How to Determine Your Truck Accident Settlement Value

January 17, 2019

Truck accidents are often serious and can result in significant injuries. Many of these claims are settled before trial. However, it is important for accident victims to understand the value of their claim before accepting a settlement offer.

Our Phoenix truck accident lawyers at Phillips Law Group have experience pursuing maximum compensation on behalf of our clients. We can review the circumstances surrounding your accident to assess the full value of your claim. Contact us today to schedule a free and confidential case review.

Assessing Your Damages

The value of your claim is directly related to the damages that you sustain. These damages may include the following:

Property Damage

Property damage refers to the cost to repair or replace your vehicle. In many truck accident cases, the passenger vehicle is demolished while the truck sustains very little damage. This is due to the disparity in the weight and power between these two types of vehicles. A professional body shop can estimate the costs to repair your vehicle. Official guides like Kelley Blue Book also can estimate the approximate value of your vehicle.

Medical Expenses

Many truck accidents result in serious and debilitating injuries due to the large size and power of commercial trucks. You are entitled to compensation for the medical expenses that you have already incurred, in addition to those expenses reasonably expected in the future.

These expenses may include the following:

Medical expenses are linked directly to the type of injury and its severity. When surgery is involved, medical expenses may be higher to account for the surgery costs, as well as follow up appointments and rehabilitation expenses.

Loss of Income

Your damage claim for lost income may consist of two parts. The first part is the actual amount of wages you lost because of your injury. For example, if you had to miss work because you were in the hospital or had a medical appointment related to your injury, you are entitled to compensation for your lost earnings. If you had to use a sick day or another work benefit, you may be able to receive compensation for these lost benefits. These damages are fairly simple to calculate as your attorney can use your current wages or salary information to estimate the cost of your lost income.

The second part of a lost income claim is based on long-term losses of income. Some injuries are so severe that they prevent a person from returning to the same type of work after the accident. In these situations, the accident victim can receive compensation for their lost earning capacity. Not all accident victims sustain these damages, and they are more difficult to value. An economic expert may be necessary.

Pain and Suffering

You are also entitled to compensation for the pain and suffering you sustained. This element of damages can be difficult to determine because it is based on what other people think your suffering is worth on a monetary level. Some insurance companies multiply the other expenses that are easier to track by a variable to calculate additional damages for pain and suffering. The value of the variable is usually based on various factors, including the severity of injuries, objective proof of pain, the long-term impact of the injuries and the identity of the defendant and its insurance company.

Time Limit to File a Claim

When filing a truck accident claim, time is not on your side. There are specific limits, called statutes of limitations, that govern the period during which you must file a personal injury lawsuit.

Arizona law requires personal injury victims to file a lawsuit within two years after the date of the accident. If this timeline passes, you will have forfeited your right to file a lawsuit and recover compensation for your truck accident claim.

Contact Phillips Law Group to Learn More

If you or a loved one was injured in a truck accident, you may be entitled to compensation from the negligent truck driver or company. An experienced Phoenix personal injury attorney can review the circumstances surrounding your during a free consultation. He or she can then discuss your legal options.

At the Phillips Law Group, we fight for maximum recovery on behalf of our clients. We charge no upfront fees and work on a contingency fee basis, so there is no risk in contacting us to find out about the potential value of your claim.

Call us now at 1-800-706-3000 or fill out ouronline formtoday.