Losses from a truck accident can wreak havoc and have far-reaching implications. The physical pain and financial hardship can impact every area of your life, and compensation can make a big difference. When you are wondering how much is my truck accident is worth, a Pennsylvania truck accident attorney from Munley Law can help you understand how much your settlement is worth and secure its outcome.
Determining the Value of a Truck Accident Settlement
The value of a truck accident settlement can vary widely. Each one is based on a client’s unique situation and losses. For better or worse, there are also many variables that influence the final sum you walk away with. These elements must be taken into consideration so your compensation accurately reflects what you have suffered. Below are some common factors that can influence how much your settlement could be worth.
The Severity of Your Losses
Settlements are impacted by the severity of your losses in a case. The greater your losses, the more compensation you will need to cover your expenses and secure the resources you need. As such, all of your losses must be carefully calculated to determine how much you are entitled to receive. This is one of the primary reasons settlements vary so much, and why you need an experienced lawyer on your side. We make sure that all your losses are accounted for and fairly compensated.
Liability on Your Part
How much you can recover in a settlement can be impacted by Pennsylvania’s modified comparative negligence rule. This means that if you are partially at fault for contributing to the crash, you may receive damages in certain circumstances. Your contribution to the accident will dictate how much you could recover. Parties who contributed less than 50% to the accident can receive compensation reduced by their level of fault, and more than that will not receive any.
If you find yourself in this precarious legal position, your lawyer can fight to reduce your liability in the collision so you can recover as much compensation as possible for your losses. Our community is important to us, and we use our experience to serve our neighbors when they are struggling.
Insurance Companies and Policy Caps
Insurance companies and policy caps can mess with the sum of your settlement. While trucks are likely to have higher coverage limits, there may be times when a policy cap could limit what you may recover.
On top of that, insurance companies often try to pay you as little as possible or avoid paying you. A settlement from them may be far lower than the value of your losses. Avoid accepting the first offer and allow us to review all settlements first.
Failing to Avoid Certain Mistakes
Making mistakes is a natural human thing, but not when you are dealing with a lawsuit. You need to have every “t” crossed. Some people try to DIY their own claims and suffer financially. For example, if you fail to collect sufficient evidence, imply you are in any way partially at fault, refuse medical care at the scene, or post about your accident on social media, it is all fuel for the other side to low-ball you on a settlement offer. One of the biggest mistakes you can make is not hiring a lawyer. Individuals often recover considerably less when handling claims on their own.
How the Value of a Settlement is Determined
Settlements are often made up of both economic and non-economic damages. The former provides for your monetary losses, and the latter provides for your pain and suffering. Both types of damages are calculated differently to account for their unique qualities, and determining the settlement value for your accident is an important step to ensure you receive the results you deserve. Punitive damages may also apply in cases of extreme loss caused by truck driver negligence.
Economic damages are tangible and straightforward to calculate. Financial losses from medical bills, repairs, and wages can be added together to determine an overall sum that reflects your monetary need. Additionally, if you need continued medical care or experience a loss in earning capacity, then the value of these ongoing, future needs will also be calculated and included in your settlement estimate.
On the other hand, non-economic damages are intangible and harder to show. Pain and suffering losses are more subjective, so they cannot be added up in the same way. Rather, the value of these losses is often determined by multiplying the value of economic damages by a number between 1.5 and 5. These numbers reflect the severity of your pain and suffering, so the higher the number, the greater the value of this settlement portion. Other methods may also apply, so consult with your attorney.
Understanding the Difference Between a Settlement and a Verdict
Most cases are settled out of court to save time and money. Your lawyer will negotiate your case and compensation with the insurance company or the other party who hurt you. If an agreement is reached, then your case can be settled. If an agreement cannot be reached, then your case may proceed to trial before a judge and jury. They will issue a decision, or verdict, to declare who is at fault and how damages are to be disbursed.
We understand how overwhelming this can feel, and we are dedicated to getting you results in the most efficient and effective way possible. We support you throughout your case to reduce your stress.
What Losses You Could Recover in a Settlement in Pennsylvania
While the value of your settlement will vary, there are certain losses that are generally covered by a truck accident settlement. The damages you receive will reflect the specific losses you have suffered and how severe they are. Some common losses that you can recover in a settlement include:
- Medical expenses
- Lost wages or earning capacity
- Damage to your vehicle and personal belongings
- Funeral and burial expenses
- Pain and suffering
- Emotional and psychological distress
- Decreased quality of life
- Loss of enjoyment
- Loss of companionship
To rest easy knowing that you have accounted for all expenses and losses in your case, be sure to discuss the details of your case with your lawyer. Save all forms of documentation so your lawyer can accurately calculate how much your case is worth. You should also avoid waiting too long to talk with your lawyer about your case before the two-year statute of limitations expires and prohibits you from pursuing a settlement.
Munley Law Optimizes Your Truck Accident Case for Maximum Results
Munley Law is here to help you recover the maximum amount of compensation in your case. Every case is nuanced, and our customized approach helps us get better results and serve you better. We never stop fighting for you as we negotiate a fair settlement on your behalf. To discuss your case with a lawyer and see how much it may be worth, contact our firm to schedule a free consultation today.
