What is the Average Settlement for a Semi Truck Accident?
Being involved in a motor accident is devastating. It is painful not just physically, but mentally and financially, too. If such an accident involves a heavy vehicle like a semi truck, you’re in for a cumbersome, money-draining process. A semi truck is huge in size and weight. It is capable of changing the entire lives of people and causing intense trauma to anyone hit by it. Semi truck accidents can result in major damage to people as well as properties. Contact us for your truck accident lawyers Los Angeles today for the best legal support.
It is often observed that semi truck accidents increase during the holiday season. Holiday seasons are all about spending family time with joy and happiness. But it is also the shopping season. This means that commercial trucks get busier than ever in transporting the bulk of goods from one end of the country to the other on short deadlines. Apart from this, the freezing weather adds to the horror of collisions and accidents.
What is a settlement from truck accidents?
Truck accidents in Los Angeles are a costly affair. Most filed accident cases involve a claim for compensation. This is known as a settlement. The responsible driver or their employer is liable to pay a set amount to the injured person/s. Every accident case is distinct. Thus, the claim amount and settlement terms vary. The processing time differs, too. Usually, it takes between 6 months and 16 months to complete the settlement after an accident.
How to assess settlement costs?
The settlement costs of truck accidents in Los Angeles are higher than the costs of regular car accidents. This is because trucks are likely to cause major damage as they are huge and heavy. One of the initial steps while determining a claim amount is to evaluate the liability and understand who is at fault for the accident. The liable party is responsible for paying the settlement costs. If the plaintiff is also partially at fault, the defendant may be entitled to reduce the costs they owe through legal defenses such as contributory negligence and comparative fault.
Another important determining factor is the severity of injuries. The more serious the injuries, the higher the settlement cost. For instance, settlement cost is higher when an accident causes traumatic brain injuries (TBI) as compared to an accident that leads to a fractured leg. As most semi truck accidents involve severe injuries or fatalities, the cost tends to be high.
Lastly, the insurance policy is assessed. Federal and state laws mandate high coverage limits for semi trucks. For example, the minimum policy limit for a semi truck carrying non-hazardous cargo is $750,000. Although the limit seems reasonable, in some cases the settlement amount may exceed the coverage. In such a scenario, the plaintiff may not receive the complete settlement. To avoid extra expenses, truck drivers should opt for a good insurance policy having a high coverage limit.
What do the statistics suggest from truck accident settlements?
As per the data on settled accident cases between 2015 and 2021, the cost of the average truck accident settlement is around $42,900. In 2019 alone, millions of dollars were given in truck accident settlements. Federal Motor Carrier Safety Administration (FMCSA) noted that there were 510,000 accidents involving large trucks in 2019. Out of these, 23% of the accidents caused severe injuries or fatalities and were filed for compensation.
How much does a semi truck accident cost?
As each truck accident in Los Angeles is unique, the settlement cost is different. The cost of a semi truck accident is based on several factors. Some of them include the number of semi trucks involved, the number of trailers attached, the severity of injuries caused and fatalities, if any.
Let’s say, a single semi truck leads to an accident with some physical injuries to the victim. As per the data from the Department of Transportation, such an event may cost around $195,200. If the injuries are fatal, the cost increases by almost 18 times to reach the massive $3.6 million approximately.
The total settlement amount includes costs of medical bills, emergency treatment, physical therapy and rehabilitation. Due to the accident, the injured person may not be able to sustain their job. So, the compensation should pay for their current and possible loss of income. The settlement money further accounts for mental suffering, loss of companionship, loss of consortium and other death-related expenses.
The data presents a calculated estimate. However, the actual cost is based on the evaluation of each situation. The real cost may differ drastically from these estimates. California truck accident lawyers are the best people to assess the actual cost in every case
How to seek help for truck accident claims?
The best way to claim a settlement is to file a lawsuit. If the victim does not seek help from the insurance company or a lawsuit, they may be liable to bear all the expenses on their own. As the expenses are massive, most American families will be unable to afford them.
To seek help, the victim or their families should approach the civil court. Fortunately, there are personal injury lawsuits formed to assist them in such situations. A personal injury lawsuit tries to eliminate the financial losses and strives to offer a pre-accident life to the victims.
Where to find California truck accident lawyers?
If you or your loved ones are suffering due to a semi truck accident, you need to take help from a qualified lawyer. It’s not easy to figure out where to begin and how to proceed with each step. It is a challenging and confusing process. Seek legal advice and guidance from experts such as Point Law Group, LLP.
Point Law Group, LLP, will lead you during the entire settlement claim journey. Our lawyers are skilled at holding the liable party responsible for damages. The law firm has some of the best California truck accident lawyers to ensure that you do not settle for less. Contact us today to schedule a consultation.
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