How to Calculate the True Value of Your Miami Injury Settlement

When you have been injured in any type of accident, the first thoughts running through your head will be the pain and getting treatment quickly. It is unfair that you incur medical bills because of someone else’s negligence, but victims do have legal options to recover these amounts under Florida personal injury laws. 

However, your settlement may extend beyond medical bills, enabling you to recover for the ways your injuries affect other aspects of your life. A Miami personal injury attorney can explain how compensation works, and an overview may be useful.

Breaking Down Economic vs. Non-Economic Damages

To determine your settlement’s worth, you must accurately categorize your losses. Economic damages cover measurable financial hits, such as emergency room visits or ongoing physical therapy. These are generally simple to prove with invoices and medical receipts.

Calculating non-economic damages for injuries in Miami is significantly more complex. These damages compensate victims for pain and suffering or emotional losses. Because of the high impact of physical trauma on quality of life, these subjective awards can significantly exceed your baseline medical expenses.

Cost of Living Factors and Lost Earning Capacity

A major factor in accident claims is how a permanent injury stops you from returning to work. Factoring Miami’s cost of living into your lost earning capacity claim is essential for a fair financial recovery. A generic calculation will not be sufficient when considering how prices in Miami-Dade significantly exceed national averages, especially in the areas of:

  •         Housing
  •         Transportation
  •         Utilities and related services

If you can no longer work or are limited in job performance, your settlement must reflect specific South Florida salary scales. Ensuring your long-term financial security requires an accurate, expert assessment of these local economic realities to ensure you are not left financially vulnerable in the future.

How Florida’s Comparative Negligence Law Affects Injury Claims

Every US state has some law that addresses the accountability of the victim, and whether he or she played a role in the accident that caused injuries. Florida’s modified comparative fault statute could affect your settlement in Miami because it applies a “51 percent bar” rule.

Under the law, you are prohibited from recovering any damages if you are found more than half responsible for the incident. For instance, if you are 20 percent responsible for an auto crash, your total payout is reduced by that percentage. You must present precise evidence to prove that the other party’s negligence was the primary cause of your harm to avoid this strict rule and secure the maximum available compensation.

Discuss Your Legal Remedies with a Miami Personal Injury Lawyer

These are important points to note when calculating injury settlements, but there are additional factors that affect your claim. Gerson & Schwartz, PA, handles a wide range of personal injury cases for victims throughout Miami, Fort Lauderdale, and West Palm Beach. Our experienced attorneys provide the strategic advocacy needed to address complex damages and liability issues. To understand your options, please call (305) 371-6000 today to set up a free consultation regarding your specific situation.

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