A personal injury settlement is unique to the injured victim and their circumstances. Thus, the idea of an “average” settlement does not provide much information. Even talking about an average car accident settlement or slip and fall accident settlement does not tell you where your case sits compared to the average.
Several factors determine the value of a personal injury claim. These factors ensure the victim is fairly compensated based on their injuries and the resources of the at-fault party.
What Is a Settlement?
A personal injury claim arises under tort law. Injured people have the legal right to recover compensation from a party whose negligent or intentional acts caused the injury. A settlement occurs when the victim releases their claim by agreeing not to assert their legal rights. In exchange, the at-fault party or their insurer pays the victim.
Settlements allow the parties to avoid court. This potentially benefits both parties because juries can act unpredictably. A plaintiff with a solid case might lose to a skilled insurance defense lawyer. Conversely, an insurer might lose a solid case simply because the jurors are hostile toward insurance companies.
A settlement is a contract between the at-fault party and their insurer on the one side and the injured victim on the other. The amount of a settlement depends on the victim’s losses. If the victim asks for too much, the insurer and at-fault party will usually take their chances at trial. Similarly, if the insurer offers too little, the victim may see if a jury will be more generous.
As a result, the lawyers for both sides will negotiate to reach a settlement value that both sides perceive as fair. This settlement value will depend on many factors.
Factors That Affect Settlement Amounts
The amount of your settlement depends on your losses and the other party’s ability to pay. Thus, the following two factors heavily influence personal injury settlement amounts:
Your Injuries
You can recover compensation for economic and non-economic damages. Both of these categories of loss depend on the injuries you suffered. Economic damages describe the financial costs of your injury and include past and future medical costs and income losses. More severe injuries will cost more to treat and have a greater impact on your ability to earn a living.
Non-economic damages represent the non-financial impacts of the injury on your life. For example, you may experience pain. You could worry about your injuries and how well you will recover. You might lose the ability to participate in hobbies or other activities you enjoy. The compensation you recover for these losses depends on the severity of your injuries.
The Other Party’s Insurance
Most injury cases involve an insurer. The following forms of insurance would cover the at-fault party’s liability for your losses:
- Homeowner’s or renter’s insurance
- Professional liability insurance
- Auto liability insurance
- General business liability insurance
- Property liability insurance
Of these, only auto liability insurance is required. The state mandates that all registered vehicles have an insurance policy that includes at least $30,000 in bodily injury liability coverage per crash victim. The state does not require any other forms of liability insurance, including medical malpractice insurance for doctors.
If the at-fault party has insurance, your lawyer will start your case by filing an insurance claim. The insurer will pay any settlement or court award up to the policy limit. Thus, two factors that determine the value of a claim include whether the other party has insurance and, if so, what policy limits they have.
Getting a Fair Settlement
The average settlement agreement depends on many factors, including the severity of your injuries and the at-fault party’s insurance coverage. To get a fair settlement, you may need an experienced personal injury lawyer to determine the value of your claim and negotiate with the insurer.
Contact an Experienced Charlotte Personal Injury Lawyer at Chandler Volta Personal Injury Lawyers Today For Help
For more information, contact an experienced personal injury lawyer at Chandler Volta Personal Injury Lawyers to schedule a free consultation.
We proudly serve clients in Charlotte, NC, and its surrounding areas:
Chandler Volta Personal Injury Lawyers
1009 East Blvd Suite 110, Charlotte, NC 28203
(704) 980-9999
