How to Calculate Your Trucking Accident Settlement Value
Many truck accident cases are settled prior to ever reaching trial. Before a case can be settled, it is important to understand what your case is worth. Most truck companies and their insurers rely upon a general formula for assigning a value to your case. This value is just one of many factors that ultimately determines what dollar amount a particular case may settle for, but it can be useful tool to better understand your case or help you evaluate a potential settlement offer.
One common formula to determine the rough settlement value of a case is calculated by inputting your medical expenses and using a multiplier to reach an estimated dollar amount for pain and suffering. Then add the value of other recoverable damages such as medical bills, property damage, and lost income to this estimate. Once each of these categories of damages is added together, you will have a rough settlement figure.
The following information can help you calculate a rough settlement value of your truck accident case:
Calculate the total for all your medical bills, including emergency room visits, ambulance or helicopter transportation, prescription drug costs, surgery expenses, rehabilitation or therapy expenses, and any other medical expenses incurred as a result of your accident.
Future Medical Expenses
If the injuries you suffered will require ongoing medical treatment, such as additional doctor visits, therapy sessions, surgeries, prescription medication, or other care, estimate the cost of this future treatment to the best of your ability using your past treatment as a guide. Add this estimate to your past medical expenses.
In addition to causing substantial injuries, truck accidents will frequently also result in significant damage to your vehicle. One method to calculate this value is to obtain a professional estimate of the costs to repair your vehicle or use online guides such as Kelly Blue Book to estimate your vehicle’s value. Once you have this amount, add this figure to your medical expenses.
Loss of Income
If you missed work due to your injuries, your lost wages are also recoverable. To calculate this amount, use resources like your pay stubs to determine the total amount of missed work time that resulted from your injuries. If you used accrued benefits, such as paid time off or sick days to offset your time away from work, be sure to include those days in your calculations as if they were unpaid. Once you have calculated this amount, add it to the figures reached above.
Future Lost Income
Depending on the nature and severity of your injuries, you may be prevented from fully returning to work or may be forced to take additional time off to complete your treatment. If this is the case, enter the estimate as to your lost future earnings and add this to your medical expenses, property damage, and lost earnings.
Pain and Suffering
Calculating a value for pain and suffering is complicated. Of course, there is no formula that can quantify the exact amount of your individual pain and suffering caused by the accident. Every person reacts to injuries differently, and this is why estimating pain and suffering is so difficult. However, your truck injury attorney can assist you with estimating the value of your pain and suffering by using a combination of experience and research tools available to them. For purposes of this exercise, many insurance companies simply use a multiplier approach that you may find useful in obtaining a rough sum.
To calculate this value, multiply the total of all of the economic damages calculated above by a number between 1.5 and 5.
The appropriate multiplier to use will be determined by the seriousness of your injuries, the level of pain generally associated with the injuries, and the long term impact of such injuries. Determining the appropriate multiplier is often a point of contention between victims and trucking companies and their insurers, and your attorney will assist you in assigning this value.
Zinda Law Group: Zealous Representation At All Stages of Litigation
The truck accident attorneys at Zinda Law Group have assisted many truck accident victims through the arduous settlement process. We will thoroughly assess your claim and seek full recovery for your damages throughout the settlement process. If a full and just settlement cannot be obtained, we will aggressively represent you at trial and fight to help ensure that you are fairly compensated for your injuries.
If you were injured in a semi-truck accident, contact the experienced 18 wheeler accident attorneys at Zinda Law Group toll free at 800-863-5312 for skilled and dedicated representation. We offer free, confidential consultations and represent clients nationwide. As one of our clients, you will pay nothing unless we are unable to win your truck injury case.
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