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What Is the Average Settlement for Personal Injury?

What Is the Average Settlement for Personal Injury?

While victims of severe injury accidents could be entitled to significant compensation from the at-fault party, people often wonder what a typical settlement might be. 

If you’re considering filing a personal injury lawsuit for an injury you suffered due to someone else’s negligence, the following tips can help you figure out what you might be able to expect in a successful case.

How Settlements Are Calculated in Albuquerque

Many personal injury cases result in a settlement. Parties, such as companies’ legal and insurance representatives, often prefer this avenue because it prevents them from having to fight a lengthy battle in court. However, settlement proceedings can still take months or even years. 

One reason that the settlement process takes so long is that it often doesn’t start until the accident victim has completed treatment for their injuries. This allows all parties to get a better picture of how much a case might be worth. If you’re in this situation, the easiest claim to make might be to ask for the exact amount that you paid for your medical treatment.  

However, this won’t account for your other economic damages, non-economic damages, or future costs. It’s also important to include the value of wages you lost while you were recovering from your injuries. 

Additionally, if your injuries will require lifelong treatment, or you are suffering from significant non-economic damages like mental anguish, it’s essential to include these costs in your settlement calculation. A skilled attorney can help determine the value of these damages and help estimate your future costs.

Factors Affecting Settlement Amounts in Albuquerque

Two primary factors affect settlement amounts in Albuquerque:

  • The extent of your injuries. If you are suffering from minor injuries, the amount that insurance is willing to pay will usually be much less than if you are facing severe impacts, such as permanent paralysis or disfigurement.
  • How much insurance coverage is available. Insurance policies have limits on the amount they will pay out. If your injuries exceed the at-fault party’s coverage, you can try to recover from them directly. However, many individuals are unable to pay a judgment.

Ways to Make Sure You Receive a Fair Settlement Amount

Victims can take certain steps to help improve their chances of getting a fair personal injury settlement:

  • Fully investigate the accident. Make sure you have an accurate picture of how the accident occurred and the damages it caused. Gather as much evidence as possible from the accident scene, official police reports, witness accounts, and medical records. If needed, hire specialists like medical consultants and traffic experts who can delve into the evidence and support your claims.
  • Don’t release your medical records. Insurance might use something unrelated from your record to try to claim that your injuries were actually caused by a previous accident or preexisting condition. 
  • Evaluate future costs. Compile a comprehensive list of expenses you might face in the future based on your accident, your injuries, and impacts your injuries might have, such as forcing you to quit work.

At Parnall Law, our attorneys will leverage our comprehensive resources, such as expert witnesses, to thoroughly investigate your case and help you identify the expenses and damages related to your accident.

Contact an Experienced Personal Injury Attorney in Albuquerque 

Hurt? Call Bert. If you are considering filing a personal injury claim, contact Parnall Law right away. Our knowledgeable Albuquerque personal injury legal team can calculate the full extent of your losses and fight aggressively to seek the compensation you deserve. 

Contact us today to schedule your free consultation.