What is the average settlement value for a victim of a semi-truck accident? The answer isn’t always cut and dry, as many factors can determine your claim’s worth. A fair settlement value can only be put on a claim after an experienced attorney thoroughly understands your injuries, prognosis, and current and future expected damages. It is essential to look at your claim from all angles to understand the unique details of your losses and expected recovery and how the accident may affect other areas of your life. Only after this may a fair payout amount be determined.
When calculating a fair settlement value of your claim, some factors that must be considered include:
This list is not exhaustive, and other factors may be taken into consideration when determining a compensatory value for your claim. Another factor that will aid in determining the value of your settlement is the strength of your evidence. It takes time to gather evidence to demonstrate the above factors. Expert witnesses may need to discuss the nature of your injuries and help calculate economic costs. After the evidence has been collected, your attorney will be in a position to better accurately determine a fair settlement value.
Truck accident cases and settlement values can vary significantly and depend on many factors. A general ballpark range for semi-truck accident settlements in the U.S. begins around $15,000.00, but it is best not to go off this amount as settlement ranges are so large and may reach into the multi-million dollar range. What is considered a reasonable settlement will vary significantly from case to case, and the facts and evidence surrounding the case. For example, a severe injury that will leave you permanently impaired, affecting the quality of your life, will typically warrant a larger payout than someone who sustained only minor injuries. The value awarded for pain and suffering will also depend on various factors, so it is difficult to accurately predict a settlement figure without a thorough understanding of the facts surrounding your case.
When determining a settlement figure, courts will often consider:
Throughout the legal process, a multiplier method may be utilized. In this process, the direct economic damages are multiplied up to 5x, depending on the severity and expected outcome of the injury. For example, suppose a claimant has experienced a spinal cord injury that permanently affects their quality of life and has incurred $10,000.00 in medical bills. In that case, an attorney may argue that $50,000 would be a fair settlement amount. After retaining a personal injury attorney who has reviewed the facts surrounding your case, your attorney will be able to discuss the specifics regarding your claim and how a settlement figure amount will be broken down.
In many instances, insurance companies will not have your best interests at heart and will try to get away with paying the lowest settlement figure possible. If you have been trying to manage your claim yourself and are unsure what a fair settlement amount may be or if the insurance company is trying to low-ball a settlement value for your claim, it is time to call an experienced attorney. If you have already retained an attorney, it may be time to take legal action. In many cases, after legal action is initiated, the insurance company will be prompted to increase their offer, or the claim will be taken to trial.
It is crucial to keep in mind that a lawsuit must be filed within a certain period after an accident. This time deadline is called a statute of limitations and will vary from state to state. Since an attorney will need time to investigate your claim, determine the monetary value of your claim, and prepare for court, it is essential to reach out to a car accident lawyer as early as possible after your accident to ensure you are fairly represented.
Average truck accident settlements may also vary in monetary value with those who handle their claim independently versus having legal representation from an experienced attorney. A car accident lawyer’s skill in negotiating with insurance companies is often beneficial when pursuing a payout. An experienced personal injury attorney who frequently works on insurance settlements will know the ins and outs and techniques insurers use to frequently reduce the value of a claim and will work to mitigate or eliminate tactics the insurance companies may take to reduce the value of your claim.
Your attorney will use the knowledge of your claim, damages, and other factors to demand, negotiate, and potentially agree to a fair settlement deal with the insurance company. An experienced truck accident lawyer will carefully calculate the value of your claim and expect future damages, and will not settle for an agreement that will not cover your losses.
At Tatum & Atkinson “The Heavy Hitters,” we have decades of collective experience representing truck accident victims. We understand your rights and will be able to provide you with more information regarding which next steps to take during your free consultation. We will help to take the weight off your shoulders so you can focus on recovering. Contact us today by calling (800) 529-0804 or contacting us online to receive your free case evaluation.