After suffering injuries and damages in an accident, the financial burden can make it difficult for victims and their families to make ends meet. However, if you qualify to claim compensation with a personal injury lawsuit, you may get the financial relief you need and deserve. But how much can you get from a personal injury claim? What is the typical amount an accident victim can receive?
Understanding how much personal injury claim settlements can be will help you claim the maximum compensation for your losses. Our Las Vegaspersonal injury lawyersexplain what you need to know about accident injury claim amounts.
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What Is the Average Personal Injury Settlement Amount?
Average personal injury settlement amounts range greatly. The value in your case depends on a number of factors that are specific to your case, including:
- Property damage
- Medical expenses
- Lost wages
- Pain and suffering
On the low end, an injury case might settle for only a few thousand dollars. But many personal injury claims settle for much more.
An average personal injury settlement amount is anywhere between $3,000 and $75,000. Be careful when using an average personal injury settlement calculator to give you an idea of what you may stand to collect. These numbers really depend on your individual case and are hard to predict without a professional.
Of course, most cases fall in between the very high and very low end of average settlements. There are also outliers – you’ve probably heard about people getting settlements that are millions of dollars. Some cases settle for that much, but they usually involve very unique circ*mstances with either punitive damages or other extraordinary damages. An experienced injury lawyer can help you determine what your case is worth and where your case falls on the spectrum of typical settlements.
How Are Personal Injury Settlements Paid Out?
Typical injury claim payouts are either a lump sum or structured payments that follow a schedule. Depending on your situation and how much you receive from your settlement, there are benefits to both payout options.
What Is a Lump Sum Payout?
Some victims who file an injury case need the full amount of their settlement as soon as possible. Under these circ*mstances, a lump sum may be the more beneficial option. This means that they will receive the full settlement amount all at once and choose how they want to invest or spend it.
However, it’s important to remember that lump sum payouts will generally take anywhere from six weeks to a few months to receive. Speak to your personal injury attorney to get a better understanding of what this means for your case.
What Is a Structured Settlement Payout?
With a structured payout of your personal injury settlement, you’ll receive regularly scheduled payments. You can work with your injury lawyer to determine the best payment schedule for your financial needs to help supplement your regular income and cover costs associated with the accident.
Accident victims can choose between monthly, quarterly, or yearly payouts with a specified end date. This payout method is often preferred to lump sum payouts for several reasons, including:
- Helps avoid mismanaging the money
- Offers long-term financial security
- More flexibility to set terms of the payout
How Do Personal Injury Settlements Work?
When an accident victim sustains losses due to another person’s negligence or reckless decisions, they may qualify to bring a personal injury claim for compensation. This means they legally file a claim against the responsible party to try to collect financial payment for their damages. Some common personal injury claims are based on:
- Car accidents
- Motorcycle accidents
- Slip and falls
- Medical malpractice
- Wrongful death
Not all personal injury cases go to trial. In fact, about95% of personal injury cases1in the United States are settled out of court. This means that the parties involved in the claim agree on a fair settlement amount before the case goes to trial. This helps to avoid an unfair jury verdict and the time, cost, and complexities of taking the case to court.
How Long Do Personal Injury Settlements Take?
According to arecent survey2, the average time it took for the polled accident victims to resolve their personal injury claim was 11.4 months. However, about 50% were able to resolve their case within two months to one year.
A typical personal injury settlement will take several weeks to receive after you resolve your claim. However, depending on the type of payout you chose, insurance company policies, and other factors that could delay the process, it may take months before you receive your settlement amount.
How Do You Make Someone Pay Once You Win a Settlement?
After settling your personal injury claim, the next step is collecting the promised amount. Unfortunately, it can be more complicated than simply waiting for a check in the mail. It often involves following up and using legal procedures to ensure the defendant pays the compensation you deserve.
Working with an experienced attorney can help with structuring your payout and collecting payments after your case settled. They can also offer legal advice on what to expect during the claims process.
Are Personal Injury Settlements Taxed?
No, your personal injury claim compensation is generally not taxable by the IRS or your state. Whether your case went to trial or not, your settlement is not taxable under the law. However, if you choose to invest a part or all of your settlement and gain interest on that investment, you may owe taxes on that amount.
Can the Loss of the Ability To Take Part in Favorite Activities Be Factored Into a Settlement?
One type of damage you can claim in your personal injury case is “loss of enjoyment.” When a serious injury permanently affects a victim’s ability to enjoy activities they did before the accident, the liable party may be legally required to pay compensation for this loss. Speak with an experienced personal injury attorney to see if you qualify to include loss of enjoyment in your claim.
How Do You Determine the Average Value of a Personal Injury Settlement?
To determine the average value of a personal injury settlement, you must look at the components of each case. The total value of a settlement is made up of many different parts including your economic damages, pain and suffering, and punitive damages.
It’s important to understand that when you look at settlements in other cases, you’re looking at the total of those three parts. If the victim has high economic damages, that alone can significantly increase the value of a settlement claim. If the victim has a claim for punitive damages because of the bad actions of a defendant, the punitive damages can greatly skew the value of the claim. Again, it always comes down to the unique damages in a personal injury case.
Injury Settlement Attorneys in Nevada
Are you wondering how your case compares to the average injury settlement in Nevada? The best way to figure it out is to speak with our team of experienced attorneys. We can help you compare the circ*mstances of your case to other cases. Once you understand the value of your personal injury damages, we can help you determine the best course of action.
Call our legal team today for an immediate consultation about your claim and a qualified Las Vegas personal injury lawyer will get started on your case right away.
