A diverse number of components contribute to making up the average car accident settlement amount. An experienced car accident lawyer must take a look into your case before it’s more often troublesome to give an exact gauge of a potential settlement. Each car motor vehicle accident case includes special contemplations, involving:
- The circumstances driving up to and encompassing the case.
- The seriousness of the injuries.
- Damages and losses.
- State laws.
This given combination of components makes it exceptionally difficult to create a one-size-fits-all number.
Factor on which the Car Accident Settlement Depends
Now, we talk about the factors on which your car accident settlement depends:
Insurance Coverage
By law, most drivers are required to have car insurance, so that the insurance companies can compensate the harmed parties, but not all settlements meet the approach constraint or go past it.
Victims of accidents may seek a claim directly from the at-fault driver, but most individuals do not have sufficient resources in their possession that can provide them with direct compensation.
Liability
Establishing responsibility for the accident is a very essential component in calculating your case value. Your claim may be worth more if one of the parties is mostly or completely at fault.
Your compensation may be lessened if you share fault for the accident, this is stated under Florida’s modified comparative negligence laws. If by any chance, your fault share is above 50% then you won’t be able to recover compensation.
If you have been reported as the at-fault party or you have received a ticket for the accident in the police report, you would be claimed responsible by the insurance company and it can use it against you.
However, these items can not be used in the court against you as they are not evidence. The good news is that we would perform a more thorough investigation than the police did and hard evidence such as forensic analysis, black box data, and eyewitness testimony would be presented to help decrease your share of fault and possibly increase your compensation.
Severity of Injuries
Perhaps the severity of injuries in the accident is the most important factor that influences the average car accident settlement. Usually more worth in compensation is of the cases that involve a serious injury, or even death. After a serious accident medical expenses can be higher than $60,000. It would not make sense to pursue a claim in court for compensation if there are less severe injuries, they do not qualify for as much compensation. Policy limits restrict the compensation that can be obtained, even if there is a severe injury.
State of Laws
The location of the accident plays a huge role in your compensation, as every state has different laws when it comes to car accident settlements.
Florida is a no-fault state, drivers must have Personal Injury Protection (PIP), which covers up to $10,000 in medical bills and lost wages. You may not be eligible for damages like pain and suffering if you were involved in a car accident and suffered from minor injuries or property damages. Therefore, this is also a reason why at-fault drivers are also looked at by attorneys for bodily injury insurance coverage. This coverage can compensate for pain and suffering, although this is not required in FL.
However, if we take the example of Georgia which is an at-fault state, it means that the liable party is always responsible for compensation. A larger settlement amount is a must to be provided by the at-fault driver’s insurance company.
Financial Loss
Car accidents can bring many financial losses. You may lose your paychecks because serious injury cases can cause you to miss work. During a crash, there is a very high possibility that you may also have damaged your vehicle or other valuable possessions. You may also be fitting for pain and suffering compensation.
Typical Car Accident Settlement Amounts in Florida
$5,000-$30,000 or $125,000 to $350,000 is the estimated average settlement amount for a car accident. However, as mentioned above, Florida has no-fault laws and the unique factors of your collision will affect your car accident settlement. The unique circumstances of each case play an important role in car accident settlement, which is why it can be said that there is no single accurate average settlement amount. The settlement of your case also depends upon a variation of time. Hiring a car accident attorney is the only way to get your deserved compensation.
How are Car Accident Settlements Calculated?
When determining a car accident settlement many insurance companies use a specific formula. For instance, back and neck injuries can be worth 15-3 times the price of medical care. The following are the factors upon which the values depend:
- Insurance policy limits
- The severity of injuries sustained by the victim(s)
- Party liability
- Comparative negligence laws
- How long you wait to seek medical treatment
- Cost of medical treatment
- Temporary or permanent injuries
- Type of medical treatment required
- Previous claims or existing injuries
- The strength and volume of evidence provided
It is important to consult an experienced personal injury lawyer to discuss your case and legal options if you were involved in a car accident in Florida. The lawyer would help you assess the value of your claim and negotiate a fair settlement on your behalf.
How Long does it Take to Settle a Car Accident Case in Florida?
It is good news that sooner rather than later most of the car accident settlement claims are settled in the State of Florida. Four to Six weeks is the average time it can take to receive a settlement check. However, the process of car accident settlement can also take up to a few months and sometimes even extend to years.
How Do Car Accident Settlement Payouts Work?
Your car accident settlement payout depends upon how you go about collecting compensation. You may be offered compensation in a single heap or a structured payment plan that will be gradually dispersed if you are dealing with an insurance company after an accident.
However, this must be kept in mind that once you have agreed to a settlement from insurance, you can not change the terms later. Your compensation may get lowballed by the insurance companies as they are always looking to save money. Your case settlement, as mentioned above, can take months or even years.
Hiring a car accident attorney is the best way to know how much your settlement is worth. The Attorney would help you in going over all the details of your case and also help you in understanding your car accident settlement.
Car Settlement Amounts in Florida
Here are some example cases of typical settlement amounts for a Florida car accident. This is what is based on the average auto accident settlement in Florida. Please be aware that in nearly every single example below, the initial insurance company offer was quite low compared to the final settlement amounts. It’s important to not accept a settlement offer from an insurance company without speaking with an attorney first.
$250,000 – Auto Accident in Ocala, FL
- Settlement Amount: $250,000
- Initial Insurance Company Offer: $10,000
- Injuries: Neck injury and back injury
$125,000 – Vehicle Accident At Intersection in The Villages, Florida
- Settlement Amount: $125,000
- Injury: Fractured hip
- Treatment: Therapy
$350,000 – Motor Vehicle Accident On Florida Interstate in Ocala, FL
- Settlement Amount: $350,000 (policy limits)
- Injuries: Herniated discs at C4-5 and C5-6
- Treatment: Neck surgery
$170,000 – Auto Accident in Ocala, Florida
- Settlement Amount: $170,000
- Injuries: Back injury (herniated discs at L3-4 and L4-5)
- Treatment: Injections and physical therapy
$145,000 – Motor Vehicle Struck By Commercial Van in The Villages, Florida
- Settlement Amount: $145,000
- Injuries: Head, neck, and knee injuries
How much does a Lawyer get from a Car Accident Settlement in Florida?
Most attorneys in Florida work on a contingency fee basis, which typically ranges from 25 to 40 percent of your settlement or court award. Without upfront costs, you will only pay if your lawyer is successful.
Contingency Fee Structure in Florida Car Accident Cases
A vast majority of lawyers in Florida engage their clients based on a contingency fee model, within the scope of personal injury cases arising from car accidents. Under such an arrangement, the payment of the lawyer is dependent upon securing either a settlement or a victory for your case. Simply put, if they win your case, you are not obliged to pay them anything. This method places the lawyer’s financial interest squarely alongside that of their client since earning their legal fees relies entirely on achieving favorable results.
If you have been injured in a car accident in Florida, it is important to consult with an experienced personal injury lawyer to discuss your legal options.
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