What is the Average Settlement for a Personal Injury Claim in Lexington, KY?

If a person is injured due to the careless or negligent actions of somebody else, they will be dealing with an incredible amount of stress. One of the most important things that a personal injury victim in Lexington, Kentucky needs to know is how much compensation they will receive for their claim. It can be incredibly difficult, and even irresponsible, to try and put a dollar figure on a single particular case. Depending on the various factors of each individual case, a personal injury settlement can range from a few thousand dollars to millions of dollars, just as our Lexington accident attorneys! However, it is more important to focus on what kind of compensation is recoverable by personal injury victims and then look at the factors of each individual case.

Understanding What Goes Into a Personal Injury Settlement

There are various types of compensation that a personal injury victim may be able to recover from a negligent party. This can include the following:

• Economic damages: These types of damages refer to direct expenses that a personal injury victim incurs. This includes a person’s medical bills, lost wages, lost earning capacity, general household expenses, and more.
• Non-economic damages: These damages include the physical and mental pain and suffering that a victim endures due to their injuries. This can include anxiety, depression, fear, insomnia, nervousness, and even post-traumatic stress disorder (PTSD).
• Punitive damages: In cases where the negligent party was grossly negligent or acted willfully in causing another person’s injuries, the court may decide to award punitive damages. As the name suggests, these damages are meant to punish the negligent party and they also act as a deterrent to anyone else who would behave in such a manner. Punitive damages are not always awarded in personal injury cases.

Economic damages will typically be calculated by using medical bills and receipts of expenses that a victim incurs until they reach maximum medical improvement (MMI). Non-economic damages are not as easily calculable because there are no receipts or bills that can show a person’s physical or mental pain and suffering. Typically, calculating non-economic damages involves taking the total economic damages and multiplying them by a certain number (usually 1.5 to 5). Punitive damage calculation is typically left to the discretion of the court, if they are awarded at all.

The total amount of compensation a victim receives will depend on several factors, including the severity of the injuries, how much lost income they incur, and how much pain and suffering they are able to prove.

How Long Will It Take to Receive Your Money After a Personal Injury Claim?

Understanding how long it will take to receive compensation after a personal injury claim begins can be complicated. There are various factors that go into each personal injury case that can affect the time frame. In many cases, an insurance settlement will happen fairly quickly and a victim will receive compensation soon after an incident occurs.

However, if an insurance carrier denies a claim or does not offer a fair settlement amount, it may be necessary to file a personal injury lawsuit against the negligent party. This can lead to a considerably longer time frame before a victim receives compensation. Negotiations will continue while a lawsuit is ongoing, but a case could go all the way to trial. This could take more than a year to occur.

If you have been injured and would like to see if you are eligible for compensation, speak with a Lexington personal injury attorney today.