When it comes to truck accident settlement amounts, you might receive anything from a few thousand dollars up to several millions. However, the actual value of your settlement will be determined by the specifics of your accident, such as the severity of your injuries, etc.
That’s why you should consult a truck accident lawyer in New York to assess your situation carefully and get the maximum compensation for your injuries and damages.
What Is the Average Payout of a Truck Accident Settlement?
According to experts, the average payout for a truck accident settlement can vary greatly, typically between $50,000 and $500,000.
However, depending on the unique details of your case, including the accident’s severity and the damages you’ve suffered, the settlement amount you might get can be as low as $10,000 or increase to several million dollars.
What Factors Can Affect Your Final Settlement Amount?
One of the most important factors that can influence your settlement is the severity of your injuries. Severe injuries, such as traumatic brain injury, often lead to higher settlements due to the profound impact on your life. However, minor injuries, like whiplash and bruises, typically result in lower settlements.
Another crucial factor is the duration of your stay at the hospital. A longer stay usually indicates serious injuries and increases your settlement amount. This amount will cover your immediate medical bills, future healthcare needs, and pain and suffering.
Furthermore, the liability and negligence of the at-fault party also affect your settlement figure. For instance, if the other party is liable for your crash and has adequate insurance, their insurer might attempt to reduce your settlement and pay you less.
Moreover, the minimum insurance coverage limits set by the Federal Motor Carrier Safety Administration also affect your settlement value. These insurance requirements are as follows:
- Trucks with a weight under 10,001 lbs: $300k liability coverage.
- Trucks greater than 10,001 lbs: $750k minimum liability.
- Oil tankers with weight over 10,001 lbs: $1M liability insurance.
- Hazardous trucks heavier than 10,001 lbs: $5M minimum coverage.
Lastly, the negligence and insurance laws in your state further determine your settlement. For instance, under New York’s pure comparative negligence rule, if you are 20% at fault, you will only recover 80% of the damages from the responsible party. Hence, your settlement amount will be reduced based on your fault percentage. You will only receive a higher settlement amount if the negligent party is found fully liable for your crash.
To accurately determine all the factors in your case, consider consulting with a truck accident attorney in New York. A lawyer will identify all relevant factors in your claim and enhance your prospects of receiving the settlement you truly deserve.
How to Calculate the Worth of Your Truck Accident Claim?
To calculate your truck accident settlement, you can use two approaches, such as:
- Multiplier method
- Per diem method
In the multiplier method, you need to sum up all your financial losses, like medical bills, lost wages, etc. Next, multiply these losses by a figure ranging from 1.5 to 5. The multiplier is selected based on the seriousness of your injuries. For instance, if your economic damages total $100,000, and a multiplier of 3 is applied, your final settlement could reach (100,000 × 3) $300,000.
On the other hand, in the per diem method, a daily value is assigned to your pain and suffering damages. This daily rate is then multiplied by the number of days you’ve endured the emotional distress. For example, if you’ve been in pain and suffering for 100 days and the daily rate is $500, your settlement could be (100 × $500) $50,000.
However, understanding the extent of your pain and suffering after a truck accident is quite complex. Therefore, you must seek guidance from a seasoned truck accident attorney. A lawyer will thoroughly evaluate your situation to calculate a precise settlement amount in your case.
What Compensation You Can Recover After a Truck Accident?
If you’ve been injured in a truck crash, you can seek compensation for various damages. These damages include:
- Medical expenses to cover surgeries, treatments, rehabilitation, and medications.
- Wrongful death damages, including funeral costs.
- The emotional and psychological impact of the accident.
- Compensation for work missed (lost income) and loss of future earnings.
- Loss of enjoyment of life and overall quality of life.
- Repairs or replacement cost of your vehicle and other personal belongings.
- In rare cases, you may also get punitive damages. These damages serve as a penalty to avoid reckless behavior by the negligent party.
To claim all the damages in your compensation amount, work with a skilled truck accident lawyer who deals with similar cases. They will guide you through the legal process and incorporate all damages into your claim. So that you receive the highest compensation for your losses.
How Long Does it Take To Recieve Your Settlement Amount?
It may take 6 to 16 months to resolve a truck accident case. However, each case is different, and this timeline can differ due to various factors, like:
- Lengthy process of litigation
- The involvement of multiple parties
- Rejection of your claim and low settlement amount.
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Generally, the process begins when you file your claim. After that, the insurance company offers you the first settlement amount. This early offer demands careful evaluation and negotiations with insurance adjusters because it may not cover all your damages. However, this discussion may prolong your timeline to receive your settlement amount, but most cases settle at this stage. To speed up your claim process, consider consulting a truck accident lawyer. These legal professionals with litigation knowledge can quickly resolve your case and help you secure fair compensation for your damages.