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Statutory Deductibles & Monetary Thresholds

Increased for MVA Claims

Eric Boate
Eric Boate
Partner

 

By Eric Boate

On January 1, 2023, the statutory deductibles and corresponding monetary thresholds in motor vehicle accident claims increased significantly by 6.9% due to inflation.

As a result, the new statutory deductibles for 2023 are:

  • General Damages – $44,367.24 (increased from $41,503.50)
  • FLA s. 61(2) Damages – $22,183.63 (increased from $20,751.76)

The value at which the deductibles no longer apply for 2023 are:

  • General Damages – $147,889.59 (increased from $138,343.86)
  • FLA s. 61(2) Damages – $73,944.18 (increased from $69,171.36)

For example, there is a deductible of $44,367.24 for general damage awards valued under $147,889.59.

If the award is valued at $100,000.00, then the Defendant is entitled to reduce that amount by the deductible of $44,367.24. This would lower the amount received for general damages to $55,632.76.

However, if the claim is valued at $147,889.59 or greater, then the deductible does not apply.

 


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