Being involved in an accident or injured due to someone else’s negligence can be a confusing and intimidating process. You may find yourself asking questions such as “Can I get compensation for my injury?”, “How much should I expect to receive in a settlement?”, and “What do I need to do to make sure I get the amount of money I deserve?” It is important that you understand the basics of personal injury settlements so that you can make informed decisions when it comes to seeking compensation.
What Factors Determine My Settlement Amount?
The amount you will receive in your settlement depends on several factors. Primarily, your settlement amount will depend on the severity of your personal injury, the degree of fault assigned to each party involved in the accident, and any economic losses associated with the incident (i.e. medical bills, lost wages, etc.). The other major factor that affects your settlement amount is whether or not you have a lawyer representing you during negotiations. An experienced lawyer can help ensure that you get the maximum compensation available under the law.
When Can I Expect Payment After Reaching a Settlement?
Once both parties have agreed on a settlement amount, you can usually expect payment within 30-45 days. However, this timeline may vary depending on how complex your case is and how quickly both parties are able to reach an agreement.
In general, if both sides are able to come to an agreement quickly then payment should arrive sooner rather than later. However, if there are complications such as disputes over liability or damages then it could take longer for payment to be received.
Personal injury settlements vary widely depending on many factors such as severity of injuries sustained, degree of fault assigned, economic losses associated with the incident, and type of representation provided by legal counsel (if any). Generally speaking though most settlements fall somewhere between $3k-$50k depending on all these factors combined.
Once both sides have agreed upon a settlement amount payment should arrive shortly thereafter (typically within 30-45 days). Knowing these facts can help inform your decision-making when it comes time for negotiating a settlement for your personal injury claim.