There is no good way to answer what the average settlement for a truck accident is because accidents in general are so varied. You can look at statistical analysis from the insurance industry, such as the information presented by the Insurance Information Institute (III), but we do not recommend that you start building your own claim for losses based on averages. The amount you can expect to recover depends on a number of factors.
The first factor to consider is physical harm. If you or a loved one suffered injuries in a truck accident, the type and severity of your injuries are a major consideration in determining the value of your settlement. Frequently, truck accidents tend to be very severe, causing extensive injuries to the occupants in passenger cars. If you were in a truck accident and have not done so yet, it would be wise to have your doctor examine you just in case.
The bodily injuries to affect your claim settlement may include but are not limited to:
- Cuts and bruises
- Traumatic brain injuries (TBI), such as a concussion
- Back, neck, or even spinal cord injuries
- Broken bones, from hairline breaks to crushed bones
- Permanent disability from lost limbs or paralysis
- Disfigurement of the face or the body
- Lost bodily functions
- Internal bleeding
- Organ failure
There is also the possibility that you lost a loved one in the truck accident. If you have, please accept our condolences for your loss. You deserve to receive compensation for your tragedy, and a wrongful death will assuredly affect the settlement claim.
Losses You May Recover
Recovering from physical injuries will generate medical bills, bills that should be the responsibility of the at-fault parties to cover, not you. These economic losses can be calculated and presented in a claim, such as medications, surgeries, therapy, transportation, doctors’ visits, in-home care costs, and mobility equipment.
You must be careful, though. Medical expenses should not only include your current bills to date, but any future medical needs. You should not accept a settlement until your doctor has released you or you have received a medical prognosis and plan for your future health care needs. Remember, once you agree to a settlement, you may not be able to collect any further awards later.
You may also collect compensation for these economic losses:
- Lost wages for time away from work
- Property and/or vehicle repairs or replacement
- Any out-of-pocket costs
- Burial and funeral costs in the case of a lost loved one.
Economic vs Non-Economic Losses
So far, we have discussed economic losses, losses that come with a clear dollar amount attached to them. They are easily calculated from invoices and bills we receive, but there are also non-economic losses that should be addressed when determining a fair settlement value. Non-economic losses may include:
- Reduced earnings capacity
- Pain and suffering
- Diminished quality of life
- Mental distress, such as post-traumatic stress disorder
- Permanent disability
- Loss of consortium
- Loss of support and protection
Calculating Non-Economic Losses
Pain and suffering is the most common term we associate with non-economic losses. Most people experience pain and suffering differently and at different degrees. It can be difficult to set an exact value. Since pain and suffering and these other non-economic losses do not come with a clear value attached to them, you can use a number of methods to calculate their value. Some of those methods include:
- Multiplier: you take all the expenses that you have and multiple that value by a number between 1.5 to 4. The multiplier’s value is determined by the severity of your pain and suffering.
- Per Diem: you take all the money you would make in a day and multiple that value by your life expectancy.
- Professional Rate: with this system, you determine the cost of daily treatment and multiple that value by the projected length of recovery, if ever.
There are other methods as well, such as using proprietary computer programs or expert testimonies.
Call Ben Crump Law, PLLC to Learn Your Fair Settlement Value
If you are trying to determine what the average settlement for a truck accident is for your own injuries and losses, please consider calling Ben Crump Law, PLLC for another perspective. We can review your truck accident case for free, and help you determine your legal options. Our goal is making sure you do not suffer any further.
We want you thinking about healing, not worrying about filing a truck accident claim for the right value. We do not shy away from tough cases and will be more than happy to talk to you about yours. We also work on contingency, so you pay us nothing unless we win a fair settlement or court award.
Call us at (800) 235-0444 today.