How to Tell if Your South Florida Car Accident Settlement Is Fair

by Oct 21, 2022Auto Accident, Car Accidents

How to Tell if Your South Florida Car Accident Settlement Is Fair

by Oct 21, 2022Auto Accident, Car Accidents

South Florida Car Accident Settlement
South Florida Car Accident Settlement

Each South Florida car accident is unique. Therefore, it can be challenging to determine whether you are getting a fair settlement or being taken advantage of.

Damages, however, are a part of every South Florida auto accident settlement.

You gain compensation for your losses when you receive damages. Consequently, determining which damages a South Florida auto accident settlement covers is one of the best ways to assess it.

Your losses following your vehicle accident probably go beyond your medical expenses. They may have an impact on a wide range of areas in your life, including:

  • Health
  • Occupation
  • Property

Most, if not all, of your damages, should be compensated for in a reasonable settlement.

After a car accident, should you accept the insurance company’s settlement offer? This is an important question if you have been hurt in a vehicle accident in Boynton Beach. Even though it might be tempting to accept a quick settlement, you only get one chance to settle, so you should never settle for anything less than fair.

Many different factors exist when determining whether a settlement is an appropriate compensation. To evaluate if accepting a settlement is in your best interest, the following questions can be answered with the assistance of a car accident lawyer from the Bodden and Bennett Law Group.

Here are 9 Questions to Help You Determine If a South Florida Car Accident Settlement Is Fair

1. Could you receive more compensation if your case went to trial?

It is crucial for accident victims to understand how much more they might be able to get back in court. Going to trial is dangerous because you might not get anything if you win, but you might get more money than you could get via a settlement.

Insurance providers are also aware of this risk. Even though insurers prefer to avoid paying out on accident claims, they are aware of the potential financial dangers involved in a finding of their own liability.

2. Are there any caps or legal limits on the recovery amount?

There are damage restrictions, or legal limits, on the amount of compensation you can get for injuries sustained in a car accident.
Punitive damages are typically subject to caps on damages in vehicle accident cases. Punitive damages are those that are given in an effort to penalize or discourage the at-fault driver’s risky behavior.

3. Does the settlement offer adequately account for the damages in my claim?

Often, the insurance company’s initial settlement offer does not fully account for the value of your claim. In most cases, the insurance provider will frequently begin with a proposal that includes a modest portion of your medical costs.

In most circumstances, the settlement offer does not accurately represent the value of your claim. For example, the settlement offer might only represent a small portion of the damages you are entitled to for your injuries. Sadly, accident victims who attempt to handle their claims on their own frequently fail to consider the entire scope of damages to which they may be entitled. This makes it crucial to speak with a lawyer if you were hurt in an automobile accident without doing anything wrong.

4. Are your vehicle and property damages covered?

Damage to your vehicle is arguably the most frequent outcome of a car collision. Unfortunately, even if you survive a car collision unharmed, your car might not be as fortunate.

You are entitled to the cost of repairs if your car has been damaged but not totaled. When calculating these costs, the insurance provider may factor in the lower cost of used parts. You are also entitled to reasonable reimbursement of rental car expenses during the time that your car is being repaired.

You are entitled to the car’s worth if your vehicle was totaled at the time of the accident.

Remember that any improvements you make are unlikely to change the vehicle’s worth.

Significant property losses that occurred inside the car at the time of the collision should also be covered by the insurance carrier.

For instance, the worth of your phone, tablet, or laptop should be covered by your settlement if they were all damaged.

5. Does the settlement offer coverage for your current and future medical costs?

You are entitled to compensation for all expenses related to the incident if you were not at fault for the collision. This includes both your present and upcoming medical costs. Do you fully comprehend your injuries’ financial toll on you in the coming weeks, months, or years?

Your settlement should include enough money to cover your present and future medical expenses (in addition to providing compensation for your other losses). If it doesn’t, it isn’t just.

6. Is the compensation for your pain and suffering covered?

According to Florida law, victims of careless driving accidents who sustain injuries are entitled to monetary damages for their suffering. However, it’s unlikely that insurance companies will estimate these damages precisely (or they might forgo non-economic damages entirely).

Establishing your right to compensation for pain and suffering is more difficult than for the aforementioned financial losses.

Settlement offers from insurance companies never amount to the full amount of money you are entitled to unless you engage a South Florida car accident attorney who can produce proof of your pain and suffering and negotiate on your behalf.

7. Is compensation for your lost income and benefits included?

Your settlement should include money for lost wages if your injuries prevent you from working, in addition to covering your medical expenses.

This includes any missed wages you may have experienced starting at the time of the collision. In addition, your settlement should consider all the income and benefits you receive, including your wages, salary, commissions, tips, bonuses, paid time off, and other compensation types.

8. Is your loss of future earning capacity covered in the settlement?

Your payout should include not only your past lost wages and benefits but also the income loss you could have anticipated if the accident hadn’t happened. The term “loss of earning ability” refers to these damages.

Damages for a loss of earning potential are difficult to calculate. You must consider a number of things, including (but not limited to) your present salary, projected raises, whether the injury left you completely or partially crippled, and the number of years you have until retirement.

9. Is compensation for your other non-financial losses covered?

The same is true for non-economic damages that vehicle accident victims may be able to recover, such as emotional distress, consortium loss, loss of pleasure of life, and others. Non-economic damages may account for a sizeable amount of your losses following a car accident, depending on the severity of your injuries and other circumstances. Any settlement proposal that fails to take this into account is unfair.

Your South Florida automobile accident settlement should ultimately be within an acceptable range, given the damages you could conceivably obtain through the legal system. However, based on your needs, your losses, and the counsel of your attorney, you must determine whether a settlement offer based on this assessment is reasonable.

Get in touch with a Boynton Beach auto accident lawyer today.

After a car accident, dealing with the insurance company can be difficult. You need to be aware of your rights, have reasonable expectations for a settlement, and understand when it could be wise to settle, whether you are given a settlement, or the insurance won’t play fairly.

Millions of dollars have been obtained on behalf of accident victims in South Florida vehicle accident cases by the Bodden and Bennett Law Group. To decide what constitutes a fair settlement for your case, we will consult our wide experience and conduct a thorough investigation. We will then provide you with individualized advice on whether to accept the offer or push for more.

Contact the Bodden and Bennett Law Group online or call (561) 806-5229 today for a free evaluation. Our car accident lawyers serve clients in Palm Beach, Broward, Dade, and throughout South Florida.

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