Understanding Average Semi-Truck Accident Settlements
While on a drive, a traffic light turns red and you stop.
The next thing you know, a semi truck rear-ends you. The wreck totals your car and causes you severe injuries. You have broken bones. A spinal cord injury leaves you unable to walk.
You cannot work or perform daily tasks. You can’t even take care of yourself.
Given that you’ve suffered tremendous damage in the crash, what can you expect to receive in a settlement? Hundreds of thousands of dollars? Maybe even millions?
The truth is, there is no easy way to calculate the amount of compensation you can expect to receive. Every semi-truck crash is different.
Many factors determine settlement amounts.
The severity of injuries, the age of the victim, lost earning potential, liability and available money will all come into play.
For example, a 30-year-old victim who becomes disabled and will never be able to work again will receive more money than a victim who suffers the same injuries but is 80 years old retired.
Even though 3,986 people died in semi-truck crashes in 2016, no two cases are the same. The nature of the accident is different for each case.
There are different injuries involved and different demographics involved with the victims. Truck accidents are complex events and some have multiple factors involved, such as speed, fatigue, substance use or mechanical failure.
Does Size Matter in a Truck Accident?
Statistics by the Federal Motor Carrier Safety Administration (FMCSA) show the average cost of a truck accident at $148,279.
This number appears to increase based on semi truck size. The cost of an accident involving a semi-truck pulling one trailer averaged out to $172,292. When the truck was pulling two or three trailers, the average amount rose to $511,582.
Serious injuries more than double the average to $1.2 million. When fatalities occur, the average cost exceeded $7.2 million.
How Much is Your Truck Accident Worth?
The amount you can expect to receive in a truck accident settlement will depend on your damages.
Medical bills, property damage, lost wages, loss of future earnings, pain, and suffering, loss of enjoyment of life, disability and disfigurement all factor into your settlement amount.
A typical truck accident settlement ranges from the hundreds of thousands to tens of millions of dollars. What you can expect to receive will depend on the circumstances, your damages and state laws.
For example, Mississippi has comparative negligence laws, which means you can still recover compensation even if you are partially at fault. However, your compensation reduces based on your percentage of liability. Your MS personal injury lawyer will review the facts of your case and help calculate the value of your damages.
Contact a Personal Injury Lawyer Today
Semi truck accidents cause a lot of complications. If you or a loved one suffered in one, you need to act quickly to preserve your legal rights. You could receive various forms of compensation.
Hiring a lawyer can help you with the financial costs associated with a serious injury. You will likely be dealing with long-term injuries, but fortunately, the team at Harris Law Firm, PLLC can help you through this difficult time. We serve clients throughout Mississippi and Arkansas. Schedule your free case review with Harris Law Firm today.