Law Office of Michael J. Tremoulis | April 30, 2025 | Personal Injury
Injuries from an accident in Lima, Ohio, can lead to unexpected medical bills, lost wages due to missed work, property and vehicle damage, pain and suffering, and other losses. If someone else’s negligence caused the accident, you shouldn’t have to pay these costs on your own. You can seek help through a personal injury claim. Personal injury settlements will help pay back your financial losses and address your non-economic damages as well.
Personal injury claims can involve insurance companies and the court system if a lawsuit must be filed. Most personal injury cases will settle without going to a court trial. When you face financial challenges due to an accident, you’ll want to know the breakdown of a personal injury settlement and how much goes in your pocket when all is said and done. An experienced personal injury lawyer can help you maximize your potential claim and explain how much of a settlement you will receive. Here, we’ll look at the breakdown of an average personal injury settlement.
What Is a Settlement for an Ohio Personal Injury Claim?
A settlement is an agreement between two sides to a disputed claim. In a personal injury case, the settlement will involve the accident victim and the party accused of causing the accident. Typically, the process starts with a claim to the at-fault party’s insurance provider. Then, both sides will exchange information in an effort to settle the claim. Insurance providers might approve the claim quickly, deny the claim, or make an offer that falls short of expectations for the claimant.
Personal injury settlements will involve financial payment to the accident victim for the losses they can prove. Settlements are legal contracts that award the claimant in exchange for a promise not to pursue further action against the accused party.
What Are Damages in a Personal Injury Claim?
Injured victims can seek both economic damages and non-economic damages in a personal injury claim. Economic damages are the financial costs of an accident, such as medical bills, lost income, out-of-pocket expenses, and other costs. Non-economic damages include pain and suffering, mental anguish, loss of companionship, and other “intangible” losses from a serious accident. Punitive damages are rarely awarded but can be in cases of extreme wrongdoing and intentional conduct by a defendant.
How Is Settlement Money Paid in a Personal Injury Settlement?
Once a settlement is reached, the paying party (often an insurance company) will send payment to your attorney. Once received, your lawyer will put the settlement payment into an escrow account. At that point, proceeds will be disbursed to cover both costs and fees connected to the claim, as well as your share of the final payment.
Deductions from the settlement payment can include:
- Legal fees: Most personal injury attorneys work on a contingency fee basis, meaning you do not pay unless you win your case. Attorney fees are then deducted from the overall financial award. Depending on the agreement between you and your lawyer, attorney fees might range between 30% and 40% of the settlement.
- Case expenses: As your claim proceeds, your attorneys might incur expenses such as court filing fees, office expenses, postage costs, and costs of hiring expert witnesses.
- Medical liens: Healthcare providers might place liens on future settlements to ensure payment of your uninsured medical expenses. In the event of a medical lien, the provider will collect their payment from the overall financial award you receive.
- Taxes: Personal injury compensation is usually untaxed. However, exceptions can apply in certain situations.
After any of the above expenses are paid, the rest of the personal injury settlement is owed to you, and you will receive payment for the balance. Since you will not receive 100% of a personal injury settlement, you want to maximize your overall personal injury award to increase your compensation.
Contact the Lima Personal Injury Lawyer of the Law Office of Michael J. Tremoulis for Help Today
If you were injured in an accident due to someone else’s negligence, you could be entitled to a personal injury settlement. The breakdown of a personal injury settlement includes payment for attorney fees and other costs connected to the case. The remainder would be paid directly to you. Your payment can depend on the nature and complexity of the case, injuries involved, and other factors. If you have questions about your legal rights after an accident in Lima, Ohio, an experienced Ohio personal injury lawyer can help.
If you are in Lima, and need legal help, contact our personal injury lawyer at the Law Office of Michael J. Tremoulis to schedule a free case review today.
We proudly serve Allen County and the surrounding areas.
Law Office of Michael J. Tremoulis Lima
540 W Market St
Lima, OH 45801
(419) 404-4444
