Average Personal Injury Settlement in New Mexico [2024 Updated]

Determining the average personal injury settlement in New Mexico can be extremely challenging. This is because even the slightest difference between cases can have a large impact on a final settlement award. Factors like the severity of the injuries and the costs of medical treatment both play a role in the final amount. By better understanding these factors, injured victims can set realistic expectations for their case.

What Factors Influence a Personal Injury Settlement in New Mexico?

Each personal injury victim’s settlement award will be a unique calculation of the damage they have suffered. This is why there isn’t a universal amount that each personal injury victim can expect to receive before starting their case. Some of the most common damages include:

Severity of Injuries

There is a direct correlation between the severity of a victim’s injuries and the settlement value. More intense conditions like traumatic brain injuries and severe fractures increase a settlement award in order to accommodate for the extensive and long-term medical care needed. For example, traumatic brain injuries can lead to permanent cognitive impairments and a lifelong dependency on medical support, which can be costly.

Medical Expenses

Providing comprehensive documentation of each medical expense paid related to your injury is essential to maximizing your claim. Documentation should include the costs for each emergency room visit, hospital stay, surgery, and any other rehabilitative programs needed to recover. Future medical expenses can also be accounted for, including the need to keep seeing certain medical professionals, continued medication, or the potential need for future surgery or therapies.

Lost Wages

Another significant element of a personal injury settlement is how much income an individual lost while they were out recovering from their injuries. This portion of a settlement will cover not only the income lost during their recovery but also any future earnings that could be impacted due to a long-term disability.

For example, if a worker suffered an injury in a car accident, they could recover lost wages for their immediate income, potential promotions, and any other career advancement that they may have achieved.

Pain and Suffering

Pain and suffering are considered non-economic damages. They include emotional distress and mental anguish caused by personal injuries. Common examples of pain and suffering injuries include depression, anxiety, and post-traumatic stress disorder (PTSD). To fund these damages, the court will look into how these new conditions have caused the victim to lose enjoyment in their life.

Degree of Fault

New Mexico operates under the comparative negligence rule. This rule states that an individual’s settlement amount will be reduced by the level of percentage they are found to be at fault for the accident. A personal injury attorney can help lessen this percentage of fault.

Insurance Coverage

The insurance policies of both guilty parties in a personal injury case can influence the final settlement amount. This is because any at-fault party’s liability insurance coverage could have a limit and may be capped at a certain maximum compensation level. It’s important to have an attorney play a key role in negotiating with insurance companies to ensure no one unfairly minimizes the funds they should provide.

Legal Representation

The quality of your legal representation could arguably play the largest role in the amount of your settlement offer. This is because a skilled personal injury lawyer knows how to negotiate with insurance companies and other attorneys to argue for the highest compensation possible.

Legal professionals will conduct thorough investigations and produce compelling evidence to help make this case. They will also help avoid any unnecessary errors in your case that could impact your final settlement, ensuring that everything is filed correctly and is within the state’s statute of limitations.

FAQs

Q: What Is the Ideal Result of a Personal Injury Settlement?

A: The ideal result of a personal injury settlement is that a victim receives enough compensation to recover from their damages without needing a lengthy court trial. This is because settlements provide a much faster path to resolving disputes and reduce much of the uncertainty and stress that is often associated with litigation. Once a settlement is issued, the responsible party will pay the agreed-upon amount to the injured, while the injured party agrees to release them from future liability.

Q: What Injuries Pay the Most?

A: The injuries that often result in the highest settlement are those that have the longest-lasting impact on the victim’s life. For example, an injury to the spinal cord could lead to permanent disability that requires life-long treatments. This could dramatically impact the individual’s ability to work and make a living. All of these details will affect the final figure of an individual’s personal injury settlement.

Q: What Are the Steps Involved in a Personal Injury Claim?

A: The first step in a personal injury claim is to consult with a lawyer and have them evaluate your case. They will investigate the accident and gather the evidence needed to prove the claims they plan to make. They will then send a demand letter to the at-fault party or insurance company to outline what compensation they believe is necessary. This will either be approved, renegotiated, or declined, moving the case to trial.

Q: How Long Do I Have to File a Personal Injury Claim?

A: For personal injuries in New Mexico, you have three years from the date of the injury to pursue a claim. Anyone who misses this deadline will forfeit their ability to pursue compensation for their injuries, regardless of how compelling their evidence may be. To make sure you don’t miss any important deadlines, connect with a personal injury lawyer who can oversee your claim and ensure everything is filed within the required timeframe.

Contact Berenson & Associates, PC, Today

If you have recently been injured in New Mexico and are looking for legal support, contact the attorneys of Berenson & Associates, PC, today. We understand how frustrating it can be to balance recovering from your injuries with all the legal responsibilities of a personal injury claim.

We can take on the legal burden to help you recover while striving for the largest settlement possible. Contact us today.