Norden Leacox Accident & Injury Law | October 22, 2024 | Car Accidents
A car accident is one of the most stressful events one can experience. Worrying about whether the insurance company will cover the vehicle damage, medical expenses, and missed time at work through a claim can be overwhelming. Not surprisingly, one of the first questions an accident victim may have following a crash is: “How much will I receive in a settlement?”
Because no two car accidents are exactly alike, the compensation an insurance company pays can vary widely. However, an accident victim can gain a rough estimate from average settlement amounts provided by the insurance industry and surveys.
Before looking at some of these averages, a car accident victim should understand the factors an insurance company figures into their settlement equations. Here are a few:
Extent of the Injuries
The severity of an injury has a significant effect on a settlement amount. Car accidents can cause a wide range of injuries, from sprains and whiplash to life-altering traumatic brain injuries and amputations. The injury type is an important variable in the formulas that insurance companies use to determine the amount. In general, the more serious the injury, the higher the settlement amount.
Through a personal injury claim, a victim may seek compensation for:
- Medical expenses
- Lost income
- Permanent disability or disfigurement
- Loss of enjoyment of life
- Pain and suffering, and emotional distress
- Property damage
Even a minor injury can result in substantial expenses, such as missed time at work and the cost of surgery, medication, and rehabilitation. A significant injury could require treatments far into the future and affect the victim’s ability to earn an income.
Insurance Coverage
Florida mandates that all motor vehicle operators carry personal injury protection (PIP). The required minimum coverage is $10,000. It provides up to 80% of medical expenses, up to 60% of lost wages, 100% of replacement services costs, and a $5,000 death benefit.
As a no-fault state, Florida requires each driver to first pursue damages with their own insurance company, regardless of who was at fault. When a car accident victim sustains severe injuries, PIP may not cover all expenses. They may file a claim against the other driver, but the law specifies which injuries qualify. It must have led to a disability, a significant disfigurement or scarring, the permanent loss of a bodily function, or death.
Who’s At Fault?
Establishing fault in a car accident can be difficult. Frequently, more than one driver can be blamed. When a victim also contributes to a crash, it can reduce the amount of compensation they may receive.
In Florida, a modified comparative fault state, a car accident victim can be as much as 50% at fault for a crash and still seek compensation, with the amount directly corresponding to the fault percentage assigned to the other driver. However, if a victim is found to be more than 50% responsible, they can’t seek a claim against the other driver.
The Average Settlement Amount
Forbes reports that surveys show the average settlements in the United States in 2020 ranged between $20,000 and $25,000. It also points to a survey from the Insurance Information Institute that revealed the average injury settlement amount sits at $20,235, while the average amount awarded for property damage is $4,711. However, the majority of those surveyed received less than $10,000.
The average settlement amounts in Florida may not deviate much from the nationwide averages. The averages reported by personal injury law firms in the state, which may be based on their own clients’ settlements, run from $5,000 and $10,000 for minor injury claims to $30,000 for moderate injury claims.
A Personal Injury Attorney Knows Best
Every car accident is unique. Online calculators and averages may only be able to give a “wide” range of what a claim may yield from an insurance company. For a more precise estimate, an injury victim should consult with a personal injury attorney.
Contact a car accident lawyer at Norden Leacox Accident & Injury Law Today
For more information, please contact Norden Leacox Accident & Injury Law to schedule a free consultation. We have five convenient locations in Florida, including Orlando, Palm Bay, Melbourne, Cocoa, and Titusville.
Orlando, FL Office
964 Lake Baldwin Ln Ste. 200, Orlando, FL 32814, United States
407-801-3000
Palm Bay, FL Office
4620 Lipscomb Street N.E Suite #3K, Palm Bay, FL 32905, United States
321-677-5964
Melbourne, FL Office
1600 W Eau Gallie Blvd #205j, Melbourne, FL 32935, United States
321-450-7134
Cocoa, FL Office
717 S Cocoa Blvd STE 203, Cocoa, FL 32922, United States
321-449-8042
Titusville, FL Office
4527 S Hopkins Ave Suite B, Titusville, FL