- Average truck accident settlements range from around $100,000 to over $500,000, though some truck accident settlements are worth millions.
- You may be able to recover damages for lost wages, pain and suffering, medical expenses, and emotional distress.
- The amount you recover will vary based on the severity of your injuries, who is liable for your accident, available insurance, the location of your accident, and the skill of your truck accident lawyer.
- Trucking companies are often vicariously liable for the negligence of their drivers, potentially increasing your compensation.
- Truck accident claims are complex cases against large, powerful trucking companies, but our experienced truck accident attorneys are equipped to level the playing field, handle all aspects of your legal claim, and secure the maximum compensation available.
Your truck accident claim compensation could range from tens of thousands of dollars to millions if you or a loved one suffered severe or fatal injuries. According to one source, the average truck accident settlement is worth upwards of $650,000.
Truck accident settlements are often higher than car accident settlements because truck accidents have a higher potential of causing severe injuries due to the increased size and weight of trucks compared to cars. Accordingly, commercial truck insurance coverage is typically higher than non-commercial car accident coverage, allowing for higher payouts.
Our experienced truck accident lawyers can estimate the value of your case. We are dedicated to recovering the maximum compensation available in every claim and have secured over $360 million in settlements and verdicts on behalf of our clients. Let us put our experience to work for you.
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Average Truck Accident Settlement Amount
No one can guarantee the amount you will receive through a truck accident lawsuit. However, looking at averages can be helpful. According to SupplyChainBrain, the average truck accident settlement amount from 2015 to 2023 was $73,109. By contrast, Coverwhale, a truck accident insurer, reports that the average settlement involving semi-trucks is $185,000 to $650,000. The average truck accident settlement in claims filed against New York City is $2.1 million.
The Federal Motor Carrier Safety Administration reports that, in 2021, one percent of truck collisions resulted in death and 22 percent resulted in injuries. This means that 77 percent of the claims included in the average settlement amounts only involved property damage. Because accidents resulting in serious injury or death are worth more, it is important to take these statistics into account when evaluating truck accident settlement averages.
According to one source drawing on data from the Federal Motor Carrier Safety Administration, “the average cost of a commercial truck accident in which one person is injured is $148,279. However, the costs associated with a fatal trucking accident skyrockets to $7.2 million, with the numbers growing exponentially if multiple people are injured.”
What Impacts the Value of a Truck Accident Case?
Every truck accident claim is unique. Therefore, average truck accident settlements cannot guarantee the compensation that may be available through your claim. Our attorneys can calculate your potential case value after performing an in-depth investigation and weighing all of the relevant factors. The most important factors affecting truck accident settlements are discussed below.
The Severity of Your Injuries
Generally speaking, severe injuries yield higher compensation than minor injuries because of their high financial and emotional costs. Severe truck accident injuries can result in:
- Long-term medical needs
- Chronic pain
- Permanent disability
- Emotional distress
- Lost wages
- Lost earning capacity
- Property damage
If a truck accident has resulted in the death of your loved one, you may also be entitled to recover wrongful death damages for your family’s lost income, funeral expenses, and emotional losses, such as loss of companionship, guidance, and support. The specific damages available are governed by the laws of the state where your accident occurred.
The Parties that Caused or Contributed to Your Accident
Who the responsible parties are plays an important role in truck accident lawsuit settlements. The following parties may be liable for your truck accident:
- The trucking company that owns the truck or employed the driver
- A company responsible for loading cargo incorrectly
- A negligent mechanic
- The manufacturer of defective tires, brakes, or other truck components
- A government entity that failed to maintain safe roads
Trucking companies often blame injured accident victims. Most states still allow you to recover compensation if you were partially responsible for an accident, but your compensation will be reduced proportionately to your degree of fault. For example, if your damages are $1 million but you are 30 percent at fault for the accident, your compensation might be reduced to $700,000.
