Compensation varies widely from case to case, which makes it difficult to provide a reliable average amount for a truck accident settlement. The amount proposed in settlement negotiations will depend on the severity of your injuries, medical costs, lost income, long-term effects, available insurance coverage, evidence of fault, and the number of responsible parties.
While helpful, published averages and prior settlements do not predict what a particular claimant will receive, our legal team at Olson Personal Injury Lawyers can assess these various factors as they relate to the facts of your case. We can provide legal guidance and advice on whether a settlement offer fairly accounts for your losses. Contact our law office today or call (303) 381-2234 to schedule a free case evaluation.
Table of Contents
- What Do Average Truck Accident Settlement Figures Tell You?
- What Causes Truck Accident Settlement Amounts To Vary?
- How Is a Truck Accident Settlement Calculated?
- The Impact of Commercial Truck Insurance on Settlement Values in Accidents
- Applicable Laws in a Truck Accident Settlement
- Should I Accept the Trucking Company’s Settlement Offer?
- How Can a Lawyer Estimate What My Truck Accident Claim May Be Worth?
- Get Help Evaluating the Worth of Your Truck Accident Claim
What Do Average Truck Accident Costs Tell You?
The Federal Motor Carrier Safety Administration estimated that, in 2023 dollars, the average cost of a large-truck crash was $49,398 for a non-injury crash, $326,810 for an injury crash, and $15,230,414 for a fatal crash. However, these calculations are used to evaluate the safety benefits of various initiatives, not to predict settlement amounts.
Additionally, these figures account for broad economic and societal costs, such as medical care, lost productivity, property damage, traffic congestion and delays, and loss of quality of life. However, these are not averages of settlements paid to individual claimants and do not predict the outcome of a truck accident claim.
How Do You Know If a Settlement Offer Is Fair?
When deciding whether a specific settlement offer is fair, it must be evaluated based on that person’s needs, not as compared to what might be fair for someone else. A $10,000 settlement received by one person does not establish what another’s claim might be worth. To properly evaluate a claim’s value, insurers must consider the claimant’s injuries, medical expenses, lost income, property damage, long-term effects, evidence of fault, insurance limits, and other case-specific facts.
What Causes Truck Accident Settlement Amounts To Vary?
The key factors that contribute to a truck accident settlement vary, which makes the final amount vary as well. These include the types of injuries, future care costs, lost income, liability or shared fault, available insurance, and the strength of the evidence. Because so many variables are at play, two seemingly similar truck accidents may result in substantially different settlement amounts.
How Is a Truck Accident Settlement Calculated?
Compensation from a truck accident settlement depends heavily on the damages the victim sustained. These come in the form of economic and non-economic losses, which are evaluated by insurers, attorneys, and the court, if appropriate.
- Economic damages: These compensate for the tangible losses from a wreck, including medical expenses and future treatment, lost income, reduced earning capacity, and property damage.
- Non-economic damages: These are more subjective and account for a person’s pain and suffering, emotional trauma, and other intangible losses.
No universal formula or standard multiplier calculates every truck accident settlement. Each claim is evaluated based on the claimant’s recoverable damages, evidence of fault, available insurance coverage, and the specific circumstances.
The Impact of Commercial Truck Insurance on Settlement Values in Accidents
Available commercial insurance coverage and applicable policies will affect your settlement’s value. Insurance pays for the costs of your truck accident, including any settlement offer. Settlement offers comply with available insurance limits.
While a policy limit states the most an insurer may be required to pay under that policy, it does not establish the value of the injured person’s claim. The claim may be worth more or less based on the recoverable damages, liability, and supporting evidence. Other policies, responsible parties, or sources of recovery may also apply in some cases.
What Types of Insurance Are Required for Trucking Carriers?
Under 49 Code of Federal Regulations § 387.9, many for-hire interstate carriers transporting nonhazardous property in vehicles weighing at least 10,001 pounds must maintain at least $750,000 in financial responsibility. However, the federal minimum increases to $1 million or $5 million for certain hazardous materials.
Similarly, New Mexico Administrative Code § 18.3.3.10 requires motor carriers of property, including hazardous-material carriers, to maintain the minimum coverage required by the applicable federal regulations.
