You may be wondering how much compensation you can expect to receive in a motor vehicle accident settlement. Unfortunately, there’s no exact science or formula for determining this with absolute confidence. Some claims are only worth a few thousand dollars while those involving victims with catastrophic injuries can be worth millions. It is important to get your case evaluated by legal experts before filing a claim. As a result, several factors can influence the value of a claim including:
- Lost income – your injuries may hinder your ability to return to work. While some injury victims may only miss a few days on the job, others may never be able to work again. Lost income and loss of future earnings potential are economic damages that can result when you’ve suffered injuries in a motor vehicle accident. The bottom line is that you deserve fair and reasonable compensation for any income that you lose while recovering from the accident as well as your diminished earning capacity.
- Negligence – your injury settlement may also be affected by Florida’s “comparative negligence” This law applies when the victim’s actions contribute to their accident and/or injuries. For example, let’s say you’re seeking $10,000 in damages after getting into an accident with a distracted driver, but you were driving 10 mph over the posted speed limit. An insurer or jury might consider that you were 20% responsible for the accident and deduct 20% from the amount you’re seeking. Consequently, you would only be entitled to $8,000 for your claim.
- Non-economic damages – as opposed to economic damages (lost income, medical expenses, property damage, etc.), non-economic damages are not about the victim’s financial losses. These relate to less tangible losses such as emotional distress, loss of companionship, pain, and suffering, and so on. Non-economic damages differ from economic damages since they cover those losses that are difficult to calculate but still need to be compensated.
- Your injuries – your primary goal after getting injured in a motor vehicle accident and getting treated for your injuries is to collect compensation from the at-fault party. A motor vehicle accident can leave the victim with mounting medical expenses. Based on the nature and extent of those injuries, they may need medical treatment and possibly rehabilitative therapy in the future. The right personal injury attorney can improve your chances of reaching a settlement and getting the compensation you deserve.
For more information about compensation in a personal injury claim or lawsuit, contact the Graves Thomas Rotunda Injury Law Group at (772) 569-8155 today. We have helped innumerable accident victims get compensated and can help you.