While no fixed number applies to every personal injury case, understanding how settlements are calculated can provide insight into the potential outcome of your claim.
At Lambrou Law, our New York City personal injury attorneys are committed to helping you recover the compensation you deserve for your injuries. This guide will break down the factors influencing the average personal injury settlement.
Factors that influence the average personal injury settlement
Each personal injury case is unique, and the settlement amount depends on various factors. The following are key considerations that can affect your average personal injury settlement.
Severity of injuries
The more serious your injuries, the higher the potential settlement. Cases involving long-term or permanent injuries—such as traumatic brain injuries, spinal cord injuries, or disfigurement—typically result in higher compensation because they affect a person’s ability to work and live their life as they did before the accident.
Medical expenses
The cost of medical care, both current and future, plays a significant role in determining the settlement amount. This includes hospital bills, surgeries, rehabilitation, physical therapy, and any other treatment needed due to the injury. High medical expenses often lead to higher settlements.
Lost wages and future earning capacity
If your injuries caused you to miss work or have diminished your ability to earn a living in the future, this will be factored into your settlement. Courts and insurance companies consider the financial impact of your lost income and any long-term or permanent reductions in your earning capacity.
Pain and suffering
Unlike medical bills or lost wages, pain and suffering is more subjective but plays a crucial role in personal injury settlements. This compensation accounts for the physical pain, emotional distress, and reduced quality of life caused by the injury. In cases involving severe trauma, such as a debilitating injury or disfigurement, these non-economic damages can significantly increase the settlement.
Liability and fault
New York operates under a comparative negligence rule. This means that if you are partially at fault for the accident, your settlement will be reduced by the percentage of your fault. For instance, if you are found to be 20% responsible for the accident and your damages total $1,000,000.00, you would only be entitled to $800,000.00. The degree of fault can impact the final settlement amount.
Insurance policy limits
The insurance coverage available can also influence your settlement. If the at-fault party has limited coverage, this may cap the amount of compensation you can recover unless additional avenues of recovery, such as umbrella policies, supplemental underinsurance coverages or suing other responsible parties, are pursued.
The range of an average personal injury settlement
While there is no set number for the average personal injury settlement, cases can range widely depending on the factors mentioned above. Small claims, such as those involving minor injuries, may settle for anywhere between $3,000.00 and $75,000.00. On the other hand, severe injury cases involving significant medical expenses, long-term disabilities, or wrongful death can result in settlements that range from $250,000.00 to millions of dollars.
How long does receiving a personal injury settlement take?
The timeline for receiving a settlement depends on the complexity of the case, the extent of the injuries, and whether the at-fault party’s insurance company disputes liability. In general, straightforward cases can be resolved within a few months, while more complex claims may take a year or more, especially if the case goes has to be litigated in court and go to trial. At Lambrou Law, we work diligently to resolve your case as quickly and efficiently as possible while ensuring you receive the full justice and the full compensation you deserve.
The role of a personal injury lawyer in maximizing your settlement
Navigating a personal injury case can be overwhelming, especially when dealing with insurance companies that may try to minimize your compensation. A personal injury lawyer from Lambrou Law can help in the following ways:
- Investigating the accident – We will gather evidence, including police reports, medical records, witness statements, and expert testimony, to build a strong case on your behalf.
- Calculating your damages – Our attorneys will assess the full extent of your losses, including medical expenses, lost income, and non-economic damages like pain and suffering, to ensure that you pursue the compensation you deserve.
- Negotiating with insurance companies – We will handle all negotiations with the insurance company to prevent them from offering a low settlement. Our goal is to secure a fair and just settlement for your injuries.
- Filing a lawsuit, when the insurance company refuses to offer a reasonable settlement, we are prepared to take your case to court and fight for the compensation you deserve.
What can impact the settlement process?
Several factors can affect the settlement process, including:
- Disputes over liability – If the at-fault party or their insurer contests who was responsible for the accident, it can delay settlement negotiations and may require additional evidence or even litigation.
- Severity of injuries – If the full extent of your injuries is not immediately clear, it may take time to fully evaluate the costs associated with your recovery, which can delay settlement.
- Insurance company tactics – Insurance companies often attempt to settle for less than what you deserve, which can prolong negotiations if you or your attorney reject their initial offers.
- Court back-ups – The Court system in New York City has many cases to deal with, likely thousands of cases on a daily basis, accordingly cases in Court are subject to a some delays cause of the number of cases that are pending. However, Lambrou Law, always strives to efficiently and quickly mover cases through the court system.
Securing a fair settlement with Lambrou Law
While the average personal injury settlement varies depending on the specific details of each case, having an experienced attorney by your side is crucial for maximizing your compensation. At Lambrou Law, we are dedicated to ensuring that our clients receive the fair and just compensation they deserve. From investigating the accident to negotiating with insurance companies and pursuing litigation if necessary, our team is with you every step of the way.
If you’ve been injured in an accident, don’t hesitate to contact Lambrou Law for a free consultation. We’ll review your case and provide the guidance you need to pursue the compensation you deserve.
