Average Truck Accident Settlement Amounts
31st March 2023
Truck accidents can be devastating. They cause significant injuries, property damage, and financial losses and can also have tragic outcomes. If you’ve suffered an injury in a truck accident, you may be wondering about your legal options. You’ll also probably be wondering about the potential settlement amount you may be entitled to receive. However, truck accident settlements can be complex.
Please speak with a Sand Law attorney to learn how we can help you obtain maximum compensation. You can schedule a free consultation by contacting us online or calling 701-609-1510.
What is a Settlement?
A settlement is an agreement reached between the parties involved in a legal dispute, typically without going to trial. A settlement is reached between the injured party (plaintiff) and the defendant in a truck accident case. That defendant could be the trucking company, insurance company, the driver of the truck, or another party that contributed to the accident. Settlements are a way to resolve legal disputes without the time, expense, and uncertainty of a trial.
Settling vs. Going to Trial
When it comes to truck accident cases, settling versus going to trial is a crucial decision. Settling can be beneficial for both parties. Reaching a settlement helps both sides avoid the uncertainty of trial. A settlement can also result in a quicker resolution. Researchers estimate that as many as 92% of cases settle.
Settlements can also be less expensive than going to trial, as they eliminate the need for costly legal fees and expenses. However, settling can also result in a lower payout for the plaintiff. The defendant may offer a lower settlement amount to avoid the risk of a more significant judgment at trial.
On the other hand, going to trial can result in a higher payout for the plaintiff, as the jury may award a larger judgment than the defendant would have offered in a settlement. But going to trial can also be time-consuming, stressful, and expensive. Also, there’s always the risk of losing the case and receiving no payout.
Types of Damages You Can Recover in a Truck Accident Settlement
In a truck accident settlement, the plaintiff can recover damages for various losses and injuries caused by the accident. The types of damages that plaintiffs can recover include:
The plaintiff can recover damages for the medical expenses incurred as a result of the accident, including hospitalization, surgery, medications, and physical therapy. The plaintiff can pursue compensation for their current medical expenses. They may also receive money to cover their future accident-related expenses.
Like medical expenses, a plaintiff can seek money to compensate for their current lost wages because they can’t work. They can also pursue compensation for their future lost salary, bonuses, commissions, or other income they’ll lose because they can’t return to their job.
Other damages aren’t tangible, like the ones mentioned above. They’re subjective, meaning they can’t easily be proven. It takes a skilled attorney to place a monetary value on non-economic damages like pain and suffering, loss of quality of life, and emotional trauma.
Factors that Affect Truck Accident Settlements
The settlement amount in a truck accident case can vary widely depending on several factors, including:
The extent to which the defendant is found to be at fault for the accident can impact the settlement amount. If the defendant is found to be entirely at fault, the plaintiff may be entitled to a higher settlement amount.
Severity of injuries
The severity of the plaintiff’s injuries can impact the settlement amount. The plaintiff may be entitled to a higher settlement amount if the injuries are severe and long-lasting.
The amount of insurance coverage available to the defendant can impact the settlement amount. The settlement amount may be lower if the defendant has limited insurance coverage.
This is a major reason accident victims must take their time when hiring a lawyer. The better a lawyer’s negotiation skills, the better the chance the plaintiff will receive a higher settlement amount.
The location of the trial can impact the settlement amount. Some venues may be more favorable to plaintiffs than others.
Average Settlement Amounts for Truck Accident Cases
You may have seen websites claiming that truck accidents typically settle for a certain amount of money. But that’s misleading. Some cases may settle for much less or much more.
Generally, however, truck accident settlements tend to be higher than settlements for car accidents. The reason is that truck accidents often result in more severe injuries and property damage.
Do I Need to Hire a Lawyer?
If you’ve suffered an injury in a truck accident caused by someone else, seek the advice of an experienced truck accident attorney. A lawyer will help you navigate all the complexities of the legal system. They’ll also negotiate with insurance companies and defendants. Your lawyer will also work to ensure that you get every dollar that you’re entitled to.
An attorney can also help you determine whether settling or going to trial is the best option for your case. As stated earlier, settlements can be beneficial in some cases. But an attorney can advise you on whether a settlement offer is fair and whether you may be entitled to a higher payout through a trial.
Some people hesitate to get legal help because they know their lawyer will receive a portion of whatever they receive. While that’s true, it’s also true that if you hire an attorney, you’ll very likely receive more money than if you didn’t have a legal representative. This will be the case even after subtracting the amount your attorney receives.
Contact Sand Law to Speak with an Experienced Truck Accident Attorney
Contact Sand Law to speak with a skilled truck accident attorney. Our attorneys have years of experience representing clients in truck accident cases and can help you receive the compensation you deserve.
We’re committed to fighting for your rights. Contact us online or call 701-609-1510 to schedule a consultation and learn more about how we can help you.