What is the Average Personal Injury Settlement?
by Toni Hipolito
If you’ve been injured and are considering a personal injury lawsuit, one of the first questions you’ll likely ask is, “What can I expect to receive in a settlement?” The answer, however, isn’t straightforward. Personal injury settlements vary significantly based on the details of your case, such as the severity of your injuries, the clarity of liability, and the specifics of your medical expenses.
Average Settlement Amounts
There’s no one-size-fits-all when it comes to personal injury settlements. However, here’s a general breakdown of what you might expect:
- Minor Injuries: For less severe injuries, such as whiplash or soft tissue damage, settlements typically range from $3,000 to $25,000. These cases usually involve shorter recovery times and less medical treatment.
- Moderate Injuries: For injuries that require more extensive medical care, such as fractures or moderate back injuries, settlements can range from $25,000 to $75,000.
- Severe Injuries: For more serious injuries like head trauma, spinal cord injuries, or long-term disabilities, settlements can go well above $100,000. In some cases, settlements can exceed $1 million, particularly in cases involving permanent disability or wrongful death.
It’s important to remember that while these numbers are common, every case is unique. The amount you receive will depend on how strong your case is, the extent of your injuries, and the evidence available to prove liability.
Factors Influencing Your Settlement
Several factors contribute to the final settlement amount in a personal injury case:
- Severity of Injuries: More serious injuries typically result in higher compensation because they often require long-term treatment and rehabilitation.
- Medical Expenses: The higher your medical bills, the more compensation you’re likely to receive. This includes hospital stays, surgeries, medications, and ongoing therapy.
- Lost Wages: If your injury has caused you to miss work, the lost wages will factor into your settlement. This could include past lost income and future earnings if your injuries prevent you from returning to work.
- Liability: The clearer it is that the other party is at fault, the more likely you are to receive a higher settlement. Cases with disputed liability may result in lower offers or prolonged negotiations.
- Insurance Coverage: The insurance policy limits of the responsible party can cap the settlement amount. Even if your damages are high, the insurance coverage may limit the final payout.
Lawsuit Funding: Bridging the Gap While You Wait
If your case is still ongoing and you need help covering everyday expenses like medical bills or rent, lawsuit funding can provide immediate relief. Personal injury lawsuit loans (also called pre-settlement funding) are advances on your expected settlement, giving you the financial flexibility to stay afloat while your case is in progress.
These loans are non-recourse, meaning you only repay the loan if you win your case or reach a settlement. If your case is unsuccessful, you owe nothing. This allows plaintiffs to avoid accepting lowball settlement offers simply because they need immediate cash.
Lawsuit funding can help you cover living costs, medical bills, and other expenses without the stress of waiting for the case to resolve. This can be especially helpful when dealing with long timelines and the uncertainty of the legal process.
Conclusion
The average personal injury settlement depends on a variety of factors, including the severity of your injuries, the strength of your case, and the insurance coverage of the responsible party. Settlements can range from a few thousand dollars to millions, but it’s crucial to work closely with your attorney to ensure you receive fair compensation.
If you’re struggling financially while waiting for your case to resolve, personal injury lawsuit funding can provide the relief you need. It allows you to focus on your recovery and avoid settling for less due to financial pressures. At Trauma Cash, we’re here to help you understand the funding options available and support you throughout the process.