What is a good settlement figure?
When you’ve been injured due to someone else’s negligence, one of the most pressing questions you might have is, “What is a good settlement figure?” You need the right compensation to ensure you can cover lost income, medical expenses, and anything else you need while you recover. A good settlement figure can vary widely based on the specifics of your case, including the type and severity of your injuries, so it’s important to know what you can expect in your case.
This blog post aims to guide you through understanding typical settlement figures for different types of injuries, how these figures are calculated, and the importance of securing a settlement that fully covers your needs. Remember, consulting with a Minneapolis personal injury lawyer like Perron Law Office is crucial to ensure your settlement is fair and just.
Understanding Average Settlement Figures
What to Expect for Different Types of Injuries
Settlement figures in personal injury cases can vary significantly based on the injury type. Below we’ve separated them into three broad categories:
- Minor Injuries (e.g., soft tissue injuries, minor fractures): These cases might settle for amounts ranging from a few thousand to several tens of thousands of dollars, depending on the recovery time and medical expenses.
- Moderate Injuries (e.g., significant fractures, non-life-threatening internal injuries): Settlements can range from the higher tens of thousands into the low hundreds of thousands.
- Severe Injuries (e.g., traumatic brain injuries, spinal cord injuries, severe burns): These settlements can reach into the millions, reflecting the lifelong impact on the victim’s health and productivity.
It’s important to note that these figures are general estimates and each case must be evaluated on its unique facts and circumstances. You can call 651-269-6208 to speak to one of our local personal injury attorneys to discuss your case.
How Settlement Figures are Calculated
Components of a Comprehensive Settlement
A settlement figure is calculated by considering various factors that aim to compensate the injured party fully for their losses:
- Medical Costs: Both current and anticipated future medical expenses.
- Lost Income: Compensation for time off work and potential future loss of earnings if your ability to work is compromised.
- Pain and Suffering: Compensation for physical pain and emotional distress.
- Punitive Damages: In cases of egregious negligence, additional sums might be awarded to punish the wrongdoer.
Each component needs careful documentation and calculation, typically requiring expert testimony and detailed accounting. Your personal injury lawyer is best placed to advise you on the evidence you’ll need to gather and present.
The Purpose and Importance of the Settlement
Restorative, Not Profitable
The primary purpose of a personal injury settlement is to restore the injured person to the financial position they would have been in if the injury had not occurred. It is not intended to be a windfall or a profit-making scenario. Key considerations include:
- Full Coverage: Ensuring the settlement covers all out-of-pocket expenses and compensates for any decrease in quality of life.
- Fair Compensation: The figure should reflect a fair and reasonable estimation of all current and future costs related to the injury.
Understanding this helps in approaching negotiations with realistic expectations about what constitutes a fair settlement. When you may be eligible for a large settlement, it can be tempting to inflate your claim, but it’s important to keep the purpose of the settlement in the front of your mind.
Assessing Your Settlement Needs
How to Determine What You Need
To assess the settlement figure you need, consider:
- Detailed Cost Assessment: Itemize all current and expected costs related to your injury. This might include ongoing medical treatments, home care, modifications to your home, and any other related expenses.
- Long-term Financial Impact: Evaluate how your injury will affect your future earning capacity and include this in your calculations.
- Quality of Life Adjustments: Consider costs related to changes in your lifestyle or reductions in your ability to engage in enjoyable activities.
Mark Perron, a Minneapolis personal injury lawyer, can help you compile this information and advocate for a settlement that meets all your financial and personal needs.
Conclusion: Navigating Settlement Negotiations
Navigating the world of personal injury settlements involves a thorough understanding of what a fair settlement should look like and how it should be calculated. Remember, the goal is to ensure you are fully compensated for your injuries and that the settlement reflects the true cost of your recovery. Working with an experienced Minneapolis personal injury lawyer can provide you with the expertise necessary to assess, negotiate, and agree on a settlement that truly meets your needs, helping you to focus on what’s most important—your recovery.
If you’re looking for a Personal Injury Lawyer in Minneapolis, Perron Law Office is the most trusted name in the Twin Cities area. We proudly serve the communities of Lauderdale, Columbia Heights, Falcon Heights, Robbinsdale, Roseville, Crystal, New Brighton, Richfield, Arden Hills, Fridley. Simply reach out on 651-269-6208 to schedule your free consultation.