The impact of tractor trailer accidents can cause some devastating injuries to the victims. This is because large trucks can carry a much more tremendous amount of weight than a regular car. Due to more than one party usually being involved, it can also be difficult to sort through who is liable for the accident. This will have an impact on the typical truck settlement amount victims receive in New Jersey.

Consulting an experienced NJ truck accident lawyer can have an extremely positive impact on your case and help you understand the options you have. The size of a truck accident settlement will rely on the facts related to your case, such as the degree of bodily injury to the victim, mental distress, financial losses, and the level of the insurance coverage that is available.

With a lawyer involved, such as Brandon J. Broderick, Attorney at Law, they will help you evaluate and determine the potential damages in your case.

In the following article, we will break down important information on how truck accident settlements work.

When Should an Accident Victim Expect a Settlement?

A settlement can be reached at any time between the moment the truck accident takes place to just before a jury's verdict.

It's important that you keep this in mind: Accepting a settlement offer from an insurance company adjuster who approaches you in the days following the accident will ultimately resolve your claim. You give up your right to file a lawsuit by accepting the settlement.

The final opportunity for a settlement is just before the jury renders its judgment. This would imply that the dispute was not resolved out of court before proceeding to trial.

Following a truck collision, many settlements will take place shortly after a lawsuit has been filed or you've retained a personal injury lawyer. When these things have taken place, they are viewed by insurance companies as indicators that you are aware of your rights and plan to seek justice.

Usually, following these two developments, an insurance company will begin the process of offering a settlement, especially after they realize they will have to work with a truck accident attorney.

However, since you may likely have financial responsibilities after an accident that prevent you from waiting too long to resolve it. Insurers are usually aware of this and will stall cases to put a financial strain on you and improve the chances of you accepting a low settlement offer.

Value of a Trucking Accident Settlement: Factors to Consider

A tractor trailer accident case is a type of personal injury case, therefore in order to submit a claim and receive compensation, you often need to show that another party was at fault. Negligence happens when someone breaches their obligation to keep their property (like a truck) maintained and safe. Or when someone violates their responsibility to drive safely and in accordance with the law. Following the accident, the person experiences a loss. That loss could be monetary, such as a medical expense or lost wages. Alternatively, non-economic losses might happen if a crash victim develops PTSD. However, there would be no case without negligence.

Insurance companies and attorneys will consider various criteria when calculating the settlement value of a truck accident:

Extent of the injuries: The amount of the compensation award increases as the injury becomes more severe and potentially life-altering. You are entitled to compensation to cover the full extent of your disability if you sustain a catastrophic burn, traumatic brain injury, or other injury requiring extensive medical and rehabilitation treatment.

Medical expenses: Generally, insurance companies utilize the cost of medical treatment as an indicator of the case value. It is not the only factor though.

Lost income: The loss of wages and earnings is a significant consideration in determining compensation. A higher earner or someone who supports their family financially, but is unable to work for several weeks or months following an accident will probably have a strong case for lost pay. 

Pain and suffering: The physical and/or emotional stress related to an accident and the injuries it results in is referred to as "pain and suffering." The extent of your pain often determines how much compensation you are entitled to for pain and suffering.

Loss of enjoyment: If you are no longer able to engage in activities that provided you pleasure before the accident, such as participating in sports or playing an instrument, you may be entitled to compensation for your "loss of enjoyment."

Average Tractor Trailer Truck Accident Settlements

Settlements for tractor-trailer accidents might be as little as a few thousand dollars or as high as the millions. There's not a specific range that is the "average" settlement for these truck accidents.

The range of settlement sums is brought on by the legal damages that you are entitled to, should your case proceed to trial. Outside of the courtroom, the defendants' settlement offers will be influenced by the possible verdict they might face.

Damages victims can recover include:

• medical costs
• lost income and earning potential
• property damage
• pain and suffering
• loss of support if a death occurs, including funeral costs
• loss of consortium
• punitive damages

Brandon J. Broderick Can Help You Get The Settlement You Deserve

We strongly advise you to contact our New Jersey truck accident lawyers at Brandon J. Broderick, Attorney at Law as soon as possible if you suffered injuries in a truck accident, especially if you believe the driver was negligent. In order to protect your rights and achieve the highest possible settlement, we need to review your case and gather evidence. We have extensive knowledge and experience in this field, and  know what steps need to be taken to obtain compensation you are entitled to.

For a free consultation, get in touch with us today.