Personal Injury Settlement Amounts Examples
Hundreds of thousands of people are injured across the nation each year, ranging from minor cuts and scrapes to disability and even death. If you were hurt due to someone else’s negligence, you may be entitled to compensation for your losses. Often, this compensation comes as a settlement instead of a court award. However, determining a fair settlement amount can be complex and depends on various factors specific to your case.
Smith & Holder, PLLC is a premiere Mississippi personal injury firm. Keep reading to learn about personal injury settlement amounts and examples, as well as see how our firm can help. If you are ready to get justice, call our office today.
What is a Personal Injury Settlement?
A personal injury settlement is a legal agreement that resolves a dispute between an injured person and the party they allege to be responsible for their injuries. It’s an alternative to going to trial, where both sides agree on a specific amount of compensation to be paid to the injured person for their losses.
Parties settle through negotiation that often involves attorneys and insurance companies. These binding agreements usually bar the injured party from taking further legal action.
Factors That Influence Personal Injury Settlement Amounts
Several factors can impact the amount of a personal injury settlement. Here are some of the most common factors that can influence the personal injury average settlement:
- Type and severity of injuries. The more severe your injuries, the longer your recovery, and the greater the impact on your life, the higher your settlement will likely be.
- Medical expenses. The cost of hospital stays, surgeries, medications, and future needs will significantly impact the total amount.
- Lost wages and earning capacity. If your injuries prevent you from working, you can be compensated for lost wages, including additional compensation if your injuries cause a disability that affects your ability to earn a living.
- Pain and suffering. Physical pain, emotional distress, and the impact the injuries have on your daily routine and quality of life.
- Property damage. If your property was damaged in the incident, such as your car in a car accident, the cost of repairs or replacement is usually included in the settlement.
- Comparative fault. In some states, you can be partially at fault for the accident, which can lower your settlement amount.
- Insurance policy limits. The at-fault party’s insurance coverage can limit the potential settlement amount. The defendant often doesn’t have the personal funds and assets to pay over their policy limit.
These are just a few factors that can influence a personal injury settlement. The attorneys at Smith & Holder, PLLC, are here to evaluate your case and identify all possible damages you can recover.
No one should suffer alone—trust us to be your advocate and guide in this difficult time. Contact us now to speak to a lawyer today.
Personal Injury Settlement Amounts and Examples
Personal injury lawsuit settlement amounts can vary greatly. While all cases are unique, here are some examples of potential settlement ranges for different types of injuries:
- Soft tissue injuries. These injuries, such as sprains, strains, and whiplash, often result in settlements ranging from $10,000 to $50,000. However, severe cases requiring extensive treatment can reach $100,000 or more.
- Broken bones. Settlements for fractures can range from $20,000 for simple fractures to $150,000 or more for complex injuries. These often require surgery or result in permanent disability, which leads to a higher award.
- Traumatic brain injuries (TBI). Brain injuries can lead to long-term cognitive and physical impairments. Mild cases might settle for $50,000 to $100,000, while severe cases can reach millions of dollars depending on the extent of the injury.
- Spinal cord injuries. Catastrophic spinal injuries can lead to settlements ranging from $250,000 to several million dollars. These large amounts are necessary to pay for medical care, assistive devices, and lifestyle adjustments.
- Wrongful death. Settlements in wrongful death cases can vary widely depending on the deceased’s age, income, and the circumstances of the death. These settlements address the loss’s financial and emotional impact and can sometimes reach millions of dollars.
It’s crucial to remember that these are only examples, and there isn’t a standard average personal injury settlement. Speaking with an experienced personal injury attorney is the best way to assess your claim’s potential value.
How Smith & Holder, PLLC Can Help with Your Settlement
When facing the aftermath of a personal injury, having a skilled legal team on your side is crucial. We provide comprehensive support and aggressive representation to get justice for our clients.
Thorough Investigation and Evidence Gathering
We understand the importance of building a solid case. Our team will gather all necessary evidence, such as medical records, police reports, witness statements, and expert opinions, to support your claim. We’ll leave no stone unturned in establishing the facts and proving liability.
Skilled Negotiation and Advocacy
Our seasoned negotiators know how to deal with insurance companies and opposing parties. We’ll leverage our experience and expertise to negotiate a settlement that fully reflects the value of your claim. You can count on us to fight tirelessly to protect your rights and ensure you get the outcome you deserve.
Litigation Expertise and Trial Preparation
If a fair settlement cannot be reached through negotiation, we’ll take your case to trial. Our experienced trial attorneys will prepare your case, present compelling arguments, and advocate for your interests in court. Some of our firm’s jury verdicts include a six-figure federal court award and a seven-figure Mississippi state court award.
Contact Us to Schedule a Free Consultation
Don’t face the insurance companies alone. Smith & Holder, PLLC has recovered millions of dollars for our clients, and we’re confident we can help you next. We understand the intricacies of personal injury law and have a proven track record of securing fair settlements. Call today and let our experienced attorneys fight for your rights during this challenging time.
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