Before answering this question, it’s best to understand what it is and how it can be broken, down, and what it means to you specifically. First, remember that each case is affected by factors that are personal to you, and unique to your circumstances. Secondly, when looking at the average payout, it is important to understand who is doing the reporting. A firm’s averages can be higher or lower than another’s. You will want to ask each lawyer or firm you interview to find out what their average is.
In the United States, the average compensation a person receives is almost $53,000, with the range starting as low as $3,000 and going as high as $75,000. They also found that there is a 70% payout likelihood, which means that 7 out of 10 claimants who brought forth their personal injury claim didn’t have it rejected or dismissed.
So what are the factors that affect how much is paid out? Let’s take a look at some of those to understand them better.
Insurance Companies Like To Keep Payouts Low
Your insurance policy most likely has a cap on what your plan covers. Likewise, the other insurance company you will be fighting against will also have caps, and they are hard-pressed to pay more than the cap. Fortunately, when insurance companies see that you’ve hired a personal injury attorney, they know they’re going to receive push-back and may be more willing to work with you.
Your Documentation Or Evidence
One thing that can affect your compensation is how much you provide to the insurance company, and what you provide. It’s important to keep fastidious records, even though life after your accident is no doubt far more hectic than it was before. Get written documentation from every doctor or specialist you visit, and every mechanic or person who repairs any property that was damaged. To prove loss of wages, you will need a letter from your employer on company letterhead verifying your employment information. Your attorney can help you know what exactly you need.
Why You Need A Personal Injury Lawyer
But if you don’t hire an attorney then you risk receiving a lower settlement. In fact, one study found that people who hired an attorney received three times the amount of the average settlement for those who represented themselves. The average person does not know a lot about law, regardless of how many podcasts or television shows they consume. So the average person is going to face a surprise they weren’t aware of, which will only frustrate them when dealing with the insurance companies. Some people even get a lower settlement than they deserve because the attorneys at the insurance companies know the laws, and know how to legally fight for you to get less. So, to avoid that extra nightmare and make things easier for yourself by calling the trusted attorneys at Friedland & Associates today about your accident.
Nobody Likes Threats of Lawsuits
Sometimes all it takes for the insurance companies to give you the settlement you deserve is to know that you have an attorney. They want to avoid lawsuits, which are extremely costly for them. They could spend years bringing in expert witnesses and top attorneys to fight your case, which is incredibly draining on resources. So by having an attorney, you risk bringing a suit against them.