How Much Should You Settle for After a Truck Accident?

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There is no magic number for the “right” truck accident settlement amount after an accident with a truck driver in Chicago. Rather, the amount you should settle for after a commercial vehicle accident depends on factors unique to your case, including your medical expenses, lost income, pain and suffering, and other damages. The right truck accident settlement will be completely unique to your semi truck accident case and to the severity the injuries you suffered in a commercial truck collision.

Tips to Get the Best Truck Accident Settlement

That said, there are a few tips you can follow to help ensure you get the best possible truck accident settlement for your case.

1. Know the Value of Your Case

The first step in getting a fair semi truck accident settlement is understanding the value of your case. This means taking into account all of the damages you have suffered as a result of the accident, including both economic and non-economic damages.

Economic damages are those that have a specific dollar amount, such as medical bills, property damage, and lost wages. Non-economic damages are more difficult to quantify, but can include things like pain and suffering, emotional distress, and loss of enjoyment of life.

2. Hire an Experienced Truck Accident Lawyer

The next step is to hire an experienced truck accident attorney to help you navigate the claims process and negotiate with the insurance company on your behalf. An experienced personal injury lawyer will know how to value your commercial truck accident case, how to identify the at fault party or parties (including the truck drivers or trucking companies) and what kind of settlement you should expect. They will also be able to handle all the paperwork and legal details involved in filing a claim so that you can focus on your recovery.

3. Seek Compensation for All of Your Damages

Finally, it is crucial to seek compensation for all of the damages you have suffered in your truck accident case. This means making sure that the settlement takes into account both economic and non-economic damages, as well as any future costs associated with your accident, such as ongoing medical care.

If you or a loved one has been involved in a commercial vehicle accident, it is important to take steps to protect your legal rights and pursue the full amount of compensation that you deserve. For more tips on how to do this, call The Kryder Law Group today.

As you can see, there is no easy answer when it comes to determining how much you should settle for after a truck accident. However, by following these tips and working closely with an experienced attorney, you can be sure that you get the best possible settlement for your case.

Infographic on how much you should settle for in a truck accidnet case.

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How a Lawyer Will Calculate Your Damages

When you hire a Chicago law firm to help you settle your damages after a truck accident, your lawyer will conduct exhaustive research to identify all the ways in which you suffered loss as a result of your injuries. This could include medical bills and expenses, lost wages, property damage, emotional distress, pain and suffering, and more.

Your damages will then be calculated in one of two ways: a lump sum award or a structured settlement. With a lump sum award, you would receive a one-time payment that covers all your losses. With a structured settlement, you would receive smaller payments spread out over time.

Which type of settlement is best for you will depend on your unique situation, and you can discuss this with your lawyer to help determine the right course of action.

If you or a loved one has been injured in a commercial vehicle accident, it is important to take steps to protect your legal rights and pursue the full amount of compensation that you deserve. For more tips on how to do this, speak with an experienced personal injury lawyer today.

Special Damages in Truck Accident Cases

Some of your damages will be economic (or special) in nature and will account for your quantifiable losses that can be calculated as specific dollar amounts. Examples of special damages include:

  • Medical expenses and medical bills (past and future)
  • Emergency transportation
  • Loss of income and lost wages
  • Diminished earning capacity
  • Replacement costs (cost of paying someone to handle tasks you would ordinarily do but can no longer handle because of your injury)
  • Lost or damaged property

Your lawyer will determine the values of each of these types of losses by gathering all your injury-related medical records, receipts and banking records, and wage statements from your employer. Whether you were the truck driver or were another driver involved in a semi truck accident, an experienced personal injury lawyer can help.

General Damages in a Truck Accident Claim

Your injuries have likely affected you in other ways that do not have a register in your bank account. Your lawyer will fight to get you compensation for these losses, too.

Examples of these non-economic (or general) damages include:

  • Pain and suffering (physical)
  • Mental anguish
  • Loss of consortium
  • Physical impairment
  • Physical disfigurement
  • Diminished quality of life

Your lawyer can speak to psychological and medical experts who can offer reports on the extent to which your settlement for your truck accident injuries should account for your general damages.

Wrongful Death

In the event that your loved one died as a result of the injuries they suffered in a truck accident caused by another party, you have the right to pursue a wrongful death action against the negligent individual. A successful legal action will cover the costs of funeral and burial, loss of consortium, and any damages your loved one might have collected in a personal injury lawsuit had they survived.

Your lawyer will help you understand your rights and fight for the fair settlement you deserve from the loss of your loved one. If you are ready to get started, contact a Chicago lawyer today to schedule a free consultation.

