How Much is the Average Car Accident Settlement?

The average settlement for a car accident is anywhere between 1.5 times and two times your financial damages. You can expect to recover your actual, financial losses plus an extra amount for pain and suffering if you sustain physical injuries. Of course, that’s just an average. There are a number of factors that may adjust your settlement upwards or downwards.

According to one source, the average car accident settlement is a little bit more than $15,400. That’s for car accidents that involve a bodily injury. The average claim that includes property damage is a little bit more than $3,000. Of course, these are just examples. The amount that you can recover in your case depends on the exact circumstances in your situation.

It’s not easy to make assumptions about what your car accident compensation is going to be based on average car accident settlements. Your car accident depends on what your actual damages and losses are in your unique case. Florida law bases car accident settlements on the economic and non-economic damages that you personally suffer.

While examples from other cases can give you guidelines, your settlement may be much more or much less than the typical car accident settlement. In cases of serious injuries, your compensation might be much greater than the average settlement. The best way to determine the value of your Miami car accident settlement is to work with experienced Miami car accident attorneys to evaluate the details of your claim.

Let’s say you’re in a car accident. You sustain a broken wrist. Your medical bills total $10,000. It takes you six weeks to recover. During those six weeks, you’re in a significant amount of pain and you can’t go to the gym like you used to twice a week, adding to your anxiety. In your case, you can expect compensation of approximately $15,000. That figure compensates you for your financial losses and pays you an additional amount for what you’ve been through.

Each car accident settlement is a set amount for your damages plus an extra amount for pain and suffering and emotional anguish. The more severe or permanent your damages, the more likely your settlement is to be above average. While all accidents are serious matters, when injuries are catastrophic or life-changing, your multiplier may be higher than 1.5 or two. Your attorney can help you determine if your case qualifies for the average car accident settlement or an additional amount.

There are a number of factors that impact the average car accident settlement. The most important factor is the actual losses that you sustain in the crash. You should work with an experienced attorney to ensure that you don’t miss categories of financial losses to include in your claim. For example, many people don’t know that they can claim compensation if they miss work and lose income because of the accident. Even replacement services for your family can be a category of compensation. Your financial losses are the most significant factor in determining whether your settlement is going to be above or below average.

There are also some external factors involved in what you recover. If the fault is obvious and you have injuries that clearly fall outside of Florida’s no-fault car insurance system, you can expect your settlement to be higher. If there’s some question about legal liability or the sufficiency of the evidence in your case, you can expect the compensation to be lower. Legal questions about the admissibility of evidence can also reduce a settlement. The stronger and more clear your case is, the higher you can expect your settlement to be.

In Florida, all drivers must carry car insurance. For minor accidents, your car accident settlement generally comes from your own insurance. In cases of serious or permanent injuries, you can look to the other driver and their insurance policy for recovery. If their insurance policy doesn’t cover the entire settlement, you may try to recover from the other side personally. Your settlement may depend on the limits of applicable insurance policies as well as what resources the responsible party has available to pay compensation. Getting the best settlement is an art form that involves strategic negotiations and carefully building your claim.

There are things that you can do to increase the chances of an above-average settlement in your claim. If you do a great job documenting your injuries and financial losses, you make your case stronger for a higher settlement. You need to also build evidence about how the accident occurred. An experienced lawyer for car accident settlements in Florida can work with you to develop your case effectively to secure fair compensation.