Trucking Accident Settlements: What To Expect

Truck accidents can result in major injuries and fatalities. Victims face lengthy recovery times and high medical costs. After an accident, you may wonder how the settlement process works and how long it will take to recover damages in your case.

In this article, we’ll examine what you can expect from a typical trucking accident settlement. We’ll explain the process, the typical timeline, and how much a person typically recovers.

If you or a loved one has been the victim of a truck crash, consult with a local truck accident attorney to learn how you can seek fair compensation for your injuries. They can explain your legal options and help protect your interests.

Understanding Truck Accidents

Truck accidents involve commercial vehicles, such as:

• Delivery vans
• 18-wheelers
• Tractor-trailers
• Big rigs

Due to their size and weight, these vehicles can cause significant damage in collisions. Accidents involving trucks often result in severe injuries, property damage, or even wrongful death.

In such cases, the truck driver or the trucking company may be the at-fault party. Trucking companies carry extensive insurance policies, as mandated by the Federal Motor Carrier Safety Administration (FMCSA). This means the potential settlement value could be significant if you’re an injured party in a truck collision.

Not all truck accident cases result in large settlements. The strength of your case depends on available evidence and clear proof of negligence. A truck accident attorney can help you determine the best way to recover your costs. In some cases, legal action is your best option. In others, you’ll be better off working with the insurance company.

The Settlement Process

It’s natural to wonder how long a settlement takes and how much it might be worth. There are no easy answers, since every settlement is different. Your settlement depends on many factors. Having legal representation is essential for obtaining higher settlements.

A truck accident claim begins when you file a claim with the appropriate insurance company. The company you file with depends on the circumstances of the accident, who was at fault, and state insurance laws.

Truck accident victims may need to file claims with more than one entity after a truck accident, since there may be more than one responsible party. An experienced truck accident lawyer can help you determine how you need to file your claim.

How Long Will It Take?

Once you file an insurance claim, the insurer will either accept your claim, deny it, or request additional information. They must do this within a certain amount of time, often a few weeks. The first thing that affects your settlement is whether the insurance company responds with a reasonable settlement offer or if they start stonewalling you.

If the initial settlement offer covers your economic and non-economic damages, accepting the offer marks the end of the process. Truck accident settlements are sometimes as simple as filing a claim and receiving an offer, especially if there is no question of fault or liability.

Things which may increase the time from insurance filing to settlement can include:

• Severity of injuries suffered: Most insurance settlements have to wait until the victim reaches “maximum medical improvement.” This means you’ve either fully recovered or no further medical treatment will be effective. More serious injuries may require a longer recovery and push back a final settlement.
• Multiple at-fault parties: Depending on your state’s comparative negligence rules, each party in an accident must pay their share of damages in an accident. In a commercial truck accident, there may be several at-fault parties. Apportioning fault may take time, even if all parties are negotiating in good faith.
• Cooperation with the legal process: Insurance companies and attorneys know many ways to drag out legal procedures during negotiations and court proceedings. The discovery process allows both sides to share information and come to a reasonable settlement agreement. It can unfairly prolong the process until the plaintiff gives up and accepts a settlement.

Even when all parties are cooperating, it’s easy to underestimate the amount of time it can take to come to a reasonable settlement offer. Settlement timelines for personal injury claims vary from several months for straightforward cases to several years for complex cases involving severe injuries or disputed liability.

Determining a Settlement’s Worth

While trucking companies carry higher insurance limits than individual drivers, this doesn’t guarantee a large settlement. The actual value depends on the specific circumstances of your case, including the extent of your injuries and clear evidence of fault.

The purpose of a personal injury settlement is to make the victim “whole.” Your settlement should repay you for your injuries, emotional distress, and lost income. If you have other insurance coverage, such as health insurance, the settlement should pay any additional or out-of-pocket costs.

For instance, if your health insurance pays 80% of your hospital stay, the health insurance company can request reimbursement through a process called subrogation. If you pay the remainder out of your own pocket, then you receive the balance from the settlement. This also means your settlement may be reduced by the amount your health insurance paid, as the insurance company has a right to recover those costs.

The settlement also covers your losses due to the injury itself. If you were unable to work because of the injury or lost other income opportunities, like a missed promotion or bonus, you should receive compensation for that loss.

Truck accident settlement amounts generally fall into two categories: economic and non-economic.

Economic damages are those that courts can calculate from bills and invoices. When you gather evidence for your insurance claim, medical bills and paycheck stubs prove your economic damages. Economic damages can include:

• Medical expenses, doctor’s bills, and rehabilitation
• Lost wages, loss of earning capacity, and lost opportunity
• Future expenses if your injuries may require additional treatment

Non-economic damages are the mental and emotional effects of your injuries. Insurers and courts use multipliers to calculate these damages. The more severe the injuries and the greater the impact on your life, the higher your non-economic damages are likely to be. Non-economic damages can include:

• Emotional trauma
• Pain and suffering
• Disfigurement
• Loss of consortium or companionship

Punitive damages are awarded at the discretion of a court. These damages, as the name implies, punish a defendant for unusually reckless or negligent actions. In tort law, punitive damages are less common and typically awarded only in cases involving particularly egregious conduct. Not part of settlement negotiations, they are awarded by the court after trial. It’s very rare for punitive damages to be awarded in a truck accident case.

Average Truck Accident Settlement

Trying to determine an average truck accident settlement is difficult because no two accidents are the same. Payouts range from a few thousand to many millions of dollars. In general, truck accident settlements are higher than car accident settlements because of the greater risk of serious injuries and the likelihood of multiple parties with higher insurance policy limits.

A trucking company‘s involvement doesn’t mean an automatic big payout. A good truck accident attorney will do their best to get you a fair settlement. A fair settlement depends on:

• The severity of your injuries
• Your loss of income
• The impact on your quality of life
• The degree of negligence of the liable parties

To get a good semi truck accident settlement, ally yourself with an attorney who knows how to negotiate with insurance companies, courts, and other lawyers.

Get Legal Advice From an Experienced Truck Accident Attorney

Truck accident cases are complex and stressful. Your best option is getting help from an experienced personal injury attorney who can guide you through the legal process. FindLaw’s directory of truck accident attorneys can help you get started. You can narrow your search by state and city to find attorneys near you, and read reviews from previous clients to help find the right legal advisor for your case.