Getting into an accident is not an unexpected incident today. Many people are getting injured from road accidents every day. So, it is important to know everything about personal injury settlements beforehand. A Surrey ICBC lawyer can help you with that.
You may wonder how much money you can get from a settlement. What’s the average amount for a personal injury settlement? The answer is not so simple. Many factors affect the final amount of compensation you may receive.
Factors that Can Affect Personal Injury Settlement
There are many factors that the payer will take into consideration. Here are 5 factors that affect the final settlement amount:
The first and the most important factor is your medical bills. The prescriptions, medical examinations, consultations, and operation fees are important to consider. The more bills you incur, the more money you will receive.
Loss of Income
The next thing is the wage losses you incur due to the injuries. An accident victim often loses their jobs due to the severity of the injuries. Any present or future income loss you experience is an important factor. It greatly affects the final settlement amount.
Severity of Injuries
How serious are your injuries? Will you recover soon, or will it take years to recover? Can you get back on your feet? There are many considerations before determining the settlement amount. If your injury is permanent, you may receive a very large amount.
Your Fault in the Accident
In most cases, the plaintiff can be partially guilty of the accident. If you are partially at fault, this can affect the settlement amount. In some states, you may not even get any compensation.
The Other Party’s Ability to Pay
If you are seeking compensation from your insurer, you may get a higher amount. But this might not be applicable to the other driver. The driver may have to pay from his pocket. As a result, you will receive as much as he can pay.
What’s the Average Amount for a Personal Injury Settlement?
The final settlement amount will depend on the 5 factors mentioned above. So, is there any average amount that you can expect to receive? The answer is no.
It is better not to assume that you can receive a certain amount. Whatever situation you are in, you never know what to expect from these cases. The settlement amount can have a high range.
Your personal injury settlement can range between $13,000 to $50,000, depending on the factors. This amount can go even higher than $50,000 if your case is severe. You can also lose money if the responsible party proves your faults in the accident.
4 Costs that Can Reduce the Final Settlement Amount
Some factors can increase the compensation amount, and some can reduce the amount. The final settlement you receive will go down because of these 3 costs.
Lawyers are very important for personal injury settlements. But their fees can be a bit problematic. There are so many charges you can incur after hiring a lawyer. Thus, it would be best if you cleared everything out beforehand.
In some cases, you may not be able to pay for your medical treatments. Let’s face it, and hospital bills are costly. In such a situation, your insurer will pay the bills. But the insurance company will also want to reimburse the money they paid. So, they will charge this amount from the settlement money you receive.
The settlement case can go on for months and months, and you may incur many costs in the meantime. These costs are not included in the initial compensation claim. As a result, these costs will lower the final settlement you receive.
Moreover, there are many miscellaneous costs you may incur. Nobody can foresee these costs, including postings, case filings, legal costs, and many other expenses. These costs are not included in your compensation claim.
How to Increase Your Settlement Amount
It is possible to do things to increase the settlement amount. The first thing to do is building a strong case. This is the best option to increase the chances of getting a higher settlement amount. It would be best if you could present strong pieces of evidence and witness statements.
You should also ensure making a flawless claim. This involves creating correct documents, meeting deadlines, and following legal procedures. If you show belief in your case, you can win higher settlements.
So, what’s the average amount for a personal injury settlement? It can vary depending on your case, and many factors can affect the settlement amount. It would help if you went through them first. That will make it easier to estimate the settlement amount.
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