The average personal injury settlement amount varies based on several factors, including how severe your injury is, who caused your accident, how many people were involved or injured in the accident, and how long your injury is going to affect your life.
If you want to know the amount of settlement that you’re going to receive for your personal injury claim, your best bet is to discuss the topic with a personal injury lawyer. They can explain the ins and outs of the law and the compensation you deserve. If you’re looking for clarification, find a personal injury lawyer near you to get your personal injury claim started.
In This Article
What Factors Determine How Much a Personal Injury Settlement Will Be?
There are multiple factors that determine how much your personal injury settlement will likely be. The most obvious and important factor is how severe your injury is. Another important factor is the various other expenses related to your injury that you’ll have to account for.
According to the Centers for Disease Control and Prevention (CDC), the approximate overall cost of non-fatal injuries is $4 trillion per year in medical costs, lost work productivity, and losses resulting from diminished life quality. Of course, the average cost of a single injury varies considerably depending on the cause.
For example, injuries from dog bites cost an average of $53,000 per incident, while injuries from falls cost between $52,000 and $53,000 on average. The average costs due to injuries received in transportation accidents range from $68,000 to $89,000, depending on the cause of the incident and the circumstances of the injury. As you can see, the overall cost of a personal injury varies widely, so here are some factors that can play a part in the personal injury settlement amount.
1. Type of Treatment
If the injury is quite severe, the settlement amount is sure to be higher. The longer your hospital stay, the more money you’ll be expected to pay in hospital bills. In addition, if you need ongoing prescriptions for medications, therapy, various surgeries or procedures, or medical equipment like a wheelchair, you’re going to incur even more costs.
2. Severity and Duration of Your Injury
Not every injury has serious, long-term consequences. Some injuries heal quickly after the initial treatment, and you may be back to normal within a few weeks or months. Other injuries, however, result in much longer issues.
If your injury has led to long-lasting effects like scarring, disfigurement, paralysis (full or partial), and ongoing pain, you are likely going to have to spend a lot more on medical care. In addition, the effect of the injury on your quality of life is going to be quite high.
3. Amount of Income/Number of Workdays Lost
In nearly every personal injury case, you’ll be required to take some time off of work to recover. In some situations, you may be unable to return to work at all because your injury is so severe. In the event that you do return, you may be unable to perform the same quality of work, or you may be unable to work full time due to the pain you have to endure.
When deciding the worth of your personal injury settlement, a lawyer will often look at how much time you lost at work and how much you’re likely to lose in the future. They also look at the loss of your income and your potential future earnings with the company if your trajectory toward a better position and higher wages was completely derailed by your accident.
4. Impact of the Injury on Your Life
Each individual is impacted by an injury a little differently. You may find that you’re back on your feet with a fairly normal life in no time at all, or you may find that your life is completely off-track for the foreseeable future.
If, due to your injury, you lost your job or much of your income, or if you are suffering from broken relationships, your personal injury settlement may be more. If you can no longer perform sports or activities that you used to love because of your injury, your settlement may be even higher.
When determining the amount of a personal injury settlement, don’t hesitate to expound on all the ways your life is different (and likely worse) than it was before your accident. A personal injury lawyer can help you make a strong case as to why you deserve a higher settlement due to all the losses you are experiencing.
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How to Get the Most from Your Personal Injury Settlement
If you’ve been in an accident that has left you injured and in need of a settlement, you’re not alone. There are three important things that you can do to work toward a favorable and successful settlement without losing too much money in the process.
1. Collect Evidence
Collect as much evidence as possible, such as:
- Medical bills and records
- Photos from the accident scene
- Photos of your injuries
- Documentation of lost income and workdays
- Receipts for the repair or replacement of damaged property
- Witness statements
- A personal journal of all that you’ve lost
2. Speak with a Lawyer
Speak with a personal injury lawyer about how much your personal injury settlement should be and how to pursue that settlement with the at-fault party.
3. Get Legal Funding
Contact High Rise Financial for help in meeting your financial needs until a settlement is reached.
How High Rise Financial Can Help
If you’re working on a personal injury settlement but haven’t quite obtained it yet, reach out to High Rise Financial for help. We’ll give you a pre-settlement loan so you can meet your financial needs until everything is settled; then, you can pay us back with the money you earn. Don’t suffer in silence while you struggle to pay for the medical treatment you need—take a loan from High Rise Financial, and get your life back on track today!