A car accident is a complex event that often involves injuries ranging from minor to catastrophic. In this guide, we will explain what a car crash settlement entails and how it can benefit you.
Understanding Car Crash Settlements
Before diving into the regulations and benefits of an auto accident settlement, it’s important to understand what this process involves.
What is a Car Crash Settlement?
A car crash settlement is an agreement between the two parties involved in an accident: the victim (the claimant) and the at-fault party (the defendant). Its main objective is to resolve the legal dispute without going to trial.
Types of Damages You May Claim
To calculate the appropriate payment or compensation for the injured party, the following types of damages must be considered:
Economic Damages
In accident settlements for car accidents, economic damages include tangible losses such as medical expenses and lost wages during recovery.
Non-Economic Damages
Even in an average settlement for non injury car accident, non-economic damages may apply. These represent the psychological pain and suffering experienced by the victim.
Factors Affecting Settlement Amounts
Several factors influence the value of a car crash settlement, including:
Insurance Policy Limits
In Florida, all drivers are required to carry Personal Injury Protection (PIP) and Property Damage Liability (PDL) coverage. PIP covers 80% of medical expenses up to $10,000, while PDL provides up to $10,000 for damage to another vehicle.
Severity of the Accident
The severity of the incident directly impacts the car accident payout. This includes the extent of injuries and vehicle damage. More serious accidents typically result in higher compensation amounts.
Negligence
The average car accident settlement can also be affected by negligence. Under Florida’s “modified comparative negligence” standard (updated in 2023), if a claimant is found to be 50% or more at fault, they are barred from seeking compensation.
Average Car Accident Settlement Amounts
Non-injury, Minor, and Moderate Injury Accidents
When there are no injuries, the car collision settlement focuses solely on vehicle damage. According to the Insurance Information Institute, the average claim for property damage in 2023 was $6,551.
For minor or moderate injuries, the compensation amount increases significantly, with the average bodily injury claim reaching $26,501 in 2023.
Catastrophic Injuries
In cases involving death or permanent disability, the car injury settlement can reach millions of dollars.
Car Accident Settlement Examples and Case Studies
One example is the case of a 31-year-old woman in Calhoun County. Unable to reach a settlement, her case went to trial, where she was awarded nearly $3 million. Although this was not technically a car crash settlement, it demonstrates the potential for substantial compensation in such cases.
How to File a Car Accident Settlement Claim
If you’re ready to pursue a car crash settlement, here’s how to file your claim properly:
Evidence Gathering
Both parties should collect evidence, including photos and witness statements. If the injured party is unable to do so, their lawyer assumes responsibility. Florida law (section 316.065) mandates reporting the crash in cases involving injuries, fatalities, or damages exceeding $500.
Negotiation with Insurance Companies
A lawyer will negotiate with the insurance companies to secure compensation for your financial and non-financial damages. Insurers may dispute the amount, but your lawyer will advocate on your behalf to ensure the best possible outcome.
The Role of a Car Accident Lawyer
Working with a car accident lawyer simplifies the car crash settlement process. Their expertise ensures a fast, efficient resolution and maximizes your compensation for both economic and non-economic damages.
Take Control of Your Car Crash Settlement
Don’t leave your future to chance. Contact our experienced car accident lawyers for a free consultation and take the first step toward securing your car accident settlement!