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What’s The Value of Your Florida Accident Claim?

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Unfortunately, vehicle accidents can happen to anyone at any time, regardless of how good of a driver they are or think they are. The potential is high enough to where even pulling out of your driveway potentially has the chance to result in an auto collision. 

Regardless of whether it’s a minor car accident or a catastrophic vehicle wreck, the resulting damages can be expensive. Chances are, you’re not financially prepared to handle the sudden expenses. 

Thankfully, Florida allows accident victims to file claims to recover compensation for their losses. So, what’s the available compensation in a Florida accident claim? If you aren’t sure what damages you can claim you may be missing out on financial compensation.

Understanding Comparative Negligence

Before we start looking at the various types of damages you may be able to list in an accident claim, it’s a good idea to know a little bit about comparative negligence guidelines. Florida, along with a few other states, follows comparative fault rules. This legal standard lets more than one party assume responsibility for an accident.

An example of this can be if one driver is speeding and another motorist fails to properly yield at an intersection. In this type of situation both of the drivers are probably at least partially responsible for the vehicle accident. 

So, can you still file a personal injury claim in Florida if you’re partially to blame for the vehicle collision? The answer can be yes or no. Your percentage of fault determines if you can file a compensation claim.

If you’re assessed more than 50% of the fault for an accident, you can’t file a compensation claim against the other driver’s insurance provider. However, if your percentage of blame is 50% or lower, you should be able to proceed with a personal injury claim. 

You should know your compensation amount is reduced by your assigned percentage of blame. So, if your claim is for $100,000 and your assigned blame is 20%, your settlement will be for $80,000. 

You’re probably wondering who determines fault in a Florida car accident. Usually, the responding authorities assign blame, along with the insurance adjusters.

Economic Damages

If you haven’t suffered any economic losses, you may not be able to move forward with an accident claim. Economic losses are things like your medical bills, property repair/replacement costs, and lost income. This can include both lost current and future earnings, depending on the severity of your injuries

Figuring out the value of your economic damages is usually pretty simple. These damages have an intrinsic value so you can refer to your bills, receipts, and property damage estimates. 

Grab a calculator and add up everything, this will give you the total value of your economic damages. You can stop there but you may also be able to claim non-economic damages.

Non-Economic Damages

We noted earlier that your economic damages are the primary reason for filing a compensation claim after an accident. However, don’t discount the value of your non-economic losses. What are your non-economic damages? 

These typically vary depending on the severity of the accident but some common ones appear on personal injury claims. Your non-economic losses can include:

  • Pain
  • Suffering
  • Mental anguish
  • Physical disfigurement like permanent scarring or an amputation
  • Loss of life enjoyment
  • PTSD (post-traumatic stress disorder)
  • Loss of consortium
  • Depression
  • Anxiety

These are only a few examples of common non-economic damages, your claim may include additional losses. Consulting with a personal injury attorney can help ensure you’re not missing any non-economic damages.

Calculating Non-Economic Losses

So, how do you place a price on your pain and mental anguish? You can’t refer back to a price tag or even a medical bill. 

Since non-losses don’t have a clearly listed value, you need to turn to one of two accepted calculation methods. You can use either the per diem or multiplier methods to figure out the approximate value of your non-economic losses.

Using the Per Diem Method

If you decide to use the per diem method, you’re going to need to figure out your average daily salary. A good way to get this figure is to look at your annual take-home pay. Divide this number by the number of days you typically work in a year. The sum will represent your average daily pay.

Now, you need to decide how many days you experienced pain and suffering. Don’t go overboard and exaggerate your degree of pain. The insurance adjuster will probably refer to similar accident claims so if your pain seems excessive, there’s a good chance of your claim being denied. 

You multiply the number of days you felt pain by your average daily pay. This gives you the estimated value of your non-economic damages.

Using the per diem method, a formula may look like:

40 (number of days you experienced pain) x $360 (average daily pay) = $14,400 (total value of your non-economic losses).

Using the Multiplier Method

You can also decide to use the multiplier method, it tends to be a little more common than the per diem method. 

To come up with the value of your non-economic losses you take the total of your economic damages. Now, pick a number between 1.5 and 5 to represent the degree of pain your injuries caused. The higher the number, the greater your mental anguish.

If your injuries result in significant pain, you may assign your suffering a number 4 or 5. In this instance, the formula to calculate your non-economic losses will be:

5 (the number representing your degree of pain) x $200,000 (total of your economic damages) = $1,000,000 (total value of your non-economic damages).

A quick note: Regardless of the method you use to determine your non-economic losses, there’s no guarantee the insurance company will accept your claim. You should be prepared to sit through a few negotiations, especially if your accident claim has a higher value. 

You may be able to speed up negotiations by using both methods to calculate your non-economic damages. This way, if your first claim value is turned down, you’re ready to present a counteroffer.

Ensuring You Receive Your Claim’s Maximum Value

Trying to figure out the value of an accident claim can be tricky. Even a simple fender bender can result in damages. To help ensure you’re not forgetting to include a loss in your compensation claim, it’s usually a good idea to partner with an experienced Florida personal injury attorney.