Injury victims frequently ask about “average settlements” so they can determine a case’s value. However, it isn’t that simple. “Average” simply doesn’t apply to personal injury cases; there are too many variables and the outcome depends on each case’s unique facts. In this article, readers will learn what should be considered before settlement, and they will also learn why averages are not useful in determining the value of a case.
Personal Injury Settlement Calculation
Personal injury settlements occur when the at-fault party and their attorney agree to pay the plaintiff in exchange for the case being dropped. Many personal injury claims end in settlement, rather than in a verdict, and some cases even settle before the suit is filed.
Both sides in a Personal Injury Claim arrive at their own value; it is what they believe a jury would award if the case went to trial. Calculations are done by examining similar cases and awards, and considering unique circumstances. If the insurer is handling the case, there may be a predetermined settlement amount. Once both sides agree on a figure, the settlement agreement will be signed and the case will be dropped.
Median vs. Average
With some research, a victim with a Personal Injury Claim can find articles and publications that give median jury verdicts and settlements for various types of cases. Some sources refer to these figures as “averages”, but a median is not an estimate or an average that should be relied on.
A median is the middle range of all combined cases, and the range can be very wide. Large verdicts or settlements could skew the numbers, and the typical settlement would be lower. In personal injury cases, it’s the unique facts that are most important.
Unless a case is clear-cut on either side, neither the defendant or the plaintiff’s personal injury lawyers will be confident in their ability to win a jury trial. If a person believes they have a valid case, they can Get a FREE consultation from a personal injury lawyer before going to court. As litigation continues and depositions are taken, a better prediction may emerge, and the sides are more likely to come to an equitable agreement.
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