In the State of Florida, accident compensation is a cash amount offered in repayment for someone’s losses as a result of an accident. Florida Statutes Chapter 324 says that all drivers must be able to provide compensation for damages that result from an incident determined to be their fault.
For instance, Albert caused a car crash that led to Bob’s injury, therefore Albert’s insurance company must provide accident compensation for Bob’s vehicle damage and his medical expenses. Albert may also be required to pay accident compensation directly if he does not have enough coverage to pay for all of Bob’s financial losses.
768.81 also allows for comparative fault in incidents where two parties share the blame for an accident. Under these laws, someone can claim damages against someone partially responsible for the incident up to the percentage that was their fault. So, if Albert was 80% to blame for the crash that caused Bob $1 million in damages, Bob’s accident compensation amount would only be 80% or $800,000.
Accident compensation offered by an insurer will in most cases be an amount determined by the insurer to be appropriate for the damage. This offer can be rejected or renegotiated by the accident victim if they do not think the offer is fair or adequate to cover their full losses.
However, if the victim accepts the compensation offer, they must usually sign a document that waives their right to sue for further accident compensation. For these reasons, accident victims should weigh their options carefully if they want to obtain the maximum accident compensation possible for their injuries.