One of the most commonly asked questions we receive at the Gould Cooksey Fennell Law Firm is “What is my case worth?” Many people want to know what an average accident settlement in Florida is worth, but this is nearly impossible to answer. The word average takes all of the relevant figures, adds them up, and divides them by the number of cases that settled. However, this is not a good basis to determine what your potential case might be worth because it takes figures ranging from just a few thousand dollars that unrepresented accident victims received to multi-million dollar awards.
You may be tempted to search for “average car accident settlement amount” and may even find ranges listed as between $10,000 and $50,000, $125,000 to $350,000, or $1 million to $3 million. These are wide ranges that do not tell you what your particular case is worth. Additionally, settlements are generally subject to confidentiality agreements, so the parties involved cannot disclose what their case settled for, making it difficult to obtain this type of data. Every personal injury case is different, so it’s more important to know what yours might be worth versus what an average settlement might be.
At Gould Cooksey Fennell Law Firm, we don’t settle for average. We want to secure compensation that will fully acknowledge the harm you have suffered because of someone else’s negligence. We can discuss what your claim might be worth after conducting a thorough investigation into the facts. You can get started with the legal process by contacting us today for a free consultation.
What Is an Accident Settlement?
Before considering the accident settlement payout amount you may receive, you must understand what a settlement is. When someone has a legal claim against another party, they typically have the option of settling the case out of court or filing a lawsuit against them. Typically, accident victims reach a settlement with the insurance company for the defendant, such as their liability insurance provider. However, it is also possible to settle with the defendants directly.
Settlements are financial agreements in which you agree to accept a certain amount of compensation for your medical expenses, lost wages, pain, suffering, and other damages. In exchange, you release the defendant from all legal claims you have against them. Once you accept a settlement, you cannot sue the defendant. You cannot return to the negotiating table to try to get more money later on, even if you find out you have additional expenses or more severe injuries stemming from the accident.
Because this is your one opportunity to secure fair compensation, you might consider working with a personal injury lawyer who can try to negotiate a fair settlement on your behalf.
Factors That Affect the Settlement Value of an Accident Claim
Several factors can increase or decrease accident settlements, including the following:
Type of Accident
The type of accident you were involved in can tremendously affect accident settlement payouts. For example, the typical car accident settlement is much lower than that of a truck accident case or medical malpractice case. This is because the identity of the parties responsible for your injuries and the insurance coverage they have available for your claim differs.
Insurance Coverage Available
Many motorists in Florida only maintain the minimum amount of auto insurance required by law. This includes $10,000 in property damage liability coverage, which covers costs to repair the other driver’s vehicle, and $10,000 in personal injury protection (PIP) coverage, which pays a portion of your medical expenses and lost wages after a car accident.
Higher insurance limits apply in different types of cases. For example, taxis must carry bodily injury liability coverage of $125,000 per person, $250,000 per occurrence, and $50,000 for property damage liability coverage. Trucking companies often have insurance policies that cover millions of dollars in damages.
Keep in mind that even with higher insurance coverage amounts, this does not necessarily mean you will receive the maximum amount provided under the policy. Your specific case details will help determine the value of your case. Also, insurance companies will work hard to minimize what they pay out to accident victims to protect their investors.
Severity of Injuries
The severity of your injuries can directly impact the potential value of your claim. Auto accident settlement amounts can vary drastically, depending on the type and severity of injury you suffer. For example, if you were injured in a minor car accident, your settlement would likely be much lower than if you suffered a catastrophic injury. The same principle holds for other cases, too.
This is because more severe injuries mean greater damages. When you suffer a serious injury, you will likely have additional medical expenses. You may miss substantial time from work or be unable to ever work again. Your pain and suffering may be considerable. An accident settlement should take into consideration how the injuries affect your life and fairly compensate you for these adverse effects.
Clarity of Liability
Cases in which liability is disputed may be worth less than cases in which it is clear. For the insurance company or defendant to agree to a settlement, they must believe that you have a valid negligence claim against them. If they can argue you were at fault for the accident or they are not legally responsible, they will be less likely to make you a settlement offer.
An experienced lawyer can gather evidence to establish liability and argue your case, such as:
- Accident reports
- Medical records
- Photos or videos of the accident scene
- Witness statements
- Physical evidence
- Electronic records
- Inspection records
- Personnel records
In some cases, accident attorneys may hire an accident reconstructionist to create a visual demonstration of how the accident happened based on scientific data.
