The average settlement from truck accidents varies. Usually, the settlements for these types of accidents are higher than those from accidents involving only cars. This is due to the size and weight of semi trucks and therefore their heightened risk for causing extreme damage. Numerous factors contribute to the value of the settlement.
Liability is the largest factor in determining the value of truck accident settlements. Liability determines who was at fault for causing the accident. The party found to be at fault is responsible for payment associated with the accident and its damages. Contributory negligence and comparative fault are legal defenses that can be raised when both parties are at least partially at fault for the accident. This can also affect the final value of the settlement.
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Injuries are also an important factor in deciding compensation. The severity of the injuries is generally the most important factor associated with the value of a claim involving an accident with a semi truck. Generally, as the severity of the injuries increases, so does the value of the final settlement. If the accident resulted in the death of one or more parties, the value of the settlement can also increase substantially. In this stage, it is imperative to seek adequate legal representation. Hiring a skilled law firm is the best way to assure adequate compensation.
The last significant factor is the insurance policy. Sometimes a trucking company may carry minimal insurance coverage, although this is uncommon. In such circumstances, if the value of the awarded compensation exceeds the value of the policy limit, the injured party may not receive its total award. However, there are federal as well as state laws that often mandate higher levels of coverage.
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The insurance policies provide one way to estimate the range your settlement will fall within. The FMCSA has established the following policy minimum amounts that owners and operators of large trucks must carry:
- 10,000 pounds or below carrying non-hazardous cargo: $300,000
- 10,000 pounds or greater carrying non-hazardous cargo: $750,000
- Private tankers carrying oil: $1,000,000
- Private carriers transporting hazardous cargo: $5,000,000
While these dollar amounts may seem substantial, badly injured victims of semi truck accidents may eventually find that their medical bills, lost wages, and other injury-related expenses will far exceed these required minimum policies.
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