Getting Compensation If You're Injured In A Truck Accident
Eighteen-wheeler shipping trucks are responsible for the deadliest auto accidents because they’re larger and take more time to slow down. If you were involved in a minor or severe truck accident, hire an experienced lawyer and get the compensation you deserve.
According to HD Fleet, the average cost of a commercial truck accident that includes an injured person is $148,279. If a fatality occurs, the cost can shoot up to over $7 million. You owe it to yourself to protect your financial future, regardless of how high or low your bill could be.
25 Costs Associated With A Commercial Truck Accident
One of the most interesting facts about cars is that rear-end crashes are the most prevalent auto accident. As a positive, rear-end truck accidents are more affordable than other crashes. Here are the direct and indirect costs associated with a truck accident:
- Vehicle Damage: Any damage done to the vehicle at the time of the accident.
- Cargo Damage: Bruised, damaged, or lost cargo is often calculated.
- Towing Costs: If the vehicle is really damaged, it may have to be towed.
- Vehicle Storage: Towed vehicles must be stored in another location.
- Medical Costs: Medical costs for the employee and other accident victims.
- Injury Costs: Health-related costs that deal with physical or mental injuries.
- Insurance Increase: Even minor accidents will increase your insurance.
- Administrative Costs: An extra insurance cost that isn’t included in the rate.
- Loss of Revenue: Workers' compensation may make up for lost revenue.
- Lost Sales: Without an extra vehicle on the road, the company will lose sales.
- Lost Customers: Lost sales also include fewer customers or clients.
- Missed Meetings: Neglected meetings must be made up at a later date.
- Salaries Paid: If worker compensation is paid out, it can become expensive.
- Lost Time at Work: A lack of help can lead to company downtime.
- Cost to Retrain: If the employee leaves for a while, the company has to retrain.
- Cost to Rehire: If the employee can’t go back to work, the company has to rehire.
- Agency Costs: These costs relate to an agent that acts on behalf of the government.
- Damaged Equipment: A lack of equipment can also lead to company downtime.
- Equipment Depreciation: A damaged vehicle will depreciate faster.
- Loss of Property: If the vehicle is totalled, the best a company can do is write it off.
- Vehicle Replacement: A new truck can cost $35,000 to $200,000 each.
- Fines and Penalties: The party that’s cited for a traffic violation must pay a fine.
- Medical Fees: These medical fees include ongoing medical costs after the accident.
- Accident Reporting: Reporting the accident to a lawyer is often very expensive.
- Loss of Reputation: A damaged reputation can take years to rectify.
While these costs are considered “visible,” there are plenty of hidden or indirect costs the accident victims or company can’t account for. The amount of revenue a company has to make back to make up for lost profits could be staggeringly high but impossible to show on paper.
The best way to avoid these costs is to prevent them, but that can be hard with an unhappy workforce. Employee engagement methods, such as great training, feedback, and mental health awareness, can help protect a company’s bottom line while also keeping your employees safe.
However, distracted driving is often cited as the #1 cause of accidents. By adding small things to your trucks (car radios and self-driving mechanisms), you can prevent most truck crashes.
1. Know That Every Case Is Different
Every case is different when it comes to Indiana truck accident settlements. The settlement will depend on several factors, including the severity of the injuries, the amount of property damage, and insurance coverage. Sometimes, the settlement may be paid by the trucking company's insurance carrier. However, the driver's insurance policy or the truck’s parts manufacturer may pay it in other cases.
The best way to determine what you can expect in a settlement is to speak with an experienced truck accident law firm. A truck accident attorney can review your case and help you understand your legal options. With this information, you can decide whether to settle your case or take it to trial.
2. Don't Expect A Quick Payout
After being involved in a truck accident, you may be anxious to receive a settlement from the insurance company. However, it is important to remember that the claims process can take time, and you shouldn't expect a quick payout. The insurance adjuster will need to investigate the accident and gather evidence, which can take weeks or even months.
In addition, if you have suffered serious injuries, you may need to wait until you have reached maximum medical improvement before pursuing a settlement. This means that your injuries have stabilised and are not expected to improve further with treatment. As a result, it is important to be patient after a truck accident and not expect a quick resolution.
3. Be Prepared To Negotiate
A truck accident lawyer will likely want to settle your case as quickly and cheaply. You need to be prepared to negotiate to get the most value out of your truck accident settlement. Truck accidents are often much more complicated than other types of accidents, and trucking companies have teams of lawyers experienced in negotiating settlements.
As a result, it is important to have an experienced truck accident lawyer on your side who can level the playing field and help you get the settlement you deserve. Contact an expert lawyer to learn more about your legal options if you have been involved in a truck accident.
4. Know What To Expect In Terms Of Compensation
After you've been involved in a truck accident, you may be wondering what kind of compensation you can expect to receive. Of course, like most people, you'll probably be focused on getting your medical bills paid and making sure you have enough money to cover your lost wages. While these are certainly important things to consider, it's also important to understand that other types of compensation may be available to you.
For example, you may be able to recover damages for pain and suffering, emotional distress, loss of consortium, loss of daily enjoyment of activities, and even punitive damages (in rare cases). Punitive awards are typically awarded in addition to any compensatory damages you may receive. As such, it's important to discuss all the potential types of compensation with your attorney to understand what you might be entitled to clearly. Only then can you decide whether or not to accept a settlement offer from the insurance company.
5. Consider All Your Options
After you've been involved in a truck accident, you'll need to make important decisions about how to proceed. One of the most important choices you'll need to make is whether or not to accept a settlement offer from the insurance company. While settlements can be a quick and easy way to resolve a case, they're not always in your best interests. For example, an insurance company may offer a quick and small settlement to make you go away, but your attorney may want to fight harder for a bigger settlement or even a court award.
Before you decide, it's important to consider all your options and understand the pros and cons of each. Only then can you make an informed decision about how to proceed with your case.
Conclusion
Indiana truck accident settlements can vary significantly depending on the severity of the accident and the insurance coverage. Therefore, it is important to speak with an experienced truck accident lawyer to understand your legal options and what you can expect regarding a settlement. With this information in hand, you can decide whether or not to settle your case or go to court and find justice there.
