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What is the average settlement for a personal injury?

Accidents can happen at any time, and they can result in a wide range of injuries based on the nature and severity of the crash. While some injury claims in New York are resolved through insurance policies, others, particularly those involving serious bodily injuries or wrongful death, result in personal injury lawsuits.

A large number of personal injury claims are settled outside of court, where the features of average settlements are used to determine a settlement amount. Based on this, since each case is unique and some claims settle for more or less than others, statistics aren’t everything when determining your claim value. Knowing how different variables impact your insurance settlement allows you to evaluate your options and make a judicious decision based on your circumstances.

The seasoned car accident attorneys at Rosenberg, Minc, Falkoff & Wolff, LLP can help you make an informed decision about the value of your potential settlement based on the circumstances in your specific case. Here’s what you should know about New York accident settlements—and how we can help you better estimate the amount of your compensation.

Average Personal Injury Settlement Amounts in NYC

A personal injury settlement depends on several factors, including how severe your injuries were, how responsible the other party was for causing your injuries, and what type of damages you suffered. While the typical personal injury settlement amount is $50,000 to $500,000, this is really just a rough guideline and can be highly variable.

It is also important to note that an average settlement calculator isn’t always accurate because it fails to account for all the variables that determine settlement value in a car accident or other personal injury case. If you or a loved one were injured in an accident, you should evaluate your options and speak with a profound and proven personal injury attorney before taking any action.

When the injuries are catastrophic or involve an egregious level of negligence of the at-fault party, extraordinary damages may be expected. Settlements could reach up to a million dollars or more in these cases. A committed and capable NYC personal injury attorney can help you navigate your claim through the justice system and ensure you receive a fair compensation.

Factors Determining a Personal Injury Payout

One particular challenge in figuring out what your settlement might be like is that each new case is individual and distinct. This means there isn’t a formula to follow or specific benchmark numbers that can be used as guideposts. When insurance is involved, things tend to get complicated, meaning it is tough to predict how much a case might conclude. Certain factors that go into determining the settlement value include:

  • Physical Suffering: The most obvious factor is the severity of your physical injuries. The more serious they are, the greater your payout will be. For example, it can be challenging to return to work if you suffer brain damage. The longer it takes for you to become fully functional again, the more money you’ll need from a settlement or jury award to continue living comfortably while recovering from your injuries.
  • Mental Anguish: Mental anguish refers to emotional distress resulting from a physical injury. It includes symptoms such as depression and anxiety that may persist after treatment has ended. In some cases, the pain associated with a personal injury may be so severe that it’s impossible to put a price tag on them. These damages are often difficult to quantify and may require expert testimony by a psychologist or psychiatrist who has treated the plaintiff after the accident.
  • Financial Hardship: If you’ve lost wages because of your injury, this can significantly affect how much money you’ll obtain from a settlement for your life to get back on track financially. The higher your income level before the injury, the more money it’s likely to take to recoup those losses.

The amount of money you’re entitled to after a personal injury case is determined by how your claim is valued. Generally, the greater the injuries and damages, the more money you can expect. Due to the wide variety of circumstances that can lead to a personal injury claim, there is no set figure for what constitutes a reasonable settlement offer or a bad one.

Average Settlement for a Catastrophic Injury Claim in New York City

Catastrophic injuries are a form of damage that is beyond the scope of typical damages for a personal injury claim. They include serious, life-changing injuries that often result in permanent disability or death.

What can be recovered with a catastrophic injury claim depends on the quality and strength of your evidence, the extent & severity of your injuries, whether the accident was due to negligence, and the extent of any permanent injuries suffered as a result of the accident. In general, $750,000 to $1.5 million worth of damages may be recoverable in catastrophic injury claims in NYC.

Common Types of Catastrophic Injuries

  • Brain Injury: These injuries can range from mild concussions to severe brain damage and even death. A traumatic brain injury can cause temporary or permanent loss of memory and cognitive problems such as difficulty concentrating and thinking clearly.
  • Spinal Cord Injury: The spinal cord is a vital part of the body as it connects all parts of the nervous system with the brain. When it is damaged, it affects your motor skills and sensory abilities.
  • Amputation: It refers to the process of removing any part of your body due to injuries or infections. In some cases, it may result in loss of limbs or even death if not treated properly.
  • Burns: Burns are caused by exposure to heat or chemicals that damage skin tissue resulting in wounds that range from first-degree burns that only affect the outermost layers of skin to third-degree burns affecting deeper layers of skin.

Impact of Catastrophic Injuries

  • Physical pain and discomfort
  • Emotional stress, such as depression, anxiety, or post-traumatic stress disorder (PTSD)
  • The loss of independence, including the inability to perform basic daily tasks
  • Loss of income due to time away from work and reduced productivity on the job

The cost of a catastrophic injury can be staggering. In addition to medical bills and lost wages, you may have to pay for rehabilitation, physical therapy and other therapies that can keep you active and independent. Insurance will cover some of these costs, but not all of them.

For example, many insurance policies have limits on how much they will pay out throughout a lifetime. If your injuries are so severe that they’ll require expensive care throughout your life, you may find yourself paying for those services out-of-pocket or not receiving them at all.

In such situations, getting compensated for the lifetime of damages is necessary. Even if you’re saved from death by the costliest healthcare, you may still lack the financial support to cover life-altering expenses. Having an accomplished catastrophic injury lawyer in your corner can make the difference between getting what you deserve and being under-compensated.

Merits of Strong Legal Representation

The majority of personal injury cases are settled out of court. Stemming from this, if they do go to trial, it can be a long and expensive process. If you’re considering a lawsuit, you need a personal injury attorney with extensive experience negotiating fair settlements.

Not only can a personal injury lawyer help increase your chances of winning, but they also significantly improve your chances of securing a higher settlement or award. A personal injury attorney can gather evidence and recruit experts who can testify on your behalf in court.

The highly skilled legal team at Rosenberg, Minc, Falkoff & Wolff, LLP has built a reputation for excellence by providing clients with exceptional representation, aggressive advocacy, and compassionate service. Achieving success on behalf of each client is our number one priority, which is why we take the time to get to know each client’s goals and objectives before crafting an effective strategy for achieving those goals.

We believe every case deserves individual attention to ensure that it receives the care and attention it deserves. To this end, we offer free consultations so that you can fully understand your options before deciding how best to proceed with your case.

Talk to Our New York Personal Injury Lawyers Today

While many personal injury cases settle before trial, some do not. When you find yourself or a loved one amid a life-changing personal injury, call Rosenberg, Minc, Falkoff & Wolff, LLP to guide you through the legal process. Our unique blend of skill and experience has led to millions of dollars recovered for our clients, and we have the compassion and drive to do the same for you.

We handle all aspects of a personal injury case from start to finish. We listen to every detail of your case, investigate all facts thoroughly and negotiate with insurance companies on your behalf. Our goal is always to get you the best possible settlement or verdict without going to trial.

Furthermore, if your case does go to trial, our attorneys are prepared with years of experience in this area of law. We know how insurance companies think and how they negotiate so that we can maximize your recovery during negotiations while also protecting your rights as an injured person.

If you have questions about how we can help with your injury claim or if you would like more information on how we work, don’t hesitate to get in touch with us at 1-800-660-2264 or fill out this online form.