Some states prohibit compensation if your share of the fault is higher than 50 percent, and a small minority of states prohibit damages if you were even slightly at fault. If you were partly at fault for a truck accident, don’t let it stop you from contacting us. We may be able to reduce your share of the blame so you can receive the compensation you deserve.
The Conduct of the Driver
If the truck driver caused the accident as a result of outrageous behavior or a blatant disregard for the safety of others, you may qualify for punitive damages. Punitive damages are awarded to punish reckless defendants and deter others from similar conduct. Though rarer than compensatory damages, punitive damages can add substantial value to your case.
Insurance Coverage Limits
Most truck accident compensation comes from insurance companies, but insurance companies are only required to pay up to the coverage limit. The Federal Motor Carrier Safety Administration requires most trucking companies to carry $750,000 to $5 million in coverage depending on the type of cargo being transported.
If your damages exceed the coverage limits, it may be possible to recover the excess from the trucking company directly. Our attorneys will explore all available sources of liability and compensation to maximize the value of your truck accident settlement or verdict.
The Location of the Accident
The law in the state where your truck accident occurred plays a significant role in how much compensation you can recover. For example, some states place restrictions on the amount of non-economic damages you can recover, and some do not allow punitive damages. Further, each state also has different laws regulating available damages in wrongful death claims.
The Experience and Skill of Your Truck Accident Lawyer
Truck accident claims are often complex because they require you to go up against large trucking companies and other corporate defendants with extensive resources to evade liability. Having a truck accident attorney on your side who has the skills, resources, and experience needed to stand up against these companies can make a significant difference in your recovery and may even determine whether you recover compensation at all.
Benefits of Legal Representation
Our attorneys are successful trial lawyers and have recovered millions in successful settlements and verdicts on behalf of injury victims throughout the country. We have been recognized as Super Lawyers and listed among the National Trial Lawyers Top 100.
Having our team of skilled truck accident lawyers on your side will level the playing field. Trucking and insurance companies know that we do not back down, and they often pay higher settlements to avoid having to face us in a trial. When you have our dedicated truck accident lawyers working for you, we will navigate the law while you rest and recover. We will:
- Investigate the accident and identify all responsible parties.
- Handle communication with insurance companies.
- Gather evidence, such as eyewitness reports, forensic evidence, and surveillance footage.
- Retrieve and review your medical records and calculate your case value.
- Retain medical experts, life care planners, and other expert witnesses.
- File your truck accident claim.
- Negotiate a settlement and refuse to accept inadequate compensation.
- Present your case in court if the responsible parties fail to offer fair compensation.
- Maintain an open line of communication with you until your case is resolved.
- Provide compassionate, professional, and personalized service.
We work on a contingency basis, meaning you pay nothing unless we win your case. We also offer free consultations to ensure you know your legal rights at no cost to you.
Tips for Maximizing Truck Accident Settlements
Insurance companies will make every effort to minimize their liability. They may even resort to underhanded tactics, such as using your own statements against you, manipulating you into accepting a lowball settlement, and spying on you to gather evidence.
The most important way you can protect your claim is to retain an experienced truck accident lawyer as soon as possible. The sooner you involve our attorneys, the sooner we can start protecting your claim.
The following tips will help you avoid common mistakes that can jeopardize your compensation:
- Complete your medical treatment and follow your doctor’s recommendations.
- Keep copies of your medical bills and payment receipts.
- Tell your attorney everything you remember about the accident and provide photos, witness contact information, and other evidence you were able to gather after the accident.
- Don’t talk to the insurance company without your attorney present.
- Don’t sign any documents from the insurance company without your attorney.
- Don’t talk about your accident or injuries on social media.
Contact Our Experienced Truck Accident Lawyers Today
Truck accident settlements can range from thousands to millions of dollars. No matter the circumstances, we are committed to helping our clients recover the maximum compensation available. If you or your loved one has been harmed in a truck accident, contact us online today or call (844) 446-9529 to schedule your free consultation.
