No, there isn't a minimum or maximum amount established by law for personal injury settlements.
Factors That Decide Your Settlement Amount
Personal injury settlements are negotiated. The amount of a settlement in a personal injury case depends on many factors. Those factors include:
- The type and severity of your injuries.
- The amount of your economic damages, such as past and future lost wages and medical bills.
- The amount of your non-economic damages, such as physical pain and emotional suffering, or loss of quality of life.
- The validity of evidence that proves what happened in the incident that led to your injury.
Additionally, the attorney whom you hire to represent you matters. It's important to work with a personal injury lawyer who is a skilled negotiator and not afraid to go to court if the insurance company is unwilling to make a fair settlement with you.
You only have one chance to make a fair settlement for your claim. Once your case is resolved, settlement terms will likely prevent you from seeking additional compensation in the future for the injuries sustained in the incident. Therefore, you need to make sure your financial recovery is fair before you sign any settlement papers and commit to an amount.