Determining how much your personal injury claim is worth is a complex process. It involves evaluating various factors unique to each case. While there is no one answer that applies to all claims, understanding the components that can contribute to the value of your claim can help you better understand and estimate the amount of money you might expect to receive. At Rubenstein, Berliner & Shinrod, LLC our New Jersey personal injury lawyers are prepared to represent you during your injury claim and advocate for the best possible outcome. Contact an experienced attorney today for more information.
How Much is the Average Personal Injury Claim Worth?
In New Jersey, personal injury claims vary widely depending on the specifics of each case. On average, claims tend to range from around $15,000 to $50,000 for cases involving moderate injuries and damages. A less severe situation will generally yield less compensation, and a more severe situation will generally yield more. Various aspects of the claim will impact its value.
What Factors Influence the Value of a Claim?
The way that the claim is handled will impact the outcome of the value, but in general, the biggest factor to consider is how the injury impacted the victim. Consider the following factors that can influence the value of a claim.
- The severity of injuries: One of the most important factors impacting a personal injury claim’s worth is the severity of the injuries sustained. More severe injuries that require more extensive treatment, result in a long-term disability, or cause significant pain and suffering generally result in higher compensation than minor injuries as your quality of life has been drastically affected.
- Medical expenses: When valuing a claim all past and future medical expenses are considered. The more significant the medical expenses are the higher the potential value of the claim.
- Lost wages and earning capacity: If your injury has caused you to miss work or has affected your ability to earn income later on, these losses are factored into your claim’s value.
- Pain and suffering: Your physical pain and emotional distress are also considered when determining what the claim is worth.
- Liability and negligence: The extent to which the other party is found liable impacts the value of the claim. If the other party is clearly and 100% at fault, your claim may be worth more. However, if there is shared liability it can lower the amount of compensation you can receive.
- Insurance coverage: The amount of insurance coverage available can limit or enhance what the claim is worth. If the at-fault party has minimal insurance coverage it can restrict the amount of money you can recover, even if your damages are worth more.
- Settlement vs trial: Whether the claim is settled or goes to trial can influence the value of a claim. Settlements often involve negotiations and may result in a lower amount than what could potentially be awarded at trial.
As established, there is a litany of factors that will influence the value of your personal injury claim. Discuss the details of your situation with a skilled attorney today to get professional advice regarding your case.
