What Is the Average Settlement for a Personal Injury?
One of the questions accident victims often have is, What is the average settlement amount for a Colorado personal injury case? While the median awarded amount in personal injury cases is around $31,000, the reality is settlement amounts vary widely from case to case. As a result, it’s important to look at the specific facts of each case to estimate a settlement amount.
A Colorado personal injury lawyer can help you estimate the value of your case and give you a strategy to get the compensation you deserve.
Factors Impacting Personal Injury Settlement Amounts
The amount of a personal injury settlement depends on the type of damages incurred in an accident. Generally, more serious accidents with severe or catastrophic injuries result in larger settlements.
Key factors that impact personal injury settlement amounts include:
- The severity of injuries
- Whether or not there is a long-term injury or disability
- Whether or not long-term care or treatment is needed
- The amount of lost income
- The amount of lost earning capacity
- The amount of pain and suffering
- Whether or not punitive damages are awarded
A personal injury lawyer can look at the facts of your case and give you an estimate of the damages you’re entitled to. A Denver personal injury lawyer can help you avoid settling for less than your case is worth.
What Damages Are Available in Personal Injury Cases?
Accident victims are entitled to compensation for all of their losses caused by an accident. The goal of damages is to make victims whole after an accident. This means that the settlement amount varies based on the type of damages a victim incurs.
Victims can receive compensation for economic and non-economic damages. Economic damages are intended to reimburse victims for specific costs incurred because of the accident.
Examples of economic damages include:
- Medical bills and expenses
- Future medical expenses
- Lost income
- Rehabilitation, therapy, and home care expenses
- Property damage
Non-economic damages are less tangible and compensate victims for emotional and non-monetary losses after an accident.
Examples of non-economic damages are:
- Emotional distress and emotional anguish
- Pain and suffering
- Decreased quality of life
- Loss of consortium
- Disfigurement
A personal injury lawyer knows the damages available to accident victims. Your lawyer will gather evidence to calculate and support your personal injury claim.
How Long Does It Take to Settle a Personal Injury Case?
The amount of time it takes to settle a Colorado personal injury case varies from case to case. For claims with minor injuries and damages, it only takes several weeks to a few months to settle.
In these cases, your lawyer will:
- Investigate your case to gather evidence and calculate the amount of damages;
- Submit a demand letter to the at-fault party’s insurance company;
- Negotiate with the at-fault party to ensure a fair settlement;
- Reach an agreement to resolve the case.
However, in cases with more serious injuries, disputes about liability, or a difficult insurance company, the process is more complicated. In these cases, your lawyer might have to file a lawsuit to get the damages you deserve. Your case can take a year or longer in these situations.
The statute of limitations for personal injury claims in Colorado is two years. This means that your lawsuit must be filed within two years of your accident. In complicated cases, your lawyer will negotiate as much as possible with the at-fault party’s insurance company and file a lawsuit promptly when needed.
Contact our Denver Personal Injury Law Firm Today For Help With the Settlement Process
If you’ve been injured in an accident, contact a Colorado personal injury lawyer for help. A legal team can analyze your case and give you a personalized strategy to get the compensation you deserve.
For more information please contact Zaner Harden Personal Injury Lawyers to schedule a free initial consultation.
Zaner Harden Personal Injury Lawyers
1610 Wynkoop Street, Suite 120. Denver, CO 80202
(720) 613 9706
24/7
