Kibbey Wagner, PLLC | August 1, 2023 | Personal Injury
It can be difficult to know how much your personal injury case is worth. Between all the different factors that can impact the value of your claim, you may wonder if there is an average personal injury settlement figure for claims filed in Florida.
Here are the key factors that impact the value of a personal injury settlement in Port St. Lucie and what settlement you can expect on average.
What Is a Settlement Figure and Why Is It Important?
Many personal injury claims will resolve through a settlement as opposed to going to trial. Settlements represent a faster and more predictable means of resolving injury claims than litigating them in court.
Injured plaintiffs often prefer settlements because they promise a prompt payment of compensation, while defendants often save money by settling a case as opposed to litigating it.
Knowing how much your case is worth and how much you can generally expect out of a settlement can help you decide whether a settlement makes sense in your case.
Because you cannot pursue additional compensation from a defendant once you have settled with them, it is crucial that your decision to settle or to proceed to trial is made with full awareness of the risks and rewards beforehand.
How Parties Determine Settlement Amounts
Every case and client is different, so there is no single formula for calculating a settlement in a personal injury case. Instead, each party in a dispute will consider one or more of the following factors:
- The harm suffered by the plaintiff
- The strengths and weaknesses of the plaintiff’s case against the defendant
- The “optics” of the case, that is, how favorably or unfavorably a jury might view the plaintiff’s case
- The anticipated costs of litigating the claim in court
Based on these and other factors, each party will arrive at a figure they believe is reasonable to settle for and will attempt to reach an amount upon which they both can agree.
Average Costs of Injuries in the United States
One of the chief components of a settlement is compensation for your injuries, and there are average amounts you can expect for these expenses that will help determine the value of your case overall. For example:
- The average three-day stay at a hospital can cost as much as $30,000
- Injury accidents, on average, require the victim to miss up to 11 days of work that can result in an average of over $1,500 in missed pay
- Every airbag that deploys in your vehicle can cost up to $1,500 to replace, not including other damages to the car’s body or structure
Suppose that you are involved in a car crash where two airbags deploy in your vehicle. You are in the hospital for one day and must miss five days from work to recover from your minor injuries. Not including compensation for emotional damages, a good starting point for a settlement could be approximately $20,000 to $25,000.
How To Maximize Your Settlement Offer
There is no one way to determine the average payout of a personal injury case in Port St. Lucie. With values ranging from under $10,000 to millions, the value of your particular claim depends on factors like the severity of your injury, the extent of your associated expenses, and how much your work is affected by the injury.
After a personal injury accident, receiving a fair and appropriate amount of compensation requires that you know the losses you have experienced and their associated values.
Consulting a seasoned personal injury lawyer is key to maximizing the compensation you receive for your claim.