Truck accident settlements can be substantial. Injuries suffered by victims are often serious, resulting in significant damages.
At Colombo Law, we have recovered millions of dollars on behalf of our truck accident clients, including individual settlements for:
The value of truck accident settlements depends on the unique details of the individual claim. Current and long-term losses from the truck accident, including medical bills, lost wages, loss of enjoyment of life, and pain and suffering, must be taken into account.
An experienced truck accident attorney can review your case and determine how much compensation you may be due. Truck accidents are our primary focus at Colombo Law, and we are prepared to fight for the optimal result in your case.
For a FREE case review, please call Colombo Law at 614-362-7000 today. Our truck accident lawyers serve clients in Columbus and throughout Ohio.
What Is a Trucking Settlement?
After a truck accident, those who are injured through the fault of the truck driver and/or another party can pursue compensation for their losses. There are two different ways a truck accident case can be resolved in the plaintiff’s favor.
Most of the time, the parties reach a settlement agreement. The insurance company agrees to pay a certain amount in exchange for the victim agreeing not to pursue additional legal action.
While truck accident settlements are the norm, there is a possibility that the parties do not reach an agreement. If a settlement cannot be reached, it may be necessary to file a lawsuit. Ultimately, the case may go to trial, in which case the decision to award compensation lies with the court or the jury.
Read More: Can I Sue for Being Hit by a Semi-Truck?
What Damages Should Be Included in a Truck Accident?
While settlements can be quicker, simpler resolutions to truck accidents than going to court, insurance companies are often reluctant to offer a fair settlement. They typically will begin by providing a low-ball offer in the hope that an accident victim will accept much less than they deserve.
As such, you should hire a truck accident attorney to negotiate a fair settlement. But first, you need to know how much your claim is worth.
Ultimately, the value of your claim includes two primary components: Economic damages, such as medical bills and lost wages, and non-economic damages, such as loss of enjoyment of life, permanent scarring, emotional distress, and pain and suffering.
How Do You Calculate Medical Bills?
Medical bills may seem straightforward to calculate, but it is important to keep a couple of key things in mind.
First, you need to keep all proof of your medical treatment. Make sure you keep track of every provider who sees you and treats you. It will not be enough to simply say that you were charged X amount in medical bills. You must be able to prove it with a clear and thorough paper trail. A truck accident attorney can help you gather all of your relevant medical documentation.
Second, you need to make sure you are calculating the full extent of your medical treatment. Will you be billed for anything at a later date? Will you require future treatment or rehabilitation? If so, these costs need to be factored into the total cost of your medical bills as well.
How Do You Calculate Lost Wages?
The same principles apply to calculating lost wages. You first need to make sure you are thoroughly documenting the wages you have lost as a result of your injuries, including proof from your employer.
You should also consider the full extent of your lost wages. Have you lost out on overtime or bonuses as a result of your injuries? Will your injuries prevent you from earning a living in the future? If so, you also should pursue compensation for those losses.
How Do You Calculate Non-Economic Damages, Such as Pain and Suffering?
Unlike economic damages such as medical bills and lost wages, it is difficult to put a dollar amount on non-economic damages such as pain and suffering. Nevertheless, accident victims fully deserve to be compensated both for the immediate pain they experience as a result of an accident and the longer-term suffering they may face.
It is important to note that Ohio law places a cap on pain and suffering and other forms of noneconomic loss:
“…the amount of compensatory damages that represents damages for noneconomic loss that is recoverable in a tort action under this section to recover damages for injury or loss to person or property shall not exceed the greater of two hundred fifty thousand dollars or an amount that is equal to three times the economic loss, as determined by the trier of fact, of the plaintiff in that tort action to a maximum of three hundred fifty thousand dollars.”– Ohio Revised Code § 2315.18
Additional compensation for noneconomic loss may be recovered if the victim suffers certain permanent, disabling injuries.
Read More: Most Common Injuries in Semi-Truck Accidents
How Are Truck Accident Settlements Paid Out?
Truck accident settlements are generally paid out in a lump sum when the accident victim and the liable party (or parties) reach an agreement. At this point, if your attorney handled the case on a contingency basis, you will be responsible for paying their fees.
What Is the Average Settlement for an 18-Wheeler Accident?
Truthfully, there is no “average” settlement for 18-wheeler accidents. Individual firms or municipalities could calculate averages, but these numbers would be largely meaningless to your claim.
What matters is not what others agree to settle for; what matters is how much your claim is worth, which you can only know by performing a thorough calculation of your damages. Each claim is different, and you should never base your expectations solely on what happened with somebody else’s. A truck accident attorney can help you evaluate your case by providing a free consultation.
Get Help with Your Truck Accident Settlement
Effectively navigating truck accident claims is what we do best at Colombo Law. We have a long list of successful results fighting for the rights of injured truck accident victims, and we are firm believers that anyone injured due to the fault of another is entitled to maximum compensation for their damages.
Truck accident settlements can be difficult to negotiate on your own. At Colombo Law, we make it our mission to obtain a fair offer. We are also willing to sue and take your case to court if the insurance company refuses to deal fairly.