What Has A Potential Impact On Accident Settlement Amount

What Has A Potential Impact On Accident Settlement Amount

Truck Accident Lawyer
Truck Accident Lawyer

Settlements of several accident matters occur behind closed doors, so one cannot find an average amount paid as part of the settlement. But it is not uncommon for the settlement amount to hit millions. Here are some things that could affect the amount.

Medical Costs

Each case is distinct, but usually, when medical expenses are more, one would need treatment for longer, so the settlement amount would be higher.

Lost Wages

Several accident-affected people have much time away from their jobs, and some cannot go back to their workplace due to the serious nature of their injury. No matter what the situation may be, one’s lost income will be included in the final settlement figure.

Property Or Vehicular Damage

An 18-wheeler is very big, so it often considerably damages the other vehicle it hits. In this situation, the latter automobile will be damaged beyond repair and the insurer will give the concerned party money for it. If it is possible to repair that totaled car, a claims adjuster will generally find out the expenses for it.

Non-Monetary Damages

Calculating non-monetary damages such as the victim’s pain after the accident will not be clear and definite. These types of compensation are given to accident victims with emotional or physical pain associated with their injury. When the party’s injury is more serious, the money they get as compensation will be higher than usual.

Legal Fees

A truck accident lawyer takes a case on the condition that should their client fail to recover compensation, he or she will not have to pay them anything. This means that when your legal representative manages to win your case or arrive at a settlement for you, you will pay him or a cut of that amount. In legalese, this is described as “taking a case on contingency”.

Legal fees differ by each law firm’s policy, so go through the small print before signing any contract when hiring a truck wreck lawyer.

Usually, the insurer pays the settlement amount in accident litigation. A truck insurance policy generally has greater liability limits compared to your average passenger vehicle insurance policy. For example, under federal law, interstate truck drivers who haul items that are not hazardous must have liability insurance amount of at least $750,000. The trucking publication namely ‘Overdrive’ recommends those truck drivers should think about carrying $5 as minimum insurance coverage. Every PI lawyer would perhaps agree with the trucking magazine’s suggestion.

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