What is the average value of a bodily injury claim settlement? Injuries are a common occurrence in life, and when they happen, you might be wondering what the average bodily injury claim settlement is worth. Find out how to answer this question with this blog post.
Injury claims are a costly type of monetary settlement that most people will go through at some point in their life. With the rise of self-driving cars and rideshare services as well as the continuous increase of drivers, it is increasingly likely that you will be in an accident at some point.
This article breaks down the average value of a bodily injury claim settlement so you can be prepared.
The Value of Bodily Injury Claim Settlement
Between 2010 and 2019, the average value of a bodily injury claim settlement ranged from $14,406 to $18,417, increasing steadily each year.
Some bodily injury claims, such as lost wages, can be quantified. Other types of personal injury claims, such as pain and suffering, are not easily measured in monetary terms. In order to get a better understanding of the value of a bodily injury claim, it is best to find out what some general guidelines are for valuing injuries.
Contributing Factors to the Value
The most common factors that contribute to the value are the monetary damages suffered, the value of assets owned by the defendant, and the liability of the defendant.
When determining the value of a settlement, both sides will take the same factors into account.
The Monetary Damages in Settlements
Losing a bodily injury case against an insurance company can impose considerable costs on the plaintiff. Medical expenses are one of these costs as you may require extensive treatment or therapy related to your injury, which can vary significantly over time. Other costs include pain and suffering, lost wages, property damage and more, which mean more intense fees to be paid in the future. The amount of damages you suffer can drastically affect the value of your bodily injury claim settlement.
What Assets Does the Defendant Own?
When someone is injured and sues the individual who caused the pain, the plaintiff will not be able to pursue damages completely if the defendant does not have the financial resources to cover the judgment.
Your lawyer should calculate the monetary damages a defendant is able to pay based on liquid funds, wages, and assets when seeking a settlement for a bodily injury case. If the funds being used for calculations exceed what is available, then the plaintiff cannot recoup all of their losses.
How a Defendant’s Liability Affects the Outcome
Depending on the defendant’s liability, a settlement value can vary. Along with material factors such as your medical bills and other daily expenses, if your lawyer can prove liability, the defendant can expect to pay more in monetary damages regardless of whether you settle out of court or file a civil lawsuit.
Ready to pursue a bodily injury claim settlement?
What is the average value of a bodily injury claim settlement? Even with the rate of bodily injury claims increasing over the span of 2010-2019, the average value of a settlement depended considerably. The average value ranged from $14,406 in 2010 to $18,417 in 2019.
If you have been hurt, don’t wait to seek legal counsel. Contact RRBH Law today to speak with an attorney.