Upon being injured in a traffic accident or any mishap triggered by another person’s negligence, you may consider pursuing a claim for damages. If that’s the case, you’re undoubtedly wondering what your prospects of receiving just heath care fees and damages are. At that same time, you may not know whether it’s preferable to employ an attorney or handle the claim by yourself.
- 1 How Much Money Can I Possibly Win In A Personal Injury Case?
- 1.1 Settlements
- 1.2 What Factors Influence Settlement of Personal Injury Cases?
- 1.2.1 Share this:
How Much Money Can I Possibly Win In A Personal Injury Case?
Well, an experienced local accidents yesterday says that particular variables determine your settlement amount and how fast insurers settle it. Here’s a compilation of PI claim experiences in the recent past across the United States to help you understand how claim amounts are determined.
By far, settlements are the most popular way of resolving personal injury lawsuits. About 70 percent of individual claim lawsuits are resolved via settlements, which can be through a post-trial award or an out-of-court settlement. And as much as 67 percent of the settled claims are paid out without a trial, only about four percent get to trial stages.
This is typical of personal injury cases and usually happens because trials are time-consuming, costly, and dangerous for the involved parties. It’s no wonder underwriters and attorneys who represent injured parties are generally inclined towards forging agreements for the parties.
Personal Injury Instances: How Much Recompense Is Pretty standard?
Over 50 percent of PI victims are paid anywhere between 3000 dollars and 25,000 dollars. However, a further 26% of victims received more than 25,000 dollars, bringing the average pay to about 52,900 dollars. Most of the victims who received high compensations had hired attorneys to represent them throughout the settlement process.
Also, consider that the settlements reached rely on numerous factors, so it isn’t as pretty standard as it may seem. Some of those are:
What Factors Influence Settlement of Personal Injury Cases?
When it comes to the way insurance providers evaluate an accident case, there are some common patterns. Some variables that influence such patterns are beyond your control, such as:
Severity Of Injuries
Severe incidents lead to higher healthcare costs plus pain and misery compensation, converting into larger settlements.
Insurance Coverage Of The Defendant
The insurance provider of the defendant will not offer any settlement above their policy limitations.
Aside from that, there are many things you may do to improve your chances of a favorable result and the compensation you may get, including engaging an attorney, settlement negotiation (instead of going with the initial offer), and involving the court.
How Using Legal Counsel Influences Your Settlement
Research and surveys indicate that it improves your odds of compensation for injuries if you engage personal injury attorneys during your settlement. Victims with legal counsel got above 9 out of 10 settlements or awards, in contrast to approximately half of the victims who pursued claims alone.
After subtracting contingencies, most presented victims’ net payments are almost three times greater than those received by unrepresented individuals. These findings aren’t surprising because attorneys understand how to construct strong personal injury cases, collect evidence, and negotiate with insurers.
Outcome Of Settlements Via Negotiation
It may appear self-evident that bargaining instead of taking the initial proposal from the opposing party would result in a greater payout. Although this isn’t always the case, it’s perhaps the most efficient way to get more cash. Individuals who waited for better bargains got payouts of 30,700 dollars more on average than those who took the insurer’s original offer.
Outcome Through Bringing An Injury Claims Suit Or Threatening To Initiate
While most PI claims resolve to avoid any trials, insurance providers are more likely to make fair compensation if you demonstrate your seriousness by filing a lawsuit.
Over 50 percent of individuals settle sans suing or even informing the other party that they’re prepared for that. However, those who file or threatened to file a suit were nearly twice as likely to secure compensation or award 45,500 dollars in contrast to 23,000 dollars for those who didn’t.
Resolution Time And Outcome
It’s normal to desire a speedy conclusion. However, a quicker settlement doesn’t always imply a better outcome.
For a start, winning claims—those that resulted in settlements or judgment awards—took a lot more time to execute than unsuccessful claims. Most of the variables that raised the probability of favorable results and larger payments, such as engaging a lawyer, initiating or threatening insurers with litigation, and bargaining with insurance providers, similarly increased the duration it took to settle claims.
HussaiN is a full-time professional blogger from India. He is passionate about content writing, Tech enthusiast & computer technologies. Apart from content writing on the internet, he likes reading various tech magazines and several other blogs on the internet.