Getting harmed or injured due to negligence can cost one an arm and a leg to return to normalcy. This informs the goal of a cash settlement as most personal injury cases do not end up in trial. The purpose of every settlement claim is never to put one in a better financial position but rather to cover for out-of-pocket expenses accrued due to an accident.
As a victim, you may be wondering, “How much should I claim for personal injury settlement?’ While some may be afraid to ask this pertinent question, it is one’s right to know the value of their claim. This article briefly explains personal injury settlement payouts and settlement amounts and how they are arrived at.
What is a Personal Injury Settlement?
This is simply the official agreement reached by parties to a personal injury case to help resolve a claim. As mentioned, most personal injury cases end up in settlement rather than in trial. The importance of a settlement is that it resolves the issue sooner than it would have taken in the trial. The following are examples of personal injury cases:
- Wrongful Death
- Dog bites
- Slip and fall
- Car accidents
- Malpractice resulting in injury or trauma
- Catastrophic accidents and;
- Casualties from a rental property.
What is the Average Personal Settlement Amount?
The average personal settlement amount varies significantly depending on some specific factors in your case. These factors may include medical bills, lost wages, damaged properties, and more. Ordinarily, victims settle for more, but you may settle for a few thousand dollars in some instances.
It is hard to predict the average personal settlement amount as they are contingent on an individual’s case. Thus, a professional (personal injury lawyer columbus oh) needs to help you value your claim. The average personal settlement amount is between $3000 and $75000. However, you need to be very cautious in using the average personal injury settlement calculator in valuing what you may stand to collect. It’s important to note that most cases run between the very low and very high end of the average personal injury settlement. However, outliers depend on the unique circumstances with either special or unique damages.
How is the average value of a Personal Injury Settlement Determined?
It is never wise to assume that you know the value of your claim. That is why you need to hire the services of an attorney to guide you through the whole process. This is because you may be surprised by different damage categories that you might claim. An attorney will help you evaluate various damages, whether economic or non-economic.
The foremost step here is to look at the components of the case. This is because the whole sum of the settlement amount comprises different parts, including Economic damages, punitive damages and pain, and suffering. Thus, if a victim has serious economic damages, the value of their settlement claim is likely to rise significantly. On the other hand, punitive damages can skew the value of a settlement claim for a victim. Therefore, it all comes down to the conspicuous damage in a personal injury case.
What Categories are included in Personal Injury Settlements?
Several elements make up personal injury settlement, as mentioned in previous sections. Among these elements are:
- income.Medical Expenses. This may include past medical expenses resulting from the incident and expected future costs. These include diagnostic exams, prescriptions, hospitals, and costs for accessories like wheelchairs and crutches.
- Lost Wages comprise the amount of money a victim incurred because of the injuries from an accident that left them unable to work. If this injury leaves a victim unable to return to their work, it is possible to claim compensation for future lost income.
- Property Damage. If any property was damaged, you could claim compensation for repairs or a replacement fee for the damaged property.
- Pain and Suffering. It is possible to be compensated for the emotional harm incurred from the accidents. Includes compensation for the care received to deal with the stress.
What are the Settlement Payment Options?
There are two options available to you regarding receiving your settlement money. You may choose to accept the amount in the lump sum payment option, which is one-time, or in multiple structured payment options. Both are tax-free; however, you will owe IRS tax once you make an investment using settlement money. You have the discretion of using settlement money how you want.
If you choose the first option, you will likely see the amount within six weeks of settlement. However, the whole settlement process takes time, probably some months. If you choose the structured settlement option, you may enlist the services of a broker to help you determine the best payment schedule. Ensuring the payments are in sync with your budget needs is advantageous. However, always discuss with your attorney to figure out the best settlement payment option.
The whole settlement process is not over with the conclusion of the agreement but with the receipt of money by the victim. This is why you need an attorney skilled and experienced in personal injury cases.
Do you have a case that qualifies for a personal injury settlement? Talk to a lawyer today for free.