New Mexico Personal Injury Settlement Amount Examples (2024)

You may have seen billboards and TV ads boasting about multi-million-dollar settlements following a personal injury lawsuit settlement or jury award. Sometimes, these settlements make the news. During your consultation with your attorney, they can go over New Mexico personal injury settlement amount examples to help you understand what you may be entitled to.

Settlement Examples in New Mexico

In mid-2023, Progressive Insurance agreed to pay around $25,000 to each plaintiff as part of a settlement of a class-action lawsuit that alleged Progressive overcharged New Mexico policyholders and undervalued claims.

Walgreens recently agreed to pay $500 million to settle claims that it mismanaged its opioid prescription program. The plaintiffs allege that Walgreens and other major pharmacies dispensed highly addictive painkillers across the state and didn’t red-flag unneeded prescriptions. Opioid overdose remains a leading cause of preventable death in the United States.

In late 2023, survivors representing the estate of Dennis Murphy sued the doctors through a medical malpractice wrongful death case that resulted in an award of $350,000 paid to the plaintiffs.

How Settlements Are Determined in New Mexico

The basic purpose of a settlement is to provide compensation that is proportionate to the financial losses that were incurred by the injured victim. Sometimes, these settlements come from an insurance company, while other times, they come directly from the at-fault party.

The major factors that determine settlement amounts are medical bills, economic damages, out-of-pocket expenses, lost wages, punitive damages, and pain and suffering considerations.

When injuries lead to disability or the need for long-term medical care, settlement can consider those potential future costs.

Once you hire a personal injury attorney, they will consider these factors when calculating what a fair settlement looks like.

• The severity of the injury. Loss of mobility, disfigurement, traumatic brain injury, and other serious forms of injury that do not heal quickly can increase the settlement figure that your attorney will seek on your behalf.
• Comparative negligence. Depending on the facts of your case, your lawyer may find it prudent to acknowledge if you shared some part in the responsibility of an accident. Not all accidents are 100% the defendant’s fault. Comparative negligence means that you can sue for the proportion that is the fault of the other party. The percentage of fault that you share will reduce your potential compensation.
• Auto policy limits. When the at-fault driver carries the minimum coverage required, your attorney may be limited when negotiating a settlement. One option is to take legal action directly against the at-fault driver so you can receive the compensation necessary to pay for your medical treatment and other costs. If the at-fault driver was not insured, your lawyer will work with your insurance policy if you have uninsured motorist coverage.
• Pain and suffering. Personal injury laws account for the possibility that someone’s emotional harm can cause just as much injury as physical harm or financial losses. Calculating pain and suffering is part science and part art. An experienced personal injury lawyer will understand how to consider all the factors related to your injury when calculating a number for pain and suffering.
• Punitive damages. Not every personal injury case will account for punitive damages. Monetary compensation can be awarded by a jury in cases where the defendant’s misconduct was particularly malicious.

FAQs

Q: How Are Pain and Suffering Calculated in New Mexico?

A: Calculating pain and suffering is part science and part art. An experienced personal injury lawyer will rely on past experience and past cases where a settlement or jury award included compensation for pain and suffering. Medical records, testimony from the injured party, notes from mental health professionals, and other forms of evidence can be used to paint a broader picture of the pain and suffering that someone endured.

Q: Are Personal Injury Amounts Taxable in New Mexico?

A: In most cases, you will not have to pay taxes on your personal injury settlement or any jury award that you may receive. This is because taxes are generally for earned income, and compensation for injuries or sickness is not classified as earned income under Title 26 of the Internal Revenue Code. For definitive advice, consult with a tax specialist.

Q: What Is the Average Settlement for Pain and Suffering?

A: Every personal injury case is unique. Calculating pain and suffering requires the experience of a personal injury lawyer who has handled past cases where pain and suffering were calculated as part of a settlement. Your attorney may also consider other similar cases when calculating what fair compensation for your pain and suffering should look like.

Q: How Do You Calculate the Settlement Amount for a Claim?

A: The way to calculate the settlement amount for a claim is by working with an experienced personal injury lawyer who has helped clients receive fair compensation for their injuries. They will work to maximize your settlement so you do not have to take a financial hit due to the negligence or misconduct of another person. The severity of your injuries and the financial losses you incurred as a result of the accident are the main factors considered.

Q: How Much Money Should I Ask for in a Settlement?

A: If you have never been involved in negotiating a settlement, you should consider consulting an attorney beforehand. You may be legally entitled to more money than you think. Calculating a settlement number is more complicated than people understand. There are current and future expenses to consider. If you were seriously injured, the future cost of treatments could be considerable.

Contact Egolf + Ferlic + Martinez + Harwood, LLC

If you suffered harm due to the actions of another person or group, you may have legal grounds for seeking a settlement offer from an insurance company. In some cases, the right course of action may be to take direct legal action against the at-fault party by filing a personal injury lawsuit. Whatever path you take, you can benefit by hiring an experienced personal injury law firm that will fight for your rights and interests. Contact our office today to learn more.