Know What The Average Personal Injury Settlement Award Is About
Car accidents are personal injury accidents and they happen all of the time. If you have ever been involved in a car accident or other personal injury accident that was not your fault, you have likely hired a personal injury lawyer to help you file a personal injury case or claim against the defendant either in or out of court.
You have likely asked your personal injury lawyer what your settlement amount would likely be in dollar values. This professional probably gave you an answer based on average settlement amounts of people who were involved in personal injury accidents that were similar to yours. This is what the answer probably entailed.
The average range
It may not surprise you when your personal injury lawyer in Buena Park tells you that personal injury settlements fall into a range in terms of dollar amounts awarded. For example, some people (approximately 30%) who file a personal injury settlement do not see a penny of settlement money! The other 70% got an average award of $52,900. However, the range of settlements for this average was between $3,000 to $75,000. Some people received a much higher payout, but this is extremely rare.
Factors that influence the final settlement amount
Personal injury lawyers know that 96% of personal injury claims are settled out of court. In fact, it is very rare for a personal injury case to go to trial because of the immense risks and costs involved. Some factors have a dramatic and direct effect on the amount of the final settlement amount. They are mentioned in further detail below:
● Injuries – this is a major component and factor in personal injury cases since the plaintiff if primarily suing for damages related to these. Plaintiffs with more serious injuries were more likely to receive a higher monetary award sooner.
● Policy limits – if the defendant’s insurance policy maxes out at $100,000, the plaintiff won’t get more than $100,000 as a settlement award. It doesn’t matter if he or she has sustained $500,000 in injuries and damages because of the personal injury accident. The plaintiff can’t get more money than the maximum amount that the defendant’s insurance company can pay!
Those plaintiffs who hired a personal injury lawyer usually got a greater settlement amount. So did those (plaintiffs) who went to court.
Hiring a personal injury lawyer
Plaintiffs who hired a personal injury lawyer ended up winning awards that were an average of $60,000 higher. These people walked away with settlement awards that were three times greater than those who represented themselves. This was even after the 33% legal fee that personal injury lawyers charge was accounted for.
Additionally, more than 90% of plaintiffs (91% to be exact) ended up winning a personal injury settlement if they hired a lawyer beforehand. That number was only 51% for those who went solo. Those plaintiffs who spent the time to negotiate settlement offers instead of accepting the first offer that the defendant’s insurance company put on the table actually ended up walking away with higher settlement amounts. They walked up with settlement amounts that were an average of $30,700 higher.
Also, plaintiffs who went to court and won walked away with higher settlement awards than those who just settled. Plaintiffs who went to court were also much more likely to win a settlement award to begin with than those who chose to settle out of court. When in doubt, hire a personal injury lawyer.It can mean the difference between walking away with nothing or with the settlement that you want and deserve.