Cogburn Davidson Car Accident & Personal Injury Lawyers | January 3, 2025 | Personal Injury

What Is The Average Personal Injury Settlement Amount?

When you file a personal injury claim, your primary goal is to be made whole for any losses caused by the other person’s actions. In other words, the amount you receive is not supposed to represent a windfall to you or a punishment to the other person. Instead, the insurance company or jury will examine how the injury affected you and award a fair amount in compensation.

Factors That Affect Settlement Amounts

There is no average personal injury settlement amount because every case is unique. For example, a DUI accident will produce very different outcomes depending on whether the driver hits a car or a pedestrian. Thus, the law must be broad enough to account for each victim’s situation. However, the following two factors have the greatest influence on settlement amounts.

Losses

The law allows you to seek compensation for two types of losses. Economic losses are the financial costs of your injury. They include any past or future expenses you incurred as a direct result of the bodily harm caused by the other person, including:

  • Ambulance charges
  • Medical bills
  • Health insurance copays

Economic losses also include income you could not receive due to your injuries, such as missed paychecks or diminished earnings resulting from a short-term or long-term disability.

Non-economic losses are the human costs of your injury. These losses do not come with a dollar figure. Instead, they represent the changes in your quality of life. Examples of these losses include the following:

  • Physical pain
  • Mental suffering
  • Emotional distress
  • Disability
  • Dismemberment, if you lost a body part
  • Disfigurement, if your injury changed your appearance

Non-economic losses are often simplified to the term “pain and suffering.” Since these losses do not have a precise value, the insurance company or jury will award a fair amount based on the severity and duration of your injuries. Thus, a permanent injury will justify greater pain and suffering compensation than a temporary one.

Insurance Policy Limits

Your losses tell you how much you can pursue. However, the other party’s insurance policy limits might determine how much you will receive.

Liability insurance is a contract in which an insurance company promises to pay for losses caused by its client’s actions. However, the promise has two limits. First, the insurer only covers losses that result from certain types of acts. Thus, a malpractice insurer will pay for losses that arise from medical negligence but not other acts of negligence.

Second, the insurer caps its financial exposure with a policy limit. For example, Nevada requires vehicle owners to carry at least $25,000 in bodily injury liability insurance. If a driver with this minimum policy limit hits you, their insurer will not pay you more than $25,000 for your injuries.

You can attempt to make the driver pay for any losses you’ve incurred beyond the amount. However, many drivers have very few assets. It may be more trouble than it’s worth to seek additional compensation.

Optimizing Your Settlement

The settlement amount you receive could depend on your actions. First, the insurer will settle a claim when liability becomes reasonably clear. You and your lawyer can prove liability with medical records, photos of the accident, or witness testimony. After your injury, you should collect as much of this information as possible.

Second, refrain from apologizing or, worse yet, admitting fault for your injuries. Whether you slipped in a restaurant or hit a car that ran a red light, allow the lawyers and insurers to sort out liability without expressing your opinions.

Finally, document your losses. Once you establish liability, your lawyer will negotiate a settlement. However, an insurer will require receipts, bank statements, or other financial documents that prove your economic losses. It will need to access your medical records to determine your non-economic losses.

Get Questions Answered When You Meet With A Lawyer

Injury attorneys routinely estimate the value of personal injury claims based on injuries and expenses. A lawyer can help you understand how much you can pursue in a personal injury settlement. Contact J. Cogburn Car Accident and Personal Injury Lawyers today to schedule a free consultation with a Las Vegas personal injury lawyer. 

For more information, please contact our Las Vegas personal injury attorneys at J. Cogburn Car Accidents and Personal Injury Lawyers to schedule a free consultation today.

We proudly serve Clark County and throughout Nevada:

Cogburn Davidson Car Accident & Personal Injury Lawyers Las Vegas
2300 W Sahara Ave Suite 800-816, Las Vegas, NV 89102
(702) 706-7893
Open 24 hours

Cogburn Davidson Car Accident & Personal Injury Lawyers Henderson
2580 St Rose Pkwy Suite 330, Henderson, NV 89074
(702) 541-9766
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