Personal Injury Settlements: How Much Are You Likely to Get?

When someone is injured due to another party's negligence, they may be entitled to a personal injury settlement. However, one of the most common questions people ask is, "How much am I likely to get?" The answer isn't straightforward, as settlements vary widely depending on several factors. This article will explore those factors and provide an overview of how settlement amounts are determined. However, if you’d like to discuss your individual case in more detail, we encourage you to contact the personal injury attorneys here at The Harr Law Firm to schedule a consultation.

Factors That Influence Settlement Amounts

Several factors can influence the amount of a personal injury settlement. Understanding these factors can help set realistic expectations.

• Severity of Injuries: The severity of the injuries sustained in an accident is perhaps the most significant factor in determining the settlement amount. Severe injuries, such as those that result in long-term disability, extensive medical treatment, or chronic pain, typically lead to higher settlements. This is because the injured party will require more compensation to cover medical bills, lost wages, and other related costs.
• Medical Expenses: Medical expenses play a crucial role in the settlement amount. This includes not only the immediate medical bills following the injury but also any future medical costs, such as ongoing treatment, rehabilitation, or surgeries. The more extensive the medical care required, the higher the potential settlement.
• Lost Wages and Loss of Earning Capacity: If the injury caused the victim to miss work, the lost wages would be factored into the settlement. Additionally, if the injury impacts the victim's ability to work in the future, they may receive compensation for the loss of earning capacity. This can be a significant component of the settlement, especially if the victim is unable to return to their previous job or has to take a lower-paying position due to their injuries.
• Pain and Suffering: Pain and suffering refer to the physical and emotional distress caused by the injury. This is a more subjective aspect of the settlement and can vary greatly depending on the circumstances. In some cases, pain and suffering can substantially increase the overall settlement amount, particularly if the injury has led to long-term pain, emotional distress, or a reduced quality of life.
• Liability and Fault: The degree to which each party is at fault for the accident can also impact the settlement amount. If the injured party is partially responsible for the accident, their settlement may be reduced. For example, in some states, if you are found to be 20% at fault for the accident, your settlement amount may be reduced by 20%. Conversely, if the other party is found to be entirely at fault, the settlement amount could be higher.
• Insurance Policy Limits: The at-fault party's insurance policy limits can also influence the settlement. If the insurance policy has a low limit, the settlement may be limited to the amount of coverage available. In such cases, the injured party may need to pursue additional compensation through other avenues, such as filing a lawsuit against the at-fault party personally.

Types of Damages in Personal Injury Settlements

Understanding the different types of damages that can be awarded in a personal injury settlement is crucial for estimating the potential payout. Economic damages, also known as special damages, are tangible, measurable losses that can be directly tied to the injury. These include:

• Medical Expenses: Covering all past and future medical costs.
• Lost Wages: Compensation for the income lost due to the injury.
• Loss of Earning Capacity: If the injury impacts the victim’s ability to work in the future.

Economic damages are generally easier to calculate as they are based on concrete numbers and documentation. Non-economic damages, or general damages, are more subjective and harder to quantify. These damages compensate for the intangible effects of the injury, such as:

• Pain and Suffering: For physical pain and emotional distress.
• Loss of Consortium: Compensation for the impact on the victim's relationship with their spouse or family.
• Loss of Enjoyment of Life: When the injury prevents the victim from enjoying activities they once did.

Because non-economic damages are subjective, they can vary widely depending on the case and the jurisdiction.

When to Consider Legal Assistance

Given the complexities involved in personal injury settlements, consulting with a knowledgeable attorney is extremely important. An attorney can provide valuable guidance on the potential value of a claim, help gather the necessary evidence, and negotiate with insurance companies to maximize the settlement. If you’ve been injured due to the actions or negligence of another party, we encourage you to reach out to The Harr Law Firm today. We’ll review your case and help you to understand what your rights are.