Is There an Average Personal Injury Amount?
If you’ve recently decided to file a personal injury lawsuit, you’re likely wondering how much you can expect to receive for compensation. So, what is the average settlement for a personal injury? Unfortunately, the answer can be a complicated one, one that comes with a great deal of nuance. What exactly does that mean?
Each Case Has Unique Facts
When it comes to personal injury, each individual case has its own unique facts. As such, that means there really isn’t such a thing as an “average” settlement amount. To determine a settlement, the plaintiff and the defendant each decide how much they feel the case is worth. To that end, each side performs research into similar cases and compares findings with the case at hand. If an insurance company is involved in the case, it may already have a predetermined settlement amount.
“Median” and “Average” Aren’t the Same
Despite what you may have learned in your math classes in school, median and average aren’t necessarily the same thing when it comes to personal injury settlement amounts. This is because legal research can uncover a median settlement or jury verdict, but that median is the middle range of combined cases, a range that can be rather wide. If a massive jury verdict or settlement was factored into that median amount, it can skew that amount the wrong way, giving you a false impression of what you could get.
Factors To Consider
To tighten in your settlement range, you’ve got to keep a few key factors in mind. For one thing, you can only get as much out of the defendant as she or he has in assets. While your car accident may have resulted in extensive injuries and health complications that add up to a hefty settlement, the defendant may not be able to make good on that settlement if she or he doesn’t have much in the way of money or assets. Even if the person has insurance, the policy may not be enough to cover the total cost of your injuries.
Besides physical harm, your personal injury may involve supplementary damages. For instance, severe injuries may require you to take time off work, which can result in a loss of income. Any resulting financial hardship can result in depression and anxiety, emotional pain and suffering that has to be factored into the settlement amount.
Talk with a legal professional to get a better idea of what settlement you’re likely to receive for your individual personal injury. It could be higher or lower than what you expect.