What is the Average Personal Injury Settlement?
By Space Coast Daily // December 18, 2020
You may be thinking of filing a personal injury claim after being injured by someone else’s carelessness. At the same time, it’s likely that you have a lot of questions. Will I get fair compensation? What can I do to increase my chances of success? How long will it take? Should I hire a lawyer? Here is some insight into those questions for you.
The Most Common Outcome In Personal Injury Claims
“About 70 percent of those who file a personal injury claim receive an out-of-court settlement of an award after trial. And almost 65 percent of that came from a settlement. Only about 4 percent saw their case actually go trials.”
Trials can be risky, expensive and time-consuming for everybody involved. That’s why both insurance adjusters and attorneys are typically motivated to reach a settlement without going to trial.
How Much Is Compensation in a Personal Injury Claim: The Factors Involved
Payouts have ranged from $3,000 to $25,00 in most cases according to studies. But 26 percent received over $24,000. The average amount is $52,900. But, those with more significant injuries usually receive more. There are several things that affect the outcome of a personal injury case, and there are patterns on how an insurance company values a case.
Serious injuries that result in more medical expenses and significant pain and suffering lead to greater payouts. Another factor is the defendant’s insurance policy. The insurance company is not going to settle for an amount that is over the policy limits.
Things You Can Do For a Better Settlement: Hire an Attorney
Hiring a personal injury attorney is an important step that you can take to increase your chances of getting a higher settlement in your personal injury case.
Legal representation makes a big difference in the monies allotted. Studies have shown that those with a lawyer walked away with an average of $75,000 compared to those without legal representation who walked away with an average of $18,000. In sum, those with an attorney came out far ahead.
Even after deducting the contingency fee for their attorney, clients ended up with net payouts that were three times higher than those without representation. These results really come as no surprise. Attorneys know how to build a solid personal injury case, gather evidence and deal with insurance companies.
Negotiating Settlement Offers with the Insurance Companies
You’ll always wind up with a high offer by negotiating instead of accepting the first offer that comes along from the opposing side.
Negotiating is a very effective strategy for getting more compensation. Most people do hold out for a better deal. As a result, the settlements offered are $30,000 higher compared to those who took the first offer.
Many people settle their cases without filing a personal injury lawsuit. But those who do file a lawsuit, receive about twice as much compared to those who don’t.
Even though going to trial is rare in a personal injury case, insurance companies are more likely to make a reasonable offer for settlement if you show you’re serious by moving ahead with a lawsuit.
How Long Does It Take for a Personal Injury Claim to be Resolved
Over half of personal injury claims are settles within two months to a year. About 30 percent of those who file a claim wait for over a year for their case to be settled. The average time it takes to resolve a personal injury case is 11.4 months.
It’s important to note that a faster resolution doesn’t necessarily yield a better outcome. Studies showed that it took longer to resolve claims that had a successful outcome than those that took less time.
The factors that were included in higher payouts and better outcomes were those where the person hired an attorney, threatened a lawsuit and engaged in negotiations with the insurance company.
But the greatest factor in more compensation in a personal injury claim is hiring an attorney. Think about it. You don’t know the law. An attorney does. It’s just too risky to try and handle a personal injury case all on your own without legal representation.
Why take that risk? Likely, you’re going to need as much compensation as you can get. Make a wise decision and get an attorney to represent you. If you’re thinking of filing a personal injury claim, turn to the Law Firm of Wapner Newman.
The Law Firm of Wapner Newman will fight for your rights and get the best outcome for you. Even before you speak to the other party’s insurance company, you should talk to an attorney at the Law Firm of Wapner Newman.
They will take the time to discuss the specific circumstances surrounding your case and guide you on what to do next. Give them a call today. No question is too small, and no question is too big. You’ll get all the right answers to all of your questions.
The Law Firm of Wapnew Newman has years of experience and has helped many, many clients. They will make sure that you get what your case is worth. This law firm has a track record of success.