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How Are Car Accident Settlement Awards Calculated in Florida?

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When your life is changed in a car accident, it may seem like no amount of money in the world can revert your life to how it was. However, this doesn’t mean you shouldn’t seek the funds you are entitled to if you’ve been hurt in a collision. Unfortunately, many car accident victims are unfamiliar with how car accident settlement awards are calculated, leaving them vulnerable to receiving less than they deserve. If this reflects your situation following a crash, the most important thing to do is connect with an experienced Broward County auto accident lawyer. Additionally, the following blog can help you familiarize yourself with how the compensation is calculated.

What Damages Can I Seek After an Accident?

Following a car accident, it’s necessary to understand the different forms of compensation you can seek. Generally, there are three forms of damages – economic, non-economic, and punitive. However, in car accident cases, punitive damages are rarely awarded. They essentially act as an additional punishment for egregiously negligent drivers.

As such, you’ll likely make a claim for economic or special damages and non-economic or general damages. Economic damages refer to any calculable monetary losses you’ve suffered because of the accident, like medical bills, lost wages from inability to work, or property damage. It is generally straightforward to calculate these amounts.

Non-economic damages can be more challenging, as they represent non-tangible, non-monetary losses. These most often refer to emotional harm one has suffered as a result. These include loss of enjoyment of life, pain and suffering, disfigurement, and humiliation. These can be more challenging to calculate as they are subjective.

Is There a Method for Calculating Car Accident Settlement Awards?

If injured in a car accident, it’s critical to understand how these are calculated. The multiplier method is typical as this takes the total of your economic damages and multiplies them by a factor of 1 to 5. This is then combined with the economic damages to total the settlement. It is up to the insurance adjuster to determine the multiplier for your damages.

However, you may also be able to qualify for the per diem method. This awards you an amount of damages per day until you reach maximum medical recovery for the damages you’ve sustained. For example, if you break your arm in an accident, you may be awarded 100$ per day for the 90 days it takes you to recover.

It’s important to understand that the insurance adjuster will likely offer you significantly less than the funds you deserve for the injuries you sustained because of a negligent driver. As such, it’s in your best interest to consult with an experienced attorney from the Finizio Law Group to help you recover compensation. Our team won’t hesitate to fight for you. Contact us today to learn how we can help you.

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