Average Truck Accident Settlement Payouts in 2022

Truck accidents carry devastating consequences for all involved. Due to their size and weight, trucks can cause severe damage even at low speeds. Whenever a truck accident happens, it’s understandable to experience panic over the nitty-gritty of establishing fault and trying to recover from the injuries. However, most victims usually end up with questions that all point in the same direction; how much should I expect from a truck accident settlement?

This question is usually pressing for some people, and it should be. As tedious as the whole process is, it’s important to take a step back and examine the situation. You’ll realize you deserve to get a truck accident settlement payout.

How Much Should You Expect from a Truck Accident Settlement

As a truck accident victim, your insurance company is responsible for compensating you for any injuries and property damage. If you have collision coverage, your insurer will pay a certain amount of money to fix your car. If they find that the cost to repair the vehicle is much higher than what the car is worth, they will mark your vehicle as totaled and offer you a lump sum based on the car’s value.

If the other driver’s negligence caused the accident, their insurance company is responsible for compensating you for your loss, pain and suffering, and damages. Keep in mind that the other party’s insurance company wants to avoid liability. Therefore, they may try to talk you into accepting fault or taking a lower amount of money than you are entitled to.

The amount of money may be much lower than what you’d expect. However, it’s easier to get reimbursed for money that you’ve already paid out. Still, we can’t give you a precise answer as no money in the world can heal pain and suffering.

Average Truck Accident Settlement Payouts in 2022

Every truck accident case is unique. Therefore, it’s difficult to determine average settlements as there is no set average settlement for such types of accidents. While we can’t provide the exact amount you’ll receive following the accident, we are more than happy to offer a guideline on what you should expect given different circumstances.

  • For minor injuries- $10,000- $25,000. In this case, the victim has only suffered whiplash and soft tissue damage.
  • For major injuries- $50,000- $75,000. In such a case, the victim has suffered long-lasting injuries, some of which may require advanced medicine like surgery or physical therapy.
  • Spinal injuries- $75,000- $100,000. The victim will receive this amount if they suffer spinal injuries, resulting in paralysis.
  • Brain injuries- $100,000- $250,000. In this case, the victim has suffered the loss of brain function and cognitive impairment requiring surgery.
  • For injuries like paralysis or severe brain damage that force the victim into requiring daily assistance, the settlement can run into the hundreds of thousands or millions.

Although the at-fault party’s insurance is required to compensate you for any damages, some insurers have policies limiting how much money they can give you. They can only award you to a point.

For instance, if your settlement is worth $30,000, but their policy limits them to $15,000, that’s all they will grant you. You may have a better chance of receiving maximum compensation by suing the other party directly.

Factors Influencing Your Truck Accident Payout

In every truck accident, the powers that we usually examine various factors to determine how much your claim is truly worth. These factors include:

  • Determining the at-fault party
  • The severity of your injuries
  • Lost wages
  • Property damages
  • Medical bills
  • Pain and suffering

How To Calculate Pain and Suffering

Pain and suffering refer to the emotional distress you experienced following the accident. The pain and suffering umbrella has several facets of grief, including:

  • Psychological disorders such as depression, PTSD, anxiety, etc.
  • Emotional torment
  • Physical pain from your injuries
  • Loss of quality of life

It’s tricky calculating pain and suffering damages as they are not as straightforward as lost wages or property damage. However, talking to an experienced truck accident lawyer can help you get the necessary help.

An attorney will compile all medical expenses such as therapy bills and notes to prove mental anguish. They will then use these to prove your case to the court and help you get the amount you deserve. Additionally, they will be able to secure compensation for future pain and suffering.

Do You Need a Lawyer?

Although some people prefer to handle such cases alone, it’s not advisable to do so. For starters, insurance companies are aggressive. Secondly, you want to ensure you’ve received as much compensation for your pain as possible. Working with an attorney during the settlement process can help you obtain a reasonable payout. Remember, trucking companies and insurers have teams of lawyers on call, so why shouldn’t you?

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