What Is the Average Personal Injury Settlement Amount?
When people are injured and considering a personal injury claim in Colorado, they often ask about the typical settlement amount. Unfortunately, there’s no simple answer because settlement amounts can differ greatly based on the details of each case.
Most personal injury cases are resolved through settlements rather than going to trial. The amount you might receive could be anywhere from a few thousand dollars to several million, depending on factors like how serious the injuries are, the specifics of the accident, and how the injury has affected your life.
Rather than relying on average figures from other cases, each situation should be treated individually. The goal is to carefully evaluate the unique aspects of the case and work toward getting the best possible outcome.
What Types of Damages Can I Receive for a Personal Injury Settlement in Colorado?
The first step in understanding Colorado’s average personal injury settlement is to understand damages. Because the law cannot undo what happened to the victim, it provides a cause of action to hold the responsible party liable for damages. Damages represent the losses and harm a victim sustains because of another party’s intentional torts, negligence, or other wrongdoing.
Economic damages represent the monetary losses and expenses related to your accident and injury. Most personal injury settlements include economic damages such as:
- The cost of medical treatment and care for your injuries, including physical, occupational, and rehabilitative therapies
- Out-of-pocket expenses, household services, and personal care
- Loss of income, including diminished earning capacity, loss of employment benefits, and lost wages
- The cost of ongoing medical, personal, and nursing care for permanent impairments and disabilities
Financial losses are only one type of compensatory damages in a personal injury case. Injured victims can also recover compensation for their non-economic damages. These damages represent pain and suffering, including:
- Emotional distress
- Disabilities and impairments
- Mental anguish
- Loss of enjoyment of life
- Physical discomfort
- Scarring and disfigurement
- Diminished quality of life
Colorado tort law includes punitive damages in addition to compensatory damages. However, punitive damages are generally only awarded in court, and insurance companies usually do not include them in personal injury settlements.
Even though punitive damages are not included in a personal injury settlement, an experienced injury attorney uses the threat of punitive damages as a negotiating tactic. If punitive damages would be likely in a trial, the insurance company may increase the settlement offer.
Factors That Can Affect a Personal Injury Settlement Amount in Denver, CO
Personal injury cases involve unique factors that can impact the claim’s worth.
Common factors include:
- The type of injuries you sustained because of the accident
- The duration of your recovery period
- The type of medical care you received to treat your injuries
- The cost of your financial losses
- Whether you sustain long-term impairments and disabilities
- The strength of your evidence proving causation, fault, and liability
- The parties involved in your case
- Whether you are partially to blame for causing your injuries
- The availability of insurance coverage for your claim
- Whether you received prompt medical treatment for your injuries
Other factors could impact your personal injury settlement. For example, hiring an experienced personal injury lawyer can be a crucial factor. In most cases, being represented by an attorney increases the amount of the final settlement in a personal injury case.
How Can an Attorney Help Me Maximize My Personal Injury Settlement?
An experienced personal injury attorney can help you maximize the average personal injury settlement. Your lawyer can:
Gather Evidence Proving Your Claim
Injured parties have the burden of proving their claim. They are unlikely to receive a fair settlement if they do not have strong evidence proving the other party caused their injuries.
A personal injury lawyer has the resources and skills to investigate an accident claim and gather damages. They can identify all parties liable for damages to maximize your settlement amount.
Correctly Value Damages
Non-economic damages are intangible and subjective, so determining their value is difficult. The insurance company undervalues damages to avoid paying large claims. An attorney understands how to calculate the value of damages, including hiring various experts to assist with valuing future damages and damages for permanent impairments.
Monitor the Statute of Limitations
The Colorado statute of limitations sets deadlines for filing lawsuits in personal injury cases (typically two years). Missing the deadline can result in losing your legal rights.
Defend Against Allegations of Contributory Fault
Colorado’s modified comparative fault standard bars victims from receiving damages if they are 50% or more to blame for causing their accident. If they are less than 50% at fault, the court can reduce the amount of damages by their percentage of fault.
Insurance companies use comparative fault to undervalue claims. A lawyer is prepared for this tactic and ready to defend you against unfair allegations of blame.
Negotiate a Fair Settlement Agreement
Insurance adjusters are trained insurance professionals who use numerous tactics to settle claims for as little as possible.
Experienced personal injury attorneys are fierce negotiators. They understand the law and the value of your damages. Hence, they know the best way to negotiate a personal injury settlement, including strategies to use in your case to maximize the settlement amount.
Contact our Denver Personal Injury Attorneys at Zaner Law Personal Injury Lawyers in Denver. Call us at (720) 613 9706
For more information, please contact the Denver personal injury lawyers at Zaner Law Personal Injury Lawyers to schedule a free initial consultation with a Denver personal injury lawyer.
We are located in Denver, CO, proudly serving all of Denver County.
Zaner Law Personal Injury Lawyers
1610 Wynkoop Street, Suite 120.
Denver, CO 80202
(720) 613 9706
About The Author
Kurt Zaner has earned national recognition for his innovative legal strategies, securing some of the largest verdicts in Colorado. He assists injured clients in Denver with personal injury cases, including car accidents, truck accidents, wrongful death, motorcycle accidents, and more. Click here to view some of the fantastic case results that Zaner Law has successfully handled.
Location: Denver, CO