Should You Settle Your Truck Accident Claim Directly Without Involving the Insurance Company?
A trucking company might offer to settle your accident claim directly, rather than report it to its insurer. However, accepting an arrangement outside of a company’s insurance policy carries risks. If a trucking company is asking for a quick settlement, you don’t always know the full extent of your injuries, vehicle damage, lost income, or future expenses.
Before accepting or signing anything, an experienced truck accident attorney can assess your case and evaluate your potential claims to evaluate whether the offer accounts for the full extent of your damages. While a direct settlement from the trucking company instead of the insurer is not necessarily unfair, you shouldn’t be pressured to accept a settlement solely because the company wants to keep its insurer out of the matter.
State Laws That Can Affect Your Truck Accident Settlement
Several state laws can significantly influence the value of a truck accident settlement, especially regarding comparative fault rules and any limits on damages that can be recovered.
Colorado’s Comparative Fault Law
Under Colorado’s comparative fault law, an injured person’s compensation is reduced by their percentage of fault. However, recovery is barred if their fault equals or exceeds the other parties’ combined fault.
Wyoming’s Modified Comparative Fault Law
Wyoming’s modified comparative fault laws allow compensation to be reduced by the claimant’s percentage of fault, but recovery is barred only when the claimant is more than 50% at fault. The state also generally prohibits limits on damages for personal injury or death, so ordinary truck accident claims are not subject to a statutory cap on damages.
New Mexico’s Pure Comparative Negligence Law
Under New Mexico’s pure comparative negligence law, a claimant’s compensation is reduced by their share of fault, but they may still recover even if they are primarily responsible for the crash. Like Wyoming, New Mexico generally does not cap damages in an ordinary personal injury claim.
State Filing Deadlines Can Affect Your Right To Secure a Settlement
Additionally, each state has filing deadlines, or statutes of limitations, that can affect your ability to file a claim and ultimately, receive a settlement. Under Colorado’s statute of limitations, most personal injury claims must be filed within three years. Wyoming’s statute of limitations gives claimants four years to file a personal injury claim after a truck accident. However, the deadline for filing a wrongful death claim after a fatal truck accident in Wyoming is only two years. New Mexico’s statute of limitations sets a three-year filing deadline for personal injury lawsuits.
Should You Accept the Trucking Company’s Settlement Offer?
Assessing whether an offer reasonably accounts for your losses requires you to consider things like medical expenses and future treatment, lost income, long-term effects, non-economic losses, liability, and available insurance.
Be cautious about settling your case before treatment is complete, or you know the long-term effects of your injuries. Accepting an offer requires you to sign a release that will prevent you from seeking more compensation later, even if additional symptoms, medical bills, or work limitations arise.
Before accepting a settlement offer, request a written explanation of the offer to confirm which losses it covers. Also, try to calculate any unpaid or future expenses, and check whether there might be other parties responsible for your crash because other insurance policies could apply. Whether an offer is reasonable depends on your circumstances and documented losses.
How Can a Lawyer Estimate What My Truck Accident Claim May Be Worth?
When evaluating your settlement’s value, an attorney will review factors such as your injuries and medical records, future treatment, lost income, crash and liability evidence, trucking records, insurance coverage, and applicable state laws. They may also identify additional responsible parties and compare the insurer’s offer with the losses supported by the evidence.
Even if the insurer has already accepted liability and made an offer, an attorney can still help you with your case. Accepting fault does not mean the insurer agrees on the extent of the injuries or the amount owed. Your lawyer can look at whether the offer accounts for all the damages you sustained and help negotiate for a higher settlement amount.
Get Help Evaluating the Worth of Your Truck Accident Claim
A settlement offer should account for the full effect of your accident, including medical costs, lost income, future treatment, and long-term limitations. Our truck accident attorneys at Olson Personal Injury Lawyers have secured favorable case results for our clients.
We offer free case evaluations to review your case, explain the factors that may affect its value, and assess whether an offer fairly reflects your losses. Contact our law office today at (303) 381-2234 to schedule your free appointment.
