Truck Accident Settlement Explained
Truck accidents are no laughing matter. Huge trucks can be difficult to maneuver, and if you’re the one on the wrong side of the road, a small mistake can have disastrous consequences.
There’s not just human suffering on the line, either. One out of every five truck accidents results in property damage or loss due to cargo spills. All told, it’s estimated that more than $5 billion in damages is done by truck accidents each year.
The Catastrophic Nature of Truck Accidents
According to the National Highway Traffic Safety Administration, more than 33,000 people are killed each year in accidents involving large trucks. The majority of these accidents involve a truck-tractor unit. Motor vehicles, including passenger cars and light trucks, account for the second-highest number of accidents caused by tractor units.
While there are some companies that specialize in helping victims of truck accident settlements receive financial compensation for their suffering and losses through personal injury lawsuits, most victims turn to the Truck Accidents Compensation Fund (TACF).
What Causes Truck Accidents?
Of course, falls in the general number of vehicle accidents are a good thing to see. But it’s a shame that over 33,000 people have to die each year in accidents caused by large trucks. That number includes more than 5,000 people who are killed in truck-related accidents involving truck-tractor units.
People in passenger vehicles (pickup trucks and passenger cars) account for the second-highest number of deaths caused by tractor units each year.
The Value of a Truck Accident
All of those deaths in truck-tractor accidents account for over $7 billion in property damage and losses each year. It’s estimated that the average person that is injured or killed by a large truck requires at least $1 million to cover medical expenses and other losses.
The Cost of Truck Accidents
Trucking companies are required by law to spend close to 2 percent of their total revenue on safety programs and new technology initiatives related to safety equipment.
That said, every accident is unique. When you’re hurt in an accident, you are entitled to damages for:
- Medical expenses.
- Lost wages.
- Pain and suffering.
- Emotional pain.
- Time spent in the hospital.
In most cases, each of these elements is included in your settlement with a trucking company or insurance company (or both). There are only a few times when you may need to hire a lawyer to negotiate out-of-state settlement offers made by trucking companies.
Factors in Settlement
Negotiations begin with your injury lawyer, who will present evidence of your injuries and losses to the insurance company. This evidence is usually in the form of your medical records, bills, and statements from doctors or paramedics.
If you suffered a permanent injury in the accident, you can also include future medical expenses and lost wages as part of your claim. These expenses are often very difficult for insurance companies to estimate.
Injury lawyers will also use their negotiation skills to make sure your case doesn’t end up in court. A judge can award more money than you receive from the insurance company if you decide to go to court.
If the same accident happens to other people in the same area. They may be able to negotiate a joint settlement. If a similar accident involves large trucks with similar damage and injuries, your lawyer can request that both parties pay their fair share of damages.
Talk to a Truck Accident Attorney
If you want to make sure your truck accident attorney settlement is fair and covers all of your damages. Talk to a personal injury lawyer. Your lawyer can explain how a truck accident can cause severe injuries, as well as how compensation for medical expenses and lost wages can help ease the financial burden on your family.
A free consultation is the best way to get started. Give us a call today to set up a meeting to discuss your situation.