How Much Is a Truck Accident Settlement Worth?

truck accident settlement

If you’ve been hurt in a truck accident, you’re going to want to know what your claim is worth. As much as your Decatur truck accident attorney would love to answer this question, it depends on a variety of factors.

In this blog, we will discuss how trucking companies’ insurance requirements figure into your settlement. We will also explain what other factors can impact your truck accident settlement. If you still have questions about your own case, feel free to contact our office directly.

What Factors Can Impact Your Truck Accident Settlement?

There are a variety of factors that can impact your truck accident settlement. One of the biggest factors is the size of the defendant’s insurance policy. We will talk about this in detail below.

There are several other factors that can determine your settlement amount. Some of these include:

  • The nature and extent of your injuries
  • The damage to your vehicle
  • Whether you can return to work after the crash
  • The level of your pain and suffering
  • The number of potential defendants
  • The trucking company’s insurance policy limits

When your attorney evaluates your case, they’ll examine all these things. They will also take these factors into account when they negotiate your truck accident settlement.

Your Decatur Truck Accident Attorney May Have to Sue Multiple Parties

Your truck accident lawyer in Decatur will name all potential defendants in your initial complaint. This will include the following parties:

  • The truck driver
  • The trucking company’s owner
  • The company that services the company’s fleet of trucks
  • The manufacturer of the truck if there was a defect

The hope is that, between all the defendants, there will be enough coverage to pay your claim in full. This is important because the individual insurance carriers will not settle for a dollar more than their client’s policy limits.

Is There a Benefit to Doing This?

The reason you’ll want to sue multiple parties is to increase your chances of collecting damages. There’s a chance that certain defendants will be found not liable for your accident.

You’ll want to make sure all parties are held accountable. This way, you’ll be able to pursue more than one insurance carrier.

Trucking Companies Are Required to Carry a Certain Amount of Insurance

All trucking companies are required to carry a certain amount of insurance. There are several types of insurance, including commercial auto insurance, cargo insurance, and liability insurance.

For purposes of your truck accident case, you’ll want to pursue both the trucking company’s liability insurance as well as their non-trucking liability policy.

a big rig crash causes significant damage

This type of policy is meant to cover accidents that occur while the truck drivers are not driving company vehicles for business purposes.

The Federal Motor Carrier Safety Administration Sets Strict Insurance Requirements

According to the Federal Motor Carrier Safety Administration, there are certain insurance thresholds interstate trucking companies must meet.

These companies can be legally required to carry anywhere from $300,000 to more than $1 billion in coverage. It all depends on the following things:

  • The number of trucks in their fleet
  • The type of cargo they carry
  • The weight of the trucks

Ideally, their policy will more than cover your damages. However, given the seriousness of truck accidents, your damages may run into the hundreds of thousands of dollars range.

Your Truck Accident Lawyer in Decatur Will Try to Negotiate a Settlement of Your Claim

What your Decatur accident attorney will do is try to negotiate a settlement on your behalf. They have plenty of experience dealing with the big insurance companies. They know their tactics and understand what it takes to compromise on a settlement amount.

As long as there is sufficient evidence to show that the trucker and the trucking company are at fault, it shouldn’t be difficult to negotiate a settlement.

Even if the defendants don’t want to settle early in the process, they will probably change their tune by the time the trial rolls around.

Your Settlement Cannot Exceed the Defendant’s Policy Limits

Regardless of how good your attorney’s negotiation skills are, there is no way the insurance company will settle for more than the policy limits. Your lawyer will explain this to you prior to entering settlement negotiations.

What this means is that you should be prepared to compromise. The odds of you receiving your full demand are low. As long as your settlement covers your out-of-pocket expenses, it may be a good idea to consider it.

What Is the Average Truck Accident Settlement?

When it comes to the amount most truck accidents settle for, there is a range. Some experts report an average settlement of $43,000. Others say the number is much higher at about $75,000.

There is no fixed number to target. Every case is unique anyway. Once you have a chance to meet with your Decatur truck accident attorney, they’ll have a much better idea of what your claim is worth.

Hire an Experienced Decatur Truck Accident Attorney to Help Settle Your Case

Most truck accident victims are in no shape to handle their claims. It’s difficult to handle any type of motor vehicle accident claim. Things are even harder when it comes to tractor-trailer crashes and cases involving other heavy-duty vehicles. It may be a good idea to call a Decatur accident lawyer as soon as possible after your crash.

There’s no way to know for sure what your case will settle for. But that doesn’t mean your attorney can’t give you an estimate of what your claim may be worth.

Call our office today at 770-HELP-NOW so you can schedule your free case review. Take the time to talk to an accident lawyer who can help get you the compensation you deserve.

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