After a personal injury accident, victims rightfully want to know the value of their claim. One of the ways that you might try to determine the value of your claim is based on average personal injury settlements.
The range of possible settlement values vary, and your personal injury attorney can help you better estimate the amount of your settlement based on the circumstances in your specific situation. Here’s what you should know about average personal injury settlement amounts in Nevada.
Average Personal Injury Settlement Amounts
Average personal injury settlement amounts range greatly. The value in your case depends on a number of factors that are specific to your case. On the low end, an injury case might settle for only a few thousand dollars. But many personal injury cases settle for much more. An average personal injury settlement amount is anywhere between $3,000 and $75,000.
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 circumstances with either punitive damages or other extraordinary damages. An experienced injury lawyer can help you determine where your case falls on the spectrum of typical personal injury settlements.
Related: Factors that Affect the Value of Your Personal Injury Settlement
Will My Injury Case Settle for the Average Amount?
It’s important not to assume that you know the value of your claim. You might be pleasantly surprised by all of the different categories of damages that you may be able to claim. The best way to determine an accurate value for your injury claim is to speak with an experienced personal injury attorney about your individual case.
How Much Is the Average Settlement for a Car Accident?
The average car accident settlement is anywhere from $3,000 to $75,000 with the exact average being somewhere in between. If you think that your case should be worth much more, you might be right. There’s no way to value your claim based on average settlements. Each car accident case is an individual case that deserves a review on its own merits.
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.
Settlements and Trial Verdicts in Nevada Personal Injury Cases
When you’re examining settlements in Nevada personal injury cases, it’s important to factor in the difference between a settlement and a trial verdict. The average settlement is not the same thing as a trial verdict. A settlement is an amount that the other side agrees to pay before the case even goes to trial. If you accept a settlement offer, it becomes the judgment of law in the case.
On the other hand, a trial verdict is decided by a jury. Neither side agrees to it. Like an accepted settlement, it becomes the judgment of the court.
There are a few things to keep in mind. First, although trial verdicts tend to be higher, you also have a time and expense associated with going to trial. It may not make logical sense to go to trial if you’re not likely to make up for the added costs. Second, if you go to trial, there’s a chance that you recover nothing at all. If you go to trial, you might receive a more substantial amount than if you settle; but, there’s also a change that you don’t get anything.
It’s all a balancing act. What’s important is making informed decisions based on your case and your case alone. The experience of a trained personal injury attorney can help you determine the best course of action in your case.
The Average Personal Injury Settlement Depends on What the Responsible Party Can Pay
Another thing that factors into the typical settlement is what the responsible party can pay. Even if the other side is 100 percent responsible and you have a high amount of damages, the practical task of collecting a judgment can weigh into the average settlement amount.
For example, say you have a claim for $60,000. The other side has an insurance policy with a $50,000 limit and very few other assets. In a case like that, it might make sense to settle the case for the $50,000 insurance limit. Even if your case is worth much more, you should consider the question mark of collecting your judgment when you make decisions about whether your case falls into the range of average personal injury settlements.
Is My Personal Injury Claim an Average Claim?
Whether your injury claim is average depends on three factors – your economic damages, your pain and suffering multiplier, and whether punitive damages are available in your case. The more your financial losses, the higher your economic damages are going to be. Although pain and suffering damages typically go hand in hand with your economic damages, in cases where your physical and emotional anguish greatly exceeds your financial losses, the amount of pain and suffering damages may greatly increase the value of your claim.
Related: 10 Tips for Maximizing Compensation in Your Personal Injury Case
Finally, punitive damages do not depend on your personal losses. They depend on the actions of the other party. If punitive damages are available in your case, your settlement may be far above the average personal injury settlement.
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 circumstances your case to other cases. Once you understand the value of your case, we can help you determine the best course of action. Call our legal team today for an immediate consult about your claim.