Understanding the Insurance Company’s Approach to a Settlement

The vast majority of personal injury cases settle before they ever go to trial. The at-fault party’s insurance provider—who ultimately pays a settlement or judgment—wants to resolve your claim quickly and without a trial. Trials present the insurer with a degree of unpredictability that does not mesh well with their risk-averse business models.

To achieve their desired goals, the insurance company will try to settle your claim for as little as possible. Their offer will include the minimum amount of compensation that you can accept without risking a judgment in court.

Your injury lawyers can negotiate with the insurer on your behalf and help you get the best settlement possible. If your case does go to trial, your lawyer will be prepared to fight for the full amount of compensation that you deserve.

Profits First

Despite their motivation to settle your claim quickly, an insurer will not let this incentive stand in the way of their profit margins. After all, they make their money by selling policies, not by paying out claims. You should also be aware of the vast machine of data and technology that powers an insurance adjuster’s ability to know the value of your claim, as well as the likely amounts that a court will award you if your case goes to trial.

Tempting You with Less than You Deserve

The insurance company will implement tools that enable them to cleverly undervalue your claim, taking advantage of the fact that you do not know its true value. Be wary of accepting settlement offers without talking to an attorney.

The amount the insurance company offers represents a fraction of what you could get in a settlement or court award. By accepting the insurance company’s offer, you forfeit the right to obtain additional compensation when you discover that your damages far exceed the amount the insurer paid you.

After a car accident with a tractor trailer, you may be dealing with serious injuries and financial losses. As you attempt to navigate the complexities of your case, it is important to be aware of the insurer’s approach to settlement negotiations.

Depending on the insurance companies involved, an insurance company can typically approach truck accidents as a way to minimize their risk and maximize their profits. They will try to offer you a low-ball semi truck accident settlement that does not reflect the true value of your damages, knowing that this may be tempting in light of the financial hardships you are facing.

However, it is important to remember that you have legal rights and options in these situations. Skilled personal injury lawyers can help you navigate the insurance company’s tactics and fight for the full, fair compensation that you are entitled to.

Supporting Your Claim with Evidence

By hiring a law firm that knows how to negotiate fair truck accident settlements, you can rest assured that someone with knowledge of your state’s personal injury laws (and insurance company tactics) will be fighting in your corner.

Your lawyer will know that in order to build a strong case for truck accident settlements, they must prove four essential elements, often referred to as the “duty of care” doctrine. The required components they must prove are:

  • Duty: Proof that the defendant owed you a duty to act in a way that would keep you free from injury
  • Breach of Duty: Proof that the defendant breached this duty
  • Causation: Proof that the defendant’s breach of duty caused your injury
  • Damages: Proof that you sustained damages as a result

Juries and insurance companies look for specific types of credible evidence to support these claims. Your attorney knows what to look for and where to find it.

They will:

  • Investigate the cause of your accident by visiting the scene;
  • Investigate the trucking company for unsafe practices that may have contributed to the trucking accident;
  • Review driver logs to ensure the truck operator did not exceed maximum driving times set forth by the Federal Motor Carrier Safety Association (FMCSA) regulations;
  • Evaluate “black box” data;
  • Work with accident reconstruction specialists;
  • Assess photos and videos from the accident scene; and
  • Analyze the police accident report.

Let a Lawyer Determine How Much You Should Settle for After Your Semi Truck Accident

Seeking compensation after a motor vehicle accident is no easy task, and it is one you should not have to tackle as you recover from your severe injuries. By working with a skilled lawyer, you can rest assured that all of your rights are being protected and that the compensation you deserve will be fully pursued.

If you have been involved in a semi truck accident and need legal assistance, contact an experienced personal injury attorney today to learn more about how they can help. A lawyer from The Kryder Law Group, LLC can handle every aspect of your case, and we will not charge you unless/until we win you a settlement or jury award.

Call us today for a free case evaluation. Here is what you’ll get in your free consultation about your trucking accident:

  • A review of your case by an experienced truck accident attorney
  • A discussion of the best legal options for pursuing compensation in your case
  • An analysis of who may be at fault including the truck driver, trucking company, or semi truck manufacturer
  • An explanation of the likely outcome of your case, including the amount of compensation you could recover as it compares to the average truck accident settlement
  • A honest assessment of the strength of your case and the evidence needed to support your truck collision claim
  • Guidance on how to move forward with your case and what to expect during the legal process
  • The answer to any questions you have about your case or legal options for truck accident claims
  • The peace of mind that comes from knowing you have an experienced advocate on your side, fighting for the best possible outcome in your case.

There is no obligation to hire us after your free consultation, so call us today to learn more about how a truck accident lawyer can help you get the full and fair compensation you deserve after your truck accident.

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