Hopefully, you are never in a situation where you have to try and figure out how big a financial settlement will be after a Semi-Truck Accident.
Accidents involving Semi-Trucks are usually the most severe type of Traffic Collision, often resulting in serious, debilitating injuries or even death.
Although you should use your energy to focus on your physical and emotional recovery, if you would like to know how to determine the potential value of your settlement, there are certain factors that you should consider to get a rough estimate.
In most cases, there are three main factors that determine the value of your settlement. They are; the amount of damage done to your vehicle (Property Damage), the extent of your injuries and the amount of insurance coverage available.
However, although these are the three main factors that determine value, each one has multiple factors that must be taken into consideration when assessing your potential lawsuit.
The amount of damage that is done to your vehicle, or other property involved in the wreck, is one of the main factors that determine the value of your settlement.
When a Semi-Truck is involved in a Traffic collision, it usually results in more severe property damage.
Determining property damage is usually one of the easiest amounts to caculate in your lawsuit. This is because the cost of repairs or a new vehicle is easily specified.
However, besides the compensation for your damaged property, you can also receive reimbursement for any transportation costs that you incurred as a result of the accident, and the cost of a rental car.
It is imperative that if you are in a Truck accident and you are left without a vehicle, that you keep track of all of the expenses that resulted from this inconvenience.
Keeping an accurate log of all of your expenses is important so that your attorney can add that amount to your demand letter and increase the value of your settlement.
Injuries and Medical Expenses
The extent of your injuries and the cost of your medical bills will usually make up the bulk of your settlement value.
Often, Truck accident victims suffer from very serious injuries that require a lengthy recovery process or permanent, lifelong injuries.
Depending on the extent of your injuries and details of the accident, compensation can be awarded for all Medical related expenses including:
- Emergency Room Visit
- Doctors Appointments
- Ambulance Ride
- Future Medical Bills/care costs
- Loss of Income due to injury
- Loss of future income due to injury
- Loss of Consortium
- Emotional Distress
- Pain and Suffering
Once a monetary value can be established for each of the above factors, they can be added together and included in your demand letter. However, some of the above factors are subjective, which is why having an experienced attorney representing you is so vital to increasing the value of your case.
Factors such as Pain and Suffering, Loss of Consortium and Emotional Distress are difficult to assign an exact dollar amount to because they do not have a defined value and are open to interpretation.
The amount of insurance that the at-fault party in your Truck Accident case has plays a major role in determining the value of your settlement.
Thankfully, Commercial trucks are required to have larger amounts of coverage, due to the seriousness of accidents. However, that does not mean that the insurance companies will want to pay out that amount.
Insurance companies will try and minimize the amount of money that they must pay out after a truck accident, and due to the amount of money at stake, this will usually mean an extended length of time until you are able to receive your settlement.
Usually, the amount of insurance coverage that a Commercial Truck must have is at least $750,000.
This amount can be greater though, depending on the type of truck and the contents of what they are transporting.
The amount of coverage that is available is usually the maximum amount that can be recovered in your Truck Accident lawsuit.
Trying to determine how much of this insurance will be paid out in your lawsuit is difficult to do on your own.
Our Experienced Truck Accident Attorneys can determine the amount of insurance coverage that the Trucking company has, and fight to maximize your recovery.
If you have been injured in an accident involving a Semi-Truck, speaking to an experienced Truck Accident Attorney is the best way to protect your legal rights and increase the value of your financial settlement.
If you would like to speak with a Top Semi-Truck Accident Attorney in Atlanta today, call the Roth Firm at 770-369-9977 or click on the link below for a free consultation so we can help you determine the value of your case.