The Amount of Your Damages
Your personal injury attorney can prepare a demand letter that states a specific amount of compensation you expect to receive to drop your legal case against the defendant. This amount of financial compensation will be based on your accident damages, which may include:
- Medical expenses – This includes payment for medical treatment, hospital stays, ambulance rides, doctor’s appointments, medication, and physical therapy. It also includes future medical care needs.
- Lost wages – This includes wages or salaries you lost because you were seeking medical treatment or recovering from your injuries.
- Reduced earning capacity – This is the permanent reduction in your long-term earnings due to your accident injuries.
- Out-of-pocket damages – This varies by each case, but it could include the cost to rent a vehicle, hire a housekeeper to clean when you are unable to, or pay for over-the-counter medical supplies.
- Property damage – This includes costs to repair or replace your vehicle, as well as other personal property damaged in the accident.
- Pain and suffering – This compensates you for your physical pain and suffering, emotional distress, and mental anguish.
The average auto accident settlement in Florida does not include payment for pain and suffering because of the state’s no-fault system. To qualify for these non-economic damages, you must show that you or a loved one suffered one of the following:
- Significant and permanent loss of an important bodily function
- Permanent injury
- Significant and permanent scarring or disfigurement
- Death
Whether the Case Goes to Trial
At Gould Cooksey Fennell Law Firm, we are trial attorneys. Cases that go to trial may result in higher payouts than accident settlements. We prepare every case as though it is going to trial in case it does. We have had considerable success in accident lawsuits, with some of our recent cases resulting in:
- $31,900,000 jury verdict from a wrongful death caused by medical malpractice
- $9,381,000 verdict in a motorcycle accident case
- $6,413,709 verdict in a motor vehicle accident case
- $2,899,878 trial verdict in a tractor-trailer trucking accident case
- $2,922,503 jury verdict in a medical malpractice trial
However, there is no guarantee you will win your case if you go to trial. You could take your case to trial and the jury rules in favor of the defendant. Or, you could receive less money in damages than the insurance company offered to settle your case.
Even if you win your case, the other side may decide to appeal, which can prevent you from receiving the money you need now. Litigation is also expensive, so you may have more expenses to pay, such as discovery costs, court filing fees, and payment for an accident reconstructionist.
An experienced accident lawyer can evaluate your case and explain whether it is in your best interest to settle your case or proceed to trial.
If You Contributed to the Accident
Florida uses a modified comparative fault rule in cases in which the accident victim contributed to the accident. Under this rule, you can still seek compensation for your injuries if you were partially responsible for the accident so long as you were not more than 50% responsible for it. However, your damages are reduced by your percentage of fault.
For example, many auto accidents involve the partial negligence of both drivers. Suppose you were speeding 5 mph over the speed limit when the at-fault driver turned left in front of you. The jury determines that you are 5% responsible for the accident and the defendant is 95% responsible. If you suffered damages of $100,000, your damage award would be reduced by 5% or $5,000 in this scenario.
Insurance companies are familiar with this rule, so accident settlement amounts will be reduced to reflect the amount of fault they are apportioning to you. Accident attorneys can fight to mitigate this apportioned amount so that you are fairly compensated.
If you were injured in an accident, consult with an experienced lawyer who can review your specific situation and explain what the value of your case may be.
What Can I Do to Increase the Settlement Value of My Accident Case?
Fortunately, there are steps you can take to increase the potential value of your claim, beginning on the day of the accident and continuing until your case is resolved. Here are some tips for increasing an accident settlement payout amount:
- Report the accident. An official record can help provide objective observations and establish the accident happened in the first place.
- Gather evidence at the scene. Get information from the at-fault party and document what you can while the accident scene is fresh and before the responsible party cleans it up.
- Seek prompt medical attention. Insurance companies will use any delay in medical treatment as grounds to deny your claim or suggest your injuries were not related to the accident. Florida’s PIP benefits are contingent on you seeking medical attention within 14 days of the auto accident.
- Follow your doctor’s orders. Follow all restrictions and limitations so you can make a full recovery. Keep all your medical records.
- Be careful what you say. Anything you say that could contradict your official version of events can be used against you.
- Take timely legal action. Accident lawsuits must be filed within two years in Florida. Missing this deadline can jeopardize your right to compensation.
- Hire a lawyer. An experienced lawyer can handle the legal claims process, protect your rights, and fight for the compensation you deserve.
Contact Gould Cooksey Fennell Law Firm for a Free Case Review
If another party’s negligence harmed you, you should not have to pay the consequences. An experienced lawyer from Gould Cooksey Fennell Law Firm can help you seek a personal injury settlement that fairly compensates you for the negative impact of the accident on your life or fight for full compensation in court. Contact us today for a free consultation.
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