How to Calculate the Value of a Truck Accident Settlement
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Truck accidents have the potential to cause a lot more damage and injury than a regular car accident. The Federal Motor Carrier Safety Administration (FMCSA) defines a commercial truck as a motor vehicle used on a highway in interstate commerce to transport property with a gross combination weight of 10,000 pounds or more.
In 2018, the FMCSA estimated there were 5,096 large truck accidents that resulted in fatalities. Additionally, between the years 2009 and 2018, large truck crashes resulting in injury increased 62% to reach a final total of 97,000. If you have been involved in a truck accident, it is in your best interest to speak with an experienced attorney to see how they may be able to help. Zinda Law Group is ready to take your call today to discuss your claim.
How to Calculate the Value of your Truck Accident Settlement
Without knowing the specific details of your particular accident, it is next to impossible to calculate the value of your truck accident settlement. However, there are certain metrics that an attorney may use to calculate this once they know more about the details surrounding your truck accident claim.
When filing a personal injury claim for compensation, there are two types of damages: economic and non-economic damages.
Economic damages are expenses like medical bills and lost income as a result of your accident. These things are referred to as “economic” because they are easily quantifiable and can be calculated based on invoices, receipts, and other concrete sources.
Non-economic damages, however, compensate for intangible damage that has occurred as the result of a truck accident. This is usually referred to as pain and suffering damages or loss of enjoyment of life.
Ultimately, the value of your truck accident settlement will be based on a combination of your economic and non-economic damages. Usually, attorneys will take your general damages, medical and other economic losses, and multiply that by a number between one and five, depending on the severity of your accident. That number will ultimately be the amount your attorney will likely initially seek as a settlement. However, settlement offers are not always made according to plan or accepted immediately. They are the product of a negotiation process and investigation. Having an experienced attorney on your side may help ensure you are being offered an amount that is appropriate to help you get your life back on track after a truck accident.
What to Consider when Calculating the Value of a Truck Accident Settlement
The following are some of the things that may be factored into calculating your truck accident settlement:
Incurred Medical Expenses
Your incurred medical expenses are made up of the medical bills that you are already due to pay. They are costs that have already been incurred as a result of your injuries and medical appointments to subsequently treat those injuries. Medical bills can add up quickly after a truck accident, so it’s important to maintain all of your medical records and bills to assist your lawyer in determining the value of your settlement.
Future Medical Expenses
Your future medical expenses are those that may be expected based on treatment you have already been receiving or maybe even surgeries you have already scheduled. This is to compensate you for medical treatment you are going to need moving forward.
Truck accidents, not shockingly, may produce a great deal of property damage. Large commercial trucks weigh a lot more than the average motor vehicle, so when they are involved in accidents it isn’t uncommon that some property damage may result. This could be damage to your vehicle or even damage to property inside the vehicle as a result of the collision.
Loss of Income
Often, when victims are involved in severe accidents, their injuries may prove to be incapacitating, meaning you may have to take days or week off work to heal your physical injuries or spend days away from the office going to medical appointments. You may be able to seek compensation for the income you lost out on as a result of not being able to work on your regular schedule.
Future Lost Income
Like future medical expenses, future lost income has not already been lost out on. It is simply expected. If you know that due to your injuries, you are likely to miss out on more work going forward, then you can let an attorney know to factor future loss of income into an estimate of your damages.
Pain and Suffering
Pain and suffering is a type of non-economic damages that is meant to compensate recovering victims for the hardships they now must face as a result of living with their injuries. For example, if you used to love going to the gym every day and doing heavy weightlifting, but now because of your injuries you are forced to work out less often and less strenuously, then this is something you could point to as warranting damages for your pain and suffering.
How to Determine Damages for Pain and Suffering
Calculating pain and suffering is based upon your medical bills and the severity of your injuries. More specifically, insurance companies generally look at what types of injuries you have and whether or not they are permanent. For example, a sprained ankle may prove to be a lot less serious and long-lasting than a Traumatic Brain Injury (TBI). Looking at your injuries this way helps to deduce how much your life will be affected by your injuries going forward. At the end of the day, that is what calculating pain and suffering is about. The more severe your injuries, the more compensation you may be entitled to seek for pain and suffering because the more likely you are to be living with consequences from your accident for a while.
Whether or not you will be awarded compensation for pain and suffering really depends on the unique characteristics of your accident and injuries. The following are a list of factors that may be considered to calculate your non-economic damages:
- The permanency of your injuries
- What you were able to do before your accident
- What you are able to do after the accident
- Can you still work?
- Can you still be physically active?
- Do you have any emotional struggles?
- Did you experience the death of a loved one?
- Were you partially at fault for the accident?
How May Zinda Law Group Help?
Suffering an injury after an accident can be overwhelming. The last thing that any victim needs is the burden of haggling with an insurance company about money or trying to embark on the tedious task of gathering everything they need to fight their claim. Having an attorney may be able to lighten this burden and may increase your chances of receiving the maximum compensation you may be entitled to as the result of your truck accident. Our attorneys at Zinda Law Group have the experience to negotiate effectively with insurance companies and calculate the value of your truck accident lawsuit. If ultimately you are not extended a settlement offer that feels right to you, our team has the tools to advise you on your options going forward. These options may include making the decision to take your case to trial.
Our injury lawyers at Zinda Law Group help victims get their lives back on track after suffering an injury by helping them build a strong case against the responsible party. Our lawyers have the negotiation strategies necessary to help you pursue the maximum compensation you may be entitled to. We never want anyone to feel like they can’t afford excellent representation. That is why our attorneys work on a contingency fee basis. This means that unless we win you money for your injuries, you don’t owe us anything. You only need to pay us once you get paid yourself.
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