Every 10 minutes during 2022, 1,119 people suffered an injury caused by a preventable accident. Even worse, four people died from their injuries every 10 minutes. The personal injury sector is huge – estimates say it is worth around $53 billion. Motor vehicle accidents are the most common cause of preventable injuries, with 42,514 deaths in 2022, closely followed by medical malpractice claims (around 251k fatalities annually).
If you’re unlucky enough to be injured because of someone else’s fault, how much can you expect to get in a settlement?
How Your Attorney Calculates Your Personal Injury Claim’s Value
An experienced personal injury lawyer will use several methods to calculate a reasonable settlement value. These include:
Evaluating your medical records
Your current and projected medical costs are a major factor. The more severe the injury and longer the recovery time, the higher the settlement value.
Assessing your lost income
The attorney will calculate how much income you lost due to missing work during recovery. Future lost earnings may also be included for permanent disabilities.
Researching jury verdicts
Your attorney will look at verdicts in similar cases to estimate potential damages if your case goes to trial. Insurers want to avoid an unpredictable jury trial and are more likely to settle for a reasonable amount.
Accounting for pain and suffering
Damages for your physical pain, mental anguish, loss of enjoyment of life, and other intangible losses make up a significant portion of most injury settlements.
Factor in liability
Clear liability and fault on the defendant’s part creates leverage to negotiate a higher settlement. Weaker liability means lower settlement values.
Deducting comparative negligence
In states with comparative negligence rules, your own percentage of fault for the accident reduces your claim value. For example, in Tennessee, if you’re 50% of more responsible for an accident, you can’t claim for damages, whereas in Washington State, you can file a claim even if you’re 99% at fault.
Settlement Amounts Vary Widely in Personal Injury Cases
There is no single answer to how much money you can expect from a personal injury settlement. Settlement amounts can vary widely based on the details of your case. Some cases settle for tens of thousands of dollars, while others are worth millions. The value depends on factors like:
Cases with more severe injuries, extensive losses, and clear liability on the defendant’s part tend to result in larger settlements. TBIs for example, typically settle at higher amounts, with more serious cases settling in excess of a million dollars where the victim requires significant long-term care. Minor soft tissue injuries typically settle for smaller amounts. The specific dollar figure will come down to negotiations between your attorney and the insurance company.
Set Realistic Expectations
It is important to keep expectations realistic about potential settlement amounts. Things rarely go perfectly in personal injury cases. Look at your attorney’s valuation as a rough estimate of what you could receive if everything falls into place positively.
Be prepared that the actual settlement may end up lower than the initial calculation after factoring in negotiation and hurdles. But an experienced attorney will strive to maximize the compensation you rightfully deserve.