Nearly 40 million Americans sustain injuries each year and, in many instances, these incidents can give rise to a personal injury claim, but knowing how much the claim is worth is critical to negotiating a fair settlement.
By seeking help from an experienced personal injury lawyer in Florida, you can ensure that the specific details of the incident and your injuries are taken into account when an estimate is given. For a broad idea of which elements will affect your claim, take a look at these five factors that can affect the value of a personal injury settlement in Florida:
Table Of Contents
Affecting Factors Of Personal Injury Settlement
In Florida, modified comparative negligence rules are applied to personal injury cases, with a 51% bar to recovery. Essentially, this means that if you are 51% or more at fault for the incident that caused your injuries, you won’t be able to claim compensation. However, if you contributed to the accident but are deemed to be less than 51% liable, you’ll be able to proceed with a claim and your compensation entitlement will be adjusted to reflect your liability.
So, if you are 25% responsible for the incident, you may receive 25% less compensation than if you were not responsible for the accident at all. As you can see, establishing liability and causation has a major impact on claim eligibility and potential settlements, which is why you should contact a personal injury lawyer if you’ve been injured.
2. Medical Bills and Other Costs You’ve Incurred
If you’ve incurred costs due to your injuries, you should be able to recoup these as part of your settlement. Recent studies show Florida ranks second in the U.S. for medical debt and you don’t want to be saddled with high medical bills following an accident that wasn’t your fault. By making a compensation claim, you can ensure that your costs are factored into your compensation award.
3. Your Insurance Coverage and the Defendant’s
Often, the amount of compensation you can obtain will be limited by the amount of insurance coverage you and/or the defendant have. While you can pursue a third party for additional sums over and above their insurance limits, success is dependent on their assets. Due to this, insurance limits can have a substantial impact on a potential settlement.
4. Your Loss of Income or Diminished Earning Capacity
Following an accident, you may be unable to work while you’re recovering from your injury, or you may be forced to give up work completely if you have sustained irreversible injuries. In such cases, any loss of income or reduction in your earning capacity can be incorporated into your settlement.
5. Compensation for Non-Economic Damages
Non-economic damages include things that aren’t easily quantifiable, such as the pain and suffering or distress you may experience after a serious injury. Although it can be difficult to assign a financial amount to non-economic damages, your legal team can use established precedents to ensure they are factored into your compensation claim.
How Much Compensation Will You Receive for Your Personal Injury Claim?
While the facts surrounding the accident and your injuries will be determining factors in the value of your personal injury claim, the strength of the evidence and how well your claim is presented will also have a substantial impact on the amount of compensation you receive.
That’s why it’s so important to seek legal advice and assistance from qualified personal injury lawyers if you’re considering making a claim. With their help, you can find out how much your claim is worth and get it underway as quickly as possible.
