How Much Should I Ask For In My Florida Personal Injury Settlement?

A personal injury can be life-changing. Usually, at the very least, a person who suffers a severe personal injury will be left dealing with substantial medical expenses. Other damages that can result after a person suffers a severe personal injury include lost wages and pain and suffering. Fortunately, after suffering an injury in a Florida accident because of another person’s or entity’s negligence, you have the right to file a personal injury claim and recover compensation.

In Florida, you can either choose to file a personal injury claim with an at-fault party’s insurance company or in court. However, most personal injury victims choose to file claims with at-fault parties’ insurance companies. Considering all the damages and losses that follow after a person suffers a personal injury, it is crucial that, if you have a pending personal injury claim, you be keen on how much you ask the at-fault party’s insurance company to pay you as settlement.

So, how much should you ask for in your Florida personal injury settlement? Find out below.

How Much Should You Request For in Your Florida Personal Injury Settlement?

Firstly, when it comes to determining how much you should ask for in your personal injury settlement, you need to understand what damages or expenses to include in your demand letter. This is a crucial part of deciding the amount of compensation to ask for. For example, when it comes to lost income, you should know that you can be reimbursed for the income you won’t be able to earn in the future if you cannot return to work, on top of being compensated for the income you have already lost. When it comes to medical expenses, you need to remember that you can recover compensation for even future medical expenses (those medical expenses you still won’t have incurred when you receive your settlement). Additionally, in Florida, personal injury victims can recover compensation for non-economic damages such as pain and suffering and loss of enjoyment of life.

After determining which damages or expenses to include in your demand letter, you and your attorney need to use a “damages formula” to calculate how much you should ask for. Calculating how much to ask for is usually straightforward when it comes to economic damages such as medical expenses. But things can get complex when it comes to calculating non-economic damages like pain and suffering. Fortunately, your attorney can help you with the calculation. For example, your attorney can help you calculate how much you should ask for non-economic damages using the popular multiplier method. This method involves adding up economic damages and multiplying the figure you get by a number, usually between 1.5 and 5.

After doing the calculations, it is advisable that you indicate in your demand letter an amount that is higher than the one which you would be comfortable accepting in the end. That way, you leave room for negotiations. However, you need to avoid making an initial demand that is outrageously high. An attorney can advise you accordingly.

Contact Us for Legal Help

If you need help with the determination of how much you should ask for in your Florida personal injury settlement, contact one of our Fort Lauderdale personal injury attorneys at The Pendas Law Firm today. We can work with you to recover the maximum amount of payment possible. Contact us today to schedule a consultation.

The Pendas Law Firm also represents clients in the West Palm Beach, Miami, Tampa, Ocala, Orlando, Jacksonville, Fort Myers, Bradenton, and Daytona Beach areas.

Resource:

law.cornell.edu/wex/pain_and_suffering