Truck accidents often result in severe injuries and significant property damage. The large size and weight of trucks can increase a person’s chance of obtaining serious injuries in a collision. If you have been injured in a truck accident due to someone else’s negligence, you may be eligible to receive compensation for your injuries.
The amount of compensation you can receive in a truck accident settlement depends on several factors, which will be discussed in depth below. Our Philadelphia truck accident lawyer at Rand Spear can advocate for your best interests after your truck collision. We can help you get maximum compensation for the injuries you sustained in your truck accident.
The Average Cost of Traffic Accidents
According to the National Safety Council (NSC), traffic accidents have great economic costs. For example, each accident with evident injuries has approximately $40,000 in calculable costs. Each accident with a fatality has nearly $1,780,000 in injuries and property damage costs.
These numbers evidence how costly a truck accident can be for a collision victim. In addition to mounting medical bills and property damage, you may also be unable to work due to your injuries. Negotiating a settlement may be the best way you can obtain justice and be made whole after your accident.
You should never negotiate a settlement by yourself. Insurance companies have one goal, which is to pay the least amount possible to accident victims. A skilled truck accident attorney in Pennsylvania or New Jersey can help you obtain maximum compensation for your injuries and losses after your accident.
Major Factors in Truck Accident Settlements
The amount of your truck accident settlement is dependent on several factors. No two truck accident settlements will be the same. Common factors that play a role in the amount of your accident settlement are discussed below.
The Role of Injuries in Your Truck Accident Settlement
The severity of your injuries plays a large role in how much compensation you will be offered in a truck settlement. Injuries from a truck accident can range from mild to fatal. As previously mentioned, injuries from a truck accident are often more severe than car accidents because of the large size and weight of trucks.
According to recent research, one person is injured in a truck accident every 7 minutes, and one person dies in a truck accident every 120 minutes. If you suffered a catastrophic injury in your truck accident, you are more likely to be offered a higher settlement amount than if you suffered only a broken bone. Severe debilitating injuries can include but are not limited to, traumatic brain injuries (TBIs) or spinal cord injuries.
Depending on the severity of your injuries, your costs for medical treatment will vary. The higher your medical costs are, the more you will be offered in a truck accident settlement. Your injuries can include your economic and non-economic damages. Your future medical care will also be considered in your settlement offer.
The Role of Lost Wages in Your Truck Accident Settlement
If you were injured in a truck accident, you may be unable to work. If this is the case, you may be compensated for your lost wages. You will receive a larger settlement offer the longer you are unable to work and earn wages.
If you received minor injuries in your truck accident, you may only have to miss a few days of work. However, if your injuries are serious, you may be forced to miss work for months or even years. In situations where you suffer from catastrophic injuries, you may be permanently disabled and unable to work at all.
If your loved one was the truck accident victim and suffered fatal injuries, you may be affected by their lost income. In this case, you are able to file a wrongful death suit against the liable parties. Your settlement demand would include compensation for their medical expenses, funeral costs, and the income you are no longer receiving from them.
The Role of Property Damage in Your Truck Accident Settlement
If you were the victim of a truck accident, you probably faced significant property damage, also. A truck accident settlement would take into account those property losses. Your truck accident lawyer can help you catalog all property damaged in your collision.
Replacing your motor vehicle is not the only property damage you can claim in an accident, however. For example, you may have expenses for renting a car or ridesharing services while shopping for a new vehicle or waiting for yours to be repaired. You may also have costs to fix your vehicle or have towing company charges.
Personal items lost in your truck accident can also be considered property damage and considered in a settlement. Common personal items damaged in truck accidents include technology items, like cell phones, laptops, and speakers. You can also claim damage to items like car seats and tools that were broken in your truck accident.
The Role of Liability in Your Truck Accident Settlement
Liability for your truck accident plays a substantial role in the amount of your settlement. In New Jersey and Pennsylvania, you must prove that another party was responsible for the injuries you obtained in your accident. To prevail in a personal injury claim in either of these states, you must demonstrate that the defendant owed you a duty of care, that they breached that duty, that the breach caused your injuries, and that you suffered damages as a result.
In accidents where more than one party can be held responsible for your injuries, your settlement will probably increase. For example, if a trucking company can be held responsible for your damages in addition to the driver, your settlement offer should be higher. Each party proven liable for the damages you sustained in your accident will contribute to your settlement.
Your percentage of fault will also determine how much you are offered in a truck accident settlement. In both New Jersey and Pennsylvania, you can collect damages in an accident as long as you are not more at fault than the other party. You must be less than 51% liable for your accident to recover damages.
The Role of Insurance Coverage in Your Truck Accident Settlement
Like non-commercial passenger vehicles, commercial trucks are required to be insured. Because injuries and damages in truck accidents are often more severe, most trucks have higher insurance liability limits. For example, depending on the gross weight of the truck, they must carry from at least $300,000 to $5,000,000 in liability insurance.
While your settlement amount can increase if the at-fault party has a high liability insurance limit, it could also be reduced if they do not have sufficient coverage. For example, if the truck driver is not insured, the company or driver is responsible for compensating you for your damages. In such an instance, the insurance company would not be liable for paying your damages.
Understanding insurance coverage can be complex, so it is wise to consult with a truck accident attorney to review all your options for compensation. Our personal injury lawyers at Rand Spear the Accident Lawyer can evaluate your truck accident claim to identify all parties who could potentially be responsible for compensating you for your losses. We have received substantial settlement amounts for our truck accident clients.
Contact Our Truck Accident Attorneys for Help Obtaining the Compensation You Deserve
There is no set settlement amount for a truck accident settlement. As discussed, there are many factors that must be considered when determining what your case is worth. For your best chance at receiving a maximum settlement for your truck accident, you should Demand Rand and contact us today for a consultation to discuss the specific details of your collision.