Matthew Mincone | February 25, 2025 | Personal Injury
Personal injury settlement amounts in Tampa, Florida, can vary widely. They can range from a few thousand dollars to millions of dollars. However, remember that this includes a wide array of case types, including car accidents, slip-and-fall accidents, and wrongful death.
Since settlements can vary greatly, it is important to examine each case individually. Dive into the details below to learn more about how personal injury settlement amounts are calculated.
How Are Personal Injury Settlement Amounts Calculated?
If you have been hurt because of someone else’s negligence, you may be entitled to recover compensation for your injuries. The law allows you to recover damages from the at-fault party to make you whole again. Put another way, you are entitled to be returned to the same position you were in prior to the accident.
In reality, some accident victims may never be the same after their accident. However, our legal system uses monetary compensation as a means to “make you whole” again.
Calculating the value of your economic damages, or financial losses, is pretty straightforward. However, it can be more difficult to calculate the value of your non-economic damages. This includes your pain and suffering and other intangible losses.
Personal injury settlements are calculated by adding together the economic and non-economic losses in the case. Economic damages are proven with bills, receipts, and other documentation. Non-economic damages may be worth anywhere from 1 to 5 times the value of your economic damages.
What Factors Affect The Amount of My Settlement?
Several factors are considered when negotiating the settlement of a personal injury claim. Some of those factors include:
Severity of Your Injuries
The factor that carries the most weight in the value of your claim is the severity of your injuries. Cases involving more severe injuries will usually have a higher settlement than those with less severe injuries. Injuries are often divided into three categories:
- Catastrophic Injuries: traumatic brain injuries, loss of limb, paralysis, permanent disfigurement, or death
- Moderate Injuries: fractures and broken bones, burns, or severe lacerations
- Minor Injuries: sprains, strains, or other soft tissue damage
Cases involving minor injuries may settle for only a few thousand dollars. However, cases involving catastrophic injuries are often settled for more than six figures.
Pain and Suffering
Pain and suffering damages are often hard to calculate. These include both your physical pain as well as your psychological pain and trauma. For instance, if your injuries prevent you from doing activities you once enjoyed, you can be compensated for that loss.
Remember that once you agree to a settlement in a personal injury case, you cannot come back later and demand more compensation. So, it is extremely important to not underestimate the value of these damages when negotiating a settlement.
Medical Bills & Lost Wages
The amount of your medical bills and lost wages can really start to add up after an injury. Some victims may never be able to return to work, while others may be able to go back to work in a lesser capacity. If that happens in your case, you could be entitled to receive the difference between your salary prior to the accident and what you will be able to earn after the accident.
Amount of Insurance Available
The amount of insurance available often dictates the value of a personal injury settlement. Without insurance, getting compensation directly from the at-fault party can be difficult. For instance, if someone without insurance crashes into your car, they might not have the money or assets to pay for your damages.
However, accidents involving large corporations often have a large amount of insurance available. An experienced personal injury lawyer can help you identify all the available insurance coverage.
What Happens When I Settle My Florida Personal Injury Claim?
When settling a personal injury claim, you typically sign a settlement agreement or release. If you have one, the insurance company will process this document and issue payment to you or your attorney. Your attorney will deduct their fee and any case expenses, and then they will give you a check for the remainder of the proceeds.
Settling a personal injury claim releases the wrongdoer from all future liability for your accident. You cannot come back later and demand more money, even if you have expenses that you did not foresee. This is why it is so important to seek the help of an experienced lawyer. Your lawyer can help you negotiate a settlement that fully and fairly compensates for all your injuries and damages.
Contact the Tampa Personal Injury Lawyers at Mincone Personal Injury Lawyers for Help Today
If you’ve been injured in an accident in Tampa, FL, contact our skilled personal injury lawyers at Mincone Personal Injury Lawyers to schedule a free consultation.
We proudly serve Hillsborough County and its surrounding areas:
Mincone Personal Injury Lawyers
1925 E 6th Ave Ste 10
Tampa, FL 33605
(813) 800-0810
About The Author
Attorney Matthew Mincone is the founder of Mincone Personal Injury Lawyers. He earned his law degree while attending night programs in New York and is licensed to practice in Florida and New York. With over 15 years of legal experience, Matthew focuses on personal injury cases, including motor vehicle accidents involving cars, commercial trucks, and motorcycles. His commitment to personally handling each case ensures clients receive dedicated representation. Click here to view some of the remarkable case results that Matthew has successfully achieved.
Location: Tampa, FL
