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How to Calculate Florida Auto Accident Settlements

florida-auto-accident-settlements

If you’ve suffered losses due to a car accident, you may wonder about Florida car accident settlements. Personal injury attorneys use a car accident settlement calculator in Florida to estimate possible recovery for a client.

Pursuing a car accident claim after suffering injuries may feel overwhelming. However, an experienced personal injury attorney works to pursue favorable compensation for your losses, so you can get on the road to recovery. 

When Can I Sue in a Florida Car Accident? 

Florida operates as a no-fault state. Therefore, Florida car accidents resulting in only minor injuries reach settlements through the no-fault system. No-fault states require that all motorists obtain a personal injury protection (PIP) policy.

PIP policies ensure that individuals receive compensation promptly after a car accident through their own insurance. Therefore, regardless of fault in a car accident, those injured receive compensation for their injuries through their required PIP policy. PIP policies generally cover the following costs:

  • Medical costs resulting from injuries due to the accident;  
  • Lost wages from inability to work due to injuries resulting from the car accident; and 
  • Death benefits for surviving family members of a person killed in a car accident. 

However, despite coverage of these common losses resulting from a car accident, multiple damages remain uncovered by PIP policies and affect average auto accident settlement amounts.  

What Are Damages in Florida Auto Accident Settlements? 

Since Florida is a no-fault insurance state, state law requires victims to file claims with their own insurers first to determine their Florida car accident settlements. Therefore, it may be difficult in most car accidents to determine your settlement through a reliable calculator method in Florida.

In some situations where your PIP policy fails to cover the costs of your injury, average auto accident settlement amounts may depend on the success of suing the party responsible for your injuries. 

Florida law requires those injured in auto accidents to meet an injury threshold to recover Florida auto accident settlements from an at-fault party. Therefore, one cannot recover for their injuries unless the injuries result in one of the following:

  • Significant loss of ability to perform a bodily function,
  • Permanent loss or permanent aggravation of a pre-existing condition,
  • Significant and irreversible scarring or disfigurement, or 
  • Death.

In these situations, a victim may recover economic and non-economic damages resulting from the accident in excess of their PIP policy coverage. 

Economic Damages

Economic damages are quantifiable and certain losses, such as medical bills and lost wages resulting from the car accident.

A person supports their claim for economic damages mainly through documents, including medical bills and pay stubs. As a result, when it comes to economic damages, it may be easier to use a calculator for your car accident settlement in Florida. 

Non-Economic Damages

In contrast, non-economic damages are subjective and more difficult to quantify. These damages relate to emotional and psychological effects resulting from the car accident. Based on the subjectiveness of non-economic damages, it’s nearly impossible to use a car accident settlement calculator in these situations.

One person may feel lasting effects from the psychological impact of a car accident, while another person may suffer no long-term effects despite similar physical injuries.

For this reason, it’s important to contact an experienced personal injury attorney to analyze your case facts and determine how your Florida car accident may affect settlements in your case. 

What Are Average Auto Accident Settlement Amounts? 

The average Florida car accident settlements have increased over the years. According to the Insurance Information Institute (III), the average settlement amount nationally increased from $14,406 in 2010 to $18,417 in 2019.

How to Estimate Your Car Accident Settlement Using a Settlement Calculator in Florida

If you decide to estimate your damages using a car accident settlement calculator, be sure to understand the different methods used by insurance providers.

It’s also important to understand that estimates are estimates—there is no guarantee of recovery. However, retaining the assistance of a qualified personal injury attorney greatly increases your chances of a favorable settlement or jury award. 

Calculation Method 

Insurance companies typically use the calculation method when estimating the value of economic damages. The estimation of these costs often represents fairly accurate numbers.

These numbers are calculated off of verifiable expenses and documentary evidence. Therefore, it is easier to accurately estimate economic damages for Florida car accident settlements. 

Multiplier Method 

Insurance companies may use the multiplier method to estimate non-economic damages. The multiplier method estimates non-economic damages by multiplying economic damages by a number between 1.5 and 5 depending on the severity of the damages suffered.

Typically, a higher multiplier like 4 or 5 is used only in situations resulting in catastrophic injuries with significant and long-term effects. 

Daily Rate Method

Non-economic damages may also be calculated using the daily rate method. This method uses a fixed dollar amount to pay the victim each day for their injuries.

Though never used for permanent injuries, this fixed daily rate may be difficult to establish. In some situations, a victim’s daily earnings in their employment, before their injury, are used as the fixed number. 

Contact Us

The attorneys at Grossman Attorneys at Law provide the understanding and care clients need after enduring a traumatic car accident. Our firm comprises experienced litigators and negotiators.

We never recommend settling your case when a trial may provide you with better results. We understand the emotional turmoil and pain you must be feeling after enduring such a traumatic experience.

Contact our office today to discuss the facts of your case. We work to provide you with a favorable result, so you can focus on getting your life back. We offer free consultations and are available day and night!

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