How To Determine Settlement For A Truck Accident Case

How To Determine Settlement For A Truck Accident Case

If you’re involved in a truck accident, your injury can be catastrophic and severe. From significant property losses to financial hardships, all these things can adversely affect your life in the long run. Because of this, pursuing settlements for a truck accident case has become an essential option.

However, doing so can be challenging and intimidating, considering the truck company involved in the collision has extensive financial resources that can make things more difficult. It can diminish the amount of money in settlements that you can obtain for your injury. When this happens, you may find it more challenging to recover and get back to your normal life.

So, to ensure you get compensated for what you deserve after the injury, continue reading this post to learn how to determine a settlement for a truck accident case.

Familiarize Yourself With The Damages You Can Get

Generally, settlements involved in commercial vehicular collisions can range from thousands to millions of dollars. This estimated amount is due to the legal damages you’re entitled to because of the incident. Hence, if you want to successfully identify the amount of settlement in a truck accident case, the first thing you should do is educate yourself on the damages you can gain for your injury. The common ones can include:

  • Costs of property damage repairs;
  • Emotional distress;
  • Loss of consortium
  • Lost income and ability to earn;
  • Medical expenses;
  • Punitive damages.

However, you should understand that settlements can also be diminished if the opposing party has evidence to prove that you’re partly at fault for the truck accident. To protect your right to receive fair and reasonable compensation, it can be a great idea to work with professionals like Super Lawyer Stephens and other experts practicing in your area. They know how to establish the truck driver’s liability to ensure a more positive outcome for your case.

Consider The Factors In Calculating The Settlement

You can also determine the settlement amount for a truck collision case by considering many essential factors. As every accident is unique, it’s vital to look at the factors to know exactly how much you should receive as compensation. The following are some factors to consider in calculating the appropriate settlement for your situation:

  • Liability: As mentioned earlier, liability can impact the settlement you can receive in a truck accident case. For instance, if you can prove that other parties’ negligence caused your injury, their liability will more likely increase your settlement. However, if you’re found to have contributed to the cause of the accident, your partial liability will reduce the amount of money you can gain.
  • Extent And Severity Of Injuries: To know if you will obtain a higher settlement or otherwise, it’s also crucial to factor in the extent and severity of the injury you sustained. When you’re seriously injured in a truck accident, you can have better odds of getting compensated with a higher amount of settlement. However, if minor, the money you can receive from the claim will be minimal.
  • Evidence: The kind and number of evidence you submit for your claim will also impact your settlement. For instance, if you’ve gathered enough evidence to prove how other parties’ negligence injures you and affects your life, you can maximize the amounts the trucking company pays in claims.
  • Economic And Non-Economic Damages: The total settlement you can secure in a claim may significantly differ, depending on the type of losses you’ve incurred because of the accident. If your injury forces you to take some time off after your hospital discharge, you can add up lost wages and medical bills in the calculation of your settlement. On the other hand, the money you can reap in a claim will more likely increase if your injury causes pain and suffering, emotional distress, and other non-economic losses.
  • Insurance Policies Involved: As settlements for a truck accident case come from insurance companies’ payouts, then you need to know that insurance policies can also help you find out the true worth of your settlement. For instance, a trucking company in the United States has a liability coverage limit amounting to a million dollars. However, trucks can also be covered by multiple policies. Yet, in spite of that, dealing with all of them can be a complicated process as the insurance policies are subject to federal or state regulation. As such, calling a lawyer may be an excellent way to resolve the confusion and clear things up.

Bottom Line

For someone like you who was seriously injured in a truck accident, receiving the right amount of settlement plays a crucial role in your financial, physical, and psychological recovery. Therefore, it’s best to keep the information mentioned above in mind if you need help determining one for your case. Doing so allows you to take the essential steps toward rebuilding yourself and getting back on your feet.