AVERAGE SETTLEMENT AMOUNTS INVOLVING TRUCKS IN ACCIDENTS

The typical amount of money awarded in a settlement for a truck accident is $73,109.92. This figure takes into account incidents in which the defendant was driving a tractor-trailer or another type of heavy or commercial truck. The settlement sums of trucking accident cases that were resolved in the past eight years (between 2015 and 2023) are where these numbers come from.

The following is a list of additional settlement values:

  • The typical payout for damage caused by tractor-trailers is $80,211.78
  • The typical compensation for a heavy or commercial truck is $69,787.24 (this does not include tractor-trailers).

The information presented above is derived from actual lawsuits and the sums of personal injury settlements reached during the time period in question. The average settlement amounts for semi-truck accidents should not be regarded as a normal or expected payout for any case; each case involving a truck accident is unique, and the compensation that is awarded will vary accordingly.

Automobile collisions are frequently life-changing events because of the devastation they cause. When a huge semi-truck that is loaded with goods is involved in an accident, the level of destruction that occurs is amplified. As a direct consequence of this, there is the potential for more severe trauma, more severe injuries, more expensive repairs, and greater medical expenditures.

The Federal Motor Carrier Safety Administration (FMCSA) estimates that there were roughly 510,000 accidents involving large trucks in 2019. Large trucks are defined as trucks that weigh more than 10,000 pounds. 119,000 people were injured or killed as a direct result of these 510,000 accidents, which accounts for 23 percent of all accidents. When they are empty, semi trucks typically weigh between 10,000 and 25,000 pounds, making them the primary cause of “large truck” accidents. It is highly likely that compensation claims were submitted in almost all of the 119,000 accidents in 2019 that resulted in injuries or fatalities. This translates into millions of dollars being paid out in compensation to those who were wrongfully hurt.

After a traumatic occurrence, such as an accident involving a big truck, there is a significant chance that people will get confused. In order to secure just recompense, it is essential to look for the appropriate direction. The possibility of misunderstanding is especially significant due to the fact that incidents involving semi trucks generally involve a transportation firm as well as more complicated vehicles.

WHAT EXACTLY IS ENTAILED IN A TRUCK CRASH SETTLEMENT?

Following a truck accident, the majority of cases are resolved in court through a truck accident settlement. In most cases, the culpable party (such as the fatigued truck driver or their company) will make a monetary payment to the injured person as part of the settlement. The parties involved and their respective representatives will agree on a predetermined amount of money for this payment.

This encompasses situations involving tow trucks and other forms of huge or commercial vehicles, such as semi trucks and other big trucks. The length of time it takes to resolve cases involving trucking accidents is contingent upon the particulars of each case, but trucking accident claims typically reach a settlement anywhere from six to sixteen months after the date of the accident.

HOW THE FINAL SETTLEMENT AMOUNTS IN TRUCK ACCIDENT CASES DETERMINED

Truck accidents can result in a wide range of average settlement amounts. In most cases, the settlements for these kinds of collisions are far larger than the settlements for collisions involving just vehicles. This is because of the size and weight of semi trucks, which gives them a greater potential for causing severe damage as a result of their elevated danger. A number of different factors determine the settlement’s value.

When it comes to evaluating the overall value of settlements for truck accidents, liability is the most important element. Who was at fault for creating the accident is established through the concept of liability. The party deemed to be at fault in an accident is responsible for paying for any associated costs and damages. Both contributory negligence and comparative fault are types of legal defenses that can be used in situations where both parties share at least some of the blame for an accident. Additionally, this may have an impact on the overall value of the settlement.

Injuries are another crucial element that must be considered when determining compensation. When determining the value of a claim that involves an accident with a semi-truck, the severity of the injuries sustained is almost always the most important issue to consider. In most cases, the value of the final settlement will increase in proportion to the severity of the injuries sustained by the plaintiff. If the accident caused the death of one or more of the people involved, the value of the settlement may also increase significantly as a result of this fact. At this juncture, it is absolutely necessary to seek out competent legal assistance. The best approach to ensuring that you will receive enough compensation is to work with an experienced legal firm.

The insurance policy constitutes the final aspect that is significant. Even so, it is possible for a trucking company to carry only the barest minimum of insurance coverage at any given moment. Under these conditions, if the value of the compensation that has been granted is greater than the value of the policy limit, the injured party might not receive the full amount of the award that has been awarded to them. On the other hand, there is legislation at both the state and federal levels that frequently compels higher levels of coverage.

One method for estimating the range that your payout will fall within can be obtained from the insurance policies. The Federal Motor Carrier Safety Administration (FMCSA) has mandated the following minimum policy amounts that owners and operators of heavy vehicles are required to carry:

  • Vehicles weighing 10,000 pounds or less and transporting non-hazardous cargo are subject to a $300,000 fine.
  • If the vehicle weighs 10,000 pounds or more and is hauling non-hazardous cargo, the fee is $750,000.
  • Tankers transporting oil for private companies: $1,000,000
  • The fee for carrying hazardous materials by private carriers is $5,000,000.

Although these amounts appear to be significant, victims of semi-truck accidents who suffer serious injuries may later find that the cost of their medical care, lost wages, and other injury-related expenses will far exceed the minimum coverage required by law.