How is a Truck Accident Settlement Divided?

Trucking is one of the most effective methods of transporting goods across the country. With long hours and thousands of miles of road between their destinations, accidents are bound to happen. Compared to car accidents, when truck accidents occur, there is an increased chance of severe injury or even death due to the vehicle’s size. In fact, 74% of all fatal passenger vehicle cases involve a large truck. If you are unfortunately involved in this kind of accident, it is best to seek the services of a truck accident attorney. 

Determining truck accident settlements and verdicts can become tricky when insurance companies and trucking companies get involved. This is why we have put together a guide to help break down how some of these settlements can shake out. 

The math behind who gets what in a settlement is not too complicated. You and your auto accident lawyer will have agreed to a fixed contingency fee. Typically, this will range from 30% to 40%. However, this is not always the case. At Broadwing Legal, we have a flat 32% rate. Settlement amounts will typically be divided by lawyer fees, expenses, and the remaining amount you will take home. 

Not every lawyer or firm is fully aware of the differences between truck accidents and car accidents. This can lead to a wide range of outcomes for the settlement. Broadwing Legal, for example, will advance all expenses that can come up during a case, and then you pay back the advance expenses only if you get a settlement or jury verdict in your favor. Often, if you do not win, other attorneys still want you to cover all expenses. If our clients don’t get a settlement or favorable jury verdict, Broadwing Legal will cover the cost.

How Do Truck Accident Claims Work?

The act of filing a truck accident claim is a multiple-step process. After being involved in a truck accident, you will go to the insurance company to be repaid for your losses. You will likely be asked to provide an estimation of how much money you’d like to settle the claim. This allows you the opportunity to detail the impact that the accident has had on your life. This can range from physical, emotional, and financial implications. You may be as detailed as you would like to ensure that the insurance company understands what a fair settlement offer will look like.  

This is quite a lot of information and work that must be done for a claim. Luckily a good truck accident lawyer will take care of all these matters while walking you through every stage of the process. 

After the claim has been made, there is no clear auto accident settlement timeline. Truck accident cases can be resolved within a few months or take several years after the accident occurs. With so many factors that can determine the final settlement amount, it is a good idea to consult with your lawyer to see what other steps you can take with your claim. This will help ensure that the responsible party cannot get out of paying you the amount that you rightfully deserve.

How do Auto Insurance Companies Determine Settlement Amounts?

In most cases, auto insurance companies can determine a settlement amount by looking at three factors. Those factors are damages, liability, and specific insurance policy terms. Of the three, liability must be established first to identify who is at fault in the accident. Once the liable party has been identified, the victim’s losses must be put in order. The final step is when the insurance company will look over every detail of the truck driver’s insurance policy to see exactly what they are covered for, and their policy limits. 

All of this information is taken into consideration when an insurance company is finalizing a settlement. With all the paperwork and small details about the accident that must be considered, the average semi truck accident settlement is difficult to nail down. As no two cases are the same, some truck accident settlements are a few thousand dollars, while others could end up in the $10 million range. Here are just a few factors that can tilt the scale of the final settlement amount. 

  • Are there shared fault rules in the states where the accident occurred?
  • What is the severity of the victim’s injuries?
  • Will the victim’s injuries prevent them from working or securing an income?
  • What is the victim’s age?
  • Was the truck driver following all traffic laws?

With this knowledge in hand, the best way to ensure that your claim or possible case in a truck accident works out the best for you is to get in contact with a personal injury lawyer. Make sure they have expertise in trucking accidents and understand the ins and outs of all these kinds of cases.

Broadwing Legal: Make your Claim with Confidence

Truck accidents are traumatic experiences that need to be handled with care and expertise. Not every law firm has experience with truck accidents, but Broadwing Legal has over 10 years of experience in truck accident law. While big insurance companies have a lot of money to try and bury your case, we fight day and night even after the case is settled to make sure you have gotten everything you deserve. If you are ready to take the next step, contact us 24/7!

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