How Much to Expect from a Miami Car Accident Settlement
February 4, 2022 | Sagi Shaked
If you’ve been injured in a car accident, you may be eligible for an insurance claim settlement to cover your medical bills and repair or replace your vehicle.
The amount of your settlement can vary, and each case is different. However, a few factors go into determining car accident injury settlement amounts.
Car Accident Settlement Overview
If there is minor damage to your vehicle and no injuries to drivers or passengers, your car accident settlement will be minimal. It will cover the damage to your vehicle and possibly the diminution of its value. More significant damage and injuries will lead to higher settlements.
Not all cases go through the court system, so the true average car accident settlement is difficult to determine. However, some estimates place the average car insurance settlement amount at $15,443.
Florida has no-fault laws for car accidents. If you are in an accident, your will first file a claim with your own insurance company under your PIP coverage. However, your PIP coverage will only cover 80% of your medical bills and 60% of your lost wages. Minimum PIP insurance policies only offer $10,000 in coverage.
There’s an exception to the no-fault clause: if the accident resulted in death or serious injuries, then you may have grounds to file a claim with the at-fault party’s insurer. You may also be eligible for a third-party claim once your losses exceed your policy limits.
You will be eligible to recover 100% of your damages through a third-party claim. In these cases, you should retain a personal injury attorney to pursue your claim. Your settlement will be higher through a claim with the at-fault driver.
Is There an Auto Accident Settlement Formula?
Calculating typical car accident settlement amounts can be challenging. Some car accident lawyers may use an injury calculator to determine your damages. However, these calculators don’t consider all of the factors that contribute to realistic settlement amounts.
For example, some damages are pretty straightforward, such as the amount it will take to fix or replace your vehicle or how much your medical bills were after the accident.
“Non-economic” damages like pain and suffering are more subjective and vary case by case. For example, if you’ve been permanently impaired or disfigured, the courts may try to assign a dollar amount to your diminished quality of life.
Your car accident lawyer will request a certain dollar amount as a settlement when making your case. They calculate the car accident payout based on the type of damages you incur, which include:
- Economic damages
- Non-economic damages
The circumstances of your case determine the type of damages and the dollar amount you receive. At a minimum, your settlement will account for your medical expenses and other financial losses.
Other Factors that Determine Car Accident Settlement Payouts
A few other things contribute to whether you have a case for damages after the accident and how much you’ll receive.
Florida follows pure comparative fault rules for car accidents with multiple at-fault parties. Every party that shares fault for your accident can be held liable for their share of damages — including you. If you have 80,000 in damages but are 20% at fault, you could only recover $64,000 (80%) of your damages.
You can see how these rules might affect your settlement and give you less compensation.
It’s in your best interests to retain a personal injury lawyer before talking to insurance companies, including your own. Insurance companies typically like to settle cases quickly and for as little money as possible. Don’t provide a written statement about the accident unless you have an attorney present.