Average Personal Injury Settlements in Michigan
Personal injury settlements provide financial compensation for victims who are injured unnecessarily. Settlement agreements typically account for the victim’s physical limitations, emotional damage, and financial loss. Since no two injury victims are alike, identifying an average settlement value can be difficult, but it is not impossible. There are research tools to determine average settlements and verdicts based on fact patterns, theories alleged, lawyers involved, and geographical areas.
What Factors Influence the Value of My Injury Settlement?
Insurance companies sometimes use computer programs to calculate the value of claims based on the victim’s injuries, economic damages, and non-economic damages. A settlement agreement should account for:
- Emergency transportation and treatment;
- Doctor and hospital bills;
- Medical testing;
- Prescription medications;
- Assistive devices;
- Physical therapy;
- Lost income;
- Pain and suffering; and,
- Psychological shock, or PTSD.
If the nature and severity of your injuries prevent you from returning to work, or if you require ongoing medical treatment, your settlement agreement should also include compensation for:
- Future medical care;
- Future lost income;
- Diminished quality of life; and,
- Diminished earning capacity.
How Long Will It Take to Get a Personal Injury Settlement?
The time required to negotiate a settlement depends on several factors, such as the insurance company involved. Most insurance companies intentionally draw out the process or refuse to make a reasonable settlement offer. When insurance companies negotiate in bad faith, a trial becomes necessary. For this reason, you should hire a Michigan injury lawyer with trial experience. When an insurance adjuster learns that your attorney isn’t afraid to go to trial, they become more willing to negotiate.
When Should I Talk to a Michigan Personal Injury Lawyer?
You should consult with an attorney as soon as possible. The actions you take in the hours and days after an accident can profoundly affect your claim. The at-fault driver’s insurance carrier might request a recorded statement from you. Speaking with an attorney beforehand is imperative and could prevent your statement from being taken out of context.
Contact Garrison Law today for a free evaluation.