After an accident, those that suffered injuries will primarily want to focus on their recovery. However, recovery may seem slow and frustrating, especially when financial losses begin to mount. One way to possibly curb costs associated with injuries and property damage after an accident in Las Vegas is to file a personal injury claim. Doing so may allow you to win compensation via a personal injury settlement.
But how much can you get from a personal injury settlement? And, will that amount cover your medical expenses, losses, and other damage? Our Las Vegas personal injury attorneys at Lerner and Rowe offer 24/7 assistance to help look after your wellbeing and answers to key questions like these when you need help the most. Give us a call at (702) 877-1500, or contact us online to schedule a free consultation with a knowledgeable representative. Until then, read on to help find answers to your more pressing questions.
Who Pays My Personal Injury Settlement?
After an accident, the injured party often seeks financial compensation via a personal injury claim. The financial compensation won is called a personal injury settlement, and it is paid by either the person responsible for the injury or their insurance company.
There are usually two parties involved during a personal injury settlement. The plaintiff is the injured party. They may choose to work with an attorney for a variety of reasons. One reason could be that attorneys can help alleviate the emotional burden of a complicated injury case. Our legal team at Lerner and Rowe strongly believes this is the most valuable non-legal service that an attorney can offer.
The second party involved in an accident is the defendant. Defendants are the party being sued, that allegedly caused the damages done to the plaintiff. Often, during a personal injury case, the defendant may work through an attorney and/or their insurance provider to determine fault and establish the worth of a personal injury settlement.
Ultimately, the process of filing an injury claim can be made much easier with a personal injury attorney on your side. For personal injury compensation claim answers, fill out our online form to connect with us today. Our attorneys are dedicated to helping injury victims seek the maximum amount possible for their injuries.
Several Factors May Determine Your Personal Injury Settlement Amount
There are no guaranteed or standard settlement amounts in personal injury claims. In fact, determining lawsuit settlement amounts can seem like a difficult task.
Several factors contribute to the settlement amount of a personal injury claim, such as:
- The amount of property damage you suffered,
- The injuries you sustained,
- Accurate and complete financial and medical records, and
- The defendant’s assets and/or insurance policy limits
These factors, along with several others, may lower the settlement amount, or raise it to a level that may assist your family for years to come.
However, with a Las Vegas personal injury attorney on your side, you’ll feel confident that your best interests are looked after before and during the personal injury settlement process.
Types of Damages
There are three types of damages that may be included in a personal injury settlement. The three kinds of damages are listed below.
- Economic damages cover any financial losses that were caused by the accident. Damaged or lost property, current medical expenses, lost wages due to time off work, costs of property repair, and loss of employment will all be taken into consideration.You can also take into account any future medical expenses and lost wages. The purpose of economic damages is to help the plaintiff return to their way of life before an accident.
- Non-economic damages compensate the plaintiff for toil that was caused by the accident. This takes into account pain and suffering, mental and emotional affliction, humiliation, and even damage to reputation.
In the event of a wrongful death, a spouse may be compensated through loss of consortium, which covers any kind of relationship loss from the accident.
Putting a monetary amount on any of these categories is a difficult and heart-wrenching task, but Lerner and Rowe’s attorneys will be able to help.
- The last kind of damages are punitive, which may be sought under certain situations as a means to punish the defendant for their alleged negligent actions. If your Las Vegas personal injury settlement attorney determines that your case is eligible to seek punitive damages, they will take into account the amount of damage caused, and then seek a proportional amount.
A personal injury attorney may then take all these factors into consideration before determining and seeking a specific amount from the defendant and/or their insurance company.
In order to have the strongest personal injury case possible, and prove you have suffered the damages listed above, save any statements, artifacts, and photos from your accident. Also, seek professional medical treatment for any injuries. Save doctor’s notes and labs, and keep a journal of both mental and physical injuries. Keep your medical bills, property repair bills, or any receipts from replacing the property you lost.
Typical Settlement Amounts
A common question is: what is the average settlement for a personal injury? Settlement amounts may range anywhere between $3,000 and $75,000. However, depending on the amount of damage, some cases do settle above $100,000. There is no cap on the amount of compensation you can win while seeking lawsuit settlement amounts in Nevada.
In the past, Lerner and Rowe Injury Attorneys has won personal injury cases valued at up to $10,000,000. To get an idea of what your individual case might be worth, consider contacting an attorney for a free consultation. Read more about our million dollar results.
What Affects Compensation During the Settlement Process?
The personal injury attorneys at Lerner and Rowe are no stranger to the strategies insurance companies may use to lower the amount paid to you.
For instance, an insurance company may start the settlement process by offering you a very low settlement that does not come close to the potential worth of your injury case. If that does not seem bad enough, they may push for you to settle on the low amount immediately following your accident—while you are still at the hospital!
Do not be tempted to accept the first, or even a second low offer simply to have this chapter of your life close. What you may not realize is that you may also be owed compensation for the emotional impacts an accident can have on your current and future life.
Another item that can affect compensation is determining fault. Insurance companies are known for trying to get accident victims to slip up and admit full or partial fault for an accident. As fault affects who is responsible for paying out a settlement, you could unintentionally end up hurting your claim. This is why we suggest that you do not talk with an insurance company without a lawyer present.
Lastly, a personal injury claim may end up in front of a judge and/or jury for determination of who is responsible for payment and the overall worth that is to be awarded to the injured. As you can guess, this settlement process takes time and additional resources. Should your claim end up escalating to this level, a personal injury attorney becomes an even more valuable asset to you reaching a fair and just settlement.
Payment for Your Personal Injury Lawyer
With all the other costs you have to consider following an accident, you may worry about legal fees. When you work with a personal injury lawyer at Lerner and Rowe Injury Attorneys, you pay no fee until compensation is won on your behalf. Even then, the amount paid never comes out-of-pocket. Instead, it gets paid directly from the compensation won for your personal injury case.
Also, your initial consultation is free when you work with Lerner and Rowe. So, you have nothing to lose when you reach out to our team. You can do so in four ways. Stop by our offices in Las Vegas or North Las Vegas, call 702-877-1500, use LiveChat, or fill out our online form.
Other Important Information on Your Payment
When it comes to larger sums of money, you may wonder how this will affect you when tax season arrives. The good news is, in most cases, neither the state you live in nor the IRS can tax your personal injury settlement for physical injury compensation.
However, this is only true for physical injury claims. Compensation for emotional injuries and punitive damages is taxable.
Contact Lerner and Rowe Today!
There is a statute of limitations in Nevada that dictates how long an individual has to file a claim. This statute dictates that in most cases, you have two years from the date of incident to start the process of seeking maximum compensation for you or a loved one’s injuries.
So, don’t waste any time. Reach out to our team of Las Vegas personal injury attorneys at Lerner and Rowe. With thousands of five-star reviews, you know you’re in good hands with us. We are available 24/7 through our LiveChat feature and by calling (702) 877-1500. Fill out our online form as well to be connected with a member of our legal team.
Make one call today! You deserve to get the maximum personal injury settlement possible for your accident claim.