Springs, CO office.

Areas We Serve

We serve clients injured anywhere throughout the state of Colorado, but we focus on residents of these areas: Colorado Springs, Manitou Springs, Fountain, Briargate, Monument, Black Forest, Pueblo, Canon City, Larkspur, Security-Widefield, Peyton, Castle Rock, Teller County, El Paso County, Elbert County, Park County, Douglas County and beyond.