Average Personal Injury Settlements in Michigan
What Is the Average Personal Injury Settlement Amount in Michigan?
Personal injury settlements provide financial compensation for individuals who are harmed by the wrongful act of another person or entity. Settlement agreements typically account for the victim’s physical injuries, emotional damage, and financial loss. Since no two cases 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, legal theories alleged, the 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 nature of an individual’s injuries and estimated economic, and non-economic, damages. Your personal injury settlement agreement should account for:
● Emergency transportation and treatment;
● Medical bills;
● Diagnostic testing;
● Prescription medications;
● Assistive devices;
● Physical therapy;
● Lost wages/income;
● Pain and suffering; and,
● Psychological shock and/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 My Personal Injury Settlement?
The time required to negotiate a settlement depends on several factors including the insurance company involved, the lawyers representing each party, and the complexity of the case. Most insurance companies intentionally draw out the process, and some refuse to make reasonable settlement offers despite serious damage to the injured party. When insurance companies negotiate in bad faith, a trial becomes necessary. For this reason, it is important to hire an experienced Michigan trial lawyer to handle your injury case. 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 following an accident can profoundly affect your claim in the future. Speak with an attorney before making a statement to the at-fault party’s insurance carrier to prevent your statement from being misconstrued or taken out of context. Speaking with an experienced Michigan civil attorney early on can also help you recover medical expenses and ensure you get the maximum compensation you deserve. Contact our experienced team today for a free consultation.