How Truck Accident Settlements Are Calculated

A collision with a semi-truck happens in the blink of an eye, but the effects of that accident can linger for months, if not years. When that accident was caused by the truck driver’s negligence, you’re entitled to seek a remedy in the form of a monetary settlement that should make you financially whole again.

In order for you to receive the maximum benefits you’re entitled to, you have to get the numbers right. Once you accept an offer, you can’t go back and ask for more money down the road.

How Do You Calculate a Truck Accident Settlement?

The process of calculating truck accident settlements begins with your truck crash lawyer gathering the numbers and facts for both your tangible (economic) and subjective (non-economic) losses.

Tangible losses are costs that can be supported by receipts, bills, invoices, or pay stubs.  These include the following:

• Emergency room fees
• Diagnostic exams
• Surgery
• Hospitalization
• Prescription medication
• Physical therapy
• Medical supplies
• Car repairs or replacement
• Loss of property
• Lost wages
• Future earning capacity

When you file your claim, you also have to anticipate what your future expenses might be. For instance, you might only have a bill for 10 physical therapy sessions, but if your doctor prescribes more, those should be included. Those exact numbers are further augmented by your subjective losses. That includes things like pain and suffering. There is no finite number that can be assigned to an individual’s pain and suffering.

Instead, your truck accident attorney will often utilize the multiplier method. That is when you take the total amount of your economic losses and multiply them by a number between 1 and 5.

To determine that multiplier number, you and your attorney will assess the severity of your injury, how long the recovery is meant to last, and how it has disrupted your life. For example, an injury that required surgery, a hospital stay, and three months of physical therapy might have a multiplier of 3.

If your economic damages were $50,000, your non-economic damages would be $150,000 for a total settlement of $200,000.

Handling a Settlement Dispute With a Trucking Company

What if the insurance company doesn’t accept your settlement calculations? That could be a situation where they are acting in bad faith. An insurance company is obligated to pay reasonable compensation for a legitimate claim. Failure to do so may result in a separate claim against the insurance carrier.

That is where you need the Law Office of Matthew L. Sharp to step in. We are a firm with years of experience fighting for our clients in Reno insurance bad-faith claims.

We know how insurance companies will do everything in their power to avoid paying a claim. They think that delay or denial tactics will make it seem hopeless to recover any amount. That is when we become a fierce advocate for our clients. We’re not afraid to take on the major insurance carriers and fight for what our clients are entitled to.

You can discuss the initial settlement calculations at your first free case review.

Don’t wait to get what you deserve.