The average settlement for tractor trailer accidents stands at approximately $80,211, while for commercial trucks (excluding tractor trailers), the average settlement is around $69,787. It’s important to note that these figures are drawn from actual cases and reflect personal injury settlements within the specified timeframe. However, these are not standard or guaranteed payouts for every case, as each truck accident is distinct and compensation amounts will vary.
When semi truck accidents involve large trailers carrying substantial cargo, the impact can be severe. This often results in heightened trauma, more severe injuries, increased repair costs, and elevated medical expenses–which is when it’s time to consult a lawyer to ensure you get the compensation you deserve.
Factors Involved in a Truck Accident Settlement
One of the most significant factors is liability, which establishes who bears responsibility for the accident. The party deemed at fault is held accountable for the expenses related to the accident and its resulting damages. Legal defenses like contributory negligence and comparative fault can be raised in cases where both parties share some degree of fault, potentially influencing the ultimate settlement value.
Injuries also carry substantial weight in determining compensation; the gravity of injuries is typically the foremost consideration in valuing a claim involving a semi truck accident. Generally, as the severity of injuries escalates, so does the final settlement amount. If the accident results in the tragic loss of one or more individuals, the settlement value can increase significantly. This is when securing competent legal representation is imperative.
Where Insurance Comes In
In certain cases, a trucking company may opt for minimal insurance coverage, although this is a relatively rare occurrence. If the awarded compensation surpasses the policy limit in such situations, the injured party may not receive the full extent of their entitled award. However, both federal and state laws often impose higher coverage requirements.
Insurance policies serve as a guideline to estimate the range within which your settlement may fall. The Federal Motor Carrier Safety Administration (FMCSA) has set forth the following minimum policy amounts that owners and operators of large trucks must maintain: For vehicles weighing 10,000 pounds or below, carrying non-hazardous cargo, the minimum is $300,000. For vehicles weighing 10,000 pounds or more, carrying non-hazardous cargo, the minimum is $750,000. Private tankers carrying oil must have a minimum of $1,000,000 in coverage, and private carriers transporting hazardous cargo must maintain a minimum coverage of $5,000,000.
While these monetary figures may appear substantial, severely injured victims of semi truck accidents may eventually discover that their medical expenses, lost wages, and other injury-related costs could far surpass these mandated minimum policy limits.
Getting the Help You Need
If you or a loved one has suffered an injury or loss due to a semi truck accident, selecting the right truck accident attorney is of utmost importance. Our seasoned team at Coastal Virginia Law is dedicated to making this process seamless and stress-free.
For years, we have been assisting families and individuals in securing the rightful compensation they deserve during some of their most challenging moments. Our attorneys work diligently to hold truck drivers and trucking companies accountable, ensuring you receive the maximum compensation for your wrongful death or personal injury claim!
