Every auto accident is different, and it can be hard to know what your case should be worth. When settling, you may be under the impression that you just take the best offer, but it is a bit more complex than this. You should always talk to a lawyer about what goes into a “good” offer.
A settlement offer is typically “good” (or good enough) when it actually accounts for all of your damages. This means covering all of your medical expenses, lost wages, vehicle repairs, other economic costs associated with the accident, and damages for your pain and suffering. Initial offers are usually too low, and insurance companies just throw them out there hoping you end the case quickly. Never accept a settlement until your lawyer has negotiated a fair settlement, or else we can take the case to court.
For your free case review, call Rhatigan Law Offices’ Chicago, IL car accident lawyers at (312) 598-0014.
How Much is a Truck Accident Worth?
Here are some basics about how to value a truck accident case:
Each Case is Unique
Your case is unique to you. You cannot look up how much a case should be worth, because it would be impossible to cover every situation and list the damages out.
Prices Are Not Set by Specific Injuries
There is no specific price for each injury. Instead, the damages are based on what costs you face and how much pain and suffering the injury causes. As mentioned, these values are unique to your case.
Cases Are Worth the Total Damages You Face
You can only claim any damages you actually suffer. For example, if you need surgeries, you can claim those costs; if you do not miss work because of the injuries, you cannot claim lost wages.
What Damages Can You Get in a Truck Accident Case?
Most truck accident cases involve these damages, though the amounts will vary based on your specific case:
Medical Bills
The cost of any medical treatment related to your injury should be covered. You should not have to pay out of pocket.
These costs can be enough to bankrupt you in many cases, so getting them paid by the defendant trucking company or their insurance is vital.
Lost Wages
If you missed work because of your injury, then you can claim lost wages. It doesn’t matter if the accident happened while you were working or not; the fact that you cannot work because of the injuries makes those lost wages related to the crash.
You can also claim ongoing/future lost wages if your injury affects your capacity to work and earn income.
Vehicle Repairs/Replacement
The damage the other driver caused to your vehicle should also be covered. These damages come in the amount it cost to repair the vehicle or, if it was totaled, the remaining value left in your vehicle.
Other Economic Damages
You can also claim other costs and expenses that came about as a consequence of the crash. For example, the cost of a rental car while your car is in the shop or the cost of replacement services around the house while you are too injured to perform them.
Non-Economic Damages (Pain and Suffering)
Lastly, “pain and suffering” and other “non-economic” damages can be claimed for the intangible harms you face. These have no set value from bills or receipts, but you can still get monetary damages for them.
We base the value on how severe your injury was, using various calculation methods.
How Do You Know if a Settlement is “Good”?
You should never settle if your offer is inadequate.
Compare with Damages
A settlement is only adequate if it actually covers your damages. Once you determine the value of each of the areas of damages discussed above, you can see if the settlement offer meets those amounts.
If it doesn’t, then it isn’t a good settlement.
Check with a Lawyer
You should always check with a lawyer to determine if the settlement is okay or not. Your truck accident lawyer can calculate your damages, look for any areas that might be missing, and help you make the comparison.
What Do You Do if the Settlement is Too Low?
If the settlement is not enough, do not take it. Instead, take these steps:
Have Your Lawyer Negotiate
Your lawyer can go back and forth with the trucking company and their insurance and legal team to try to bring up the value of the settlement. If they are willing to negotiate, we may be able to reach a good settlement that does cover your case in full.
Before negotiations, the defendant’s offer is likely to be too low, so do not take it.
Take the Case to Court
If negotiations do not result in a sufficient offer, we can go to court. You do not have to take a settlement.
With the case before a judge and jury, they can choose a more accurate value based on our evidence and arguments, but trial is always inherently risky. Discuss these risks with your lawyer.
Do You Have to Take a Settlement?
No. If you accept a settlement, your case is over. You can always reject a settlement offer, give a counteroffer, have your lawyer negotiate with them for a better settlement, or even go to court instead of accepting an offer.
Do You Settle with Insurance or the Trucking Company?
When you are hit by a truck, you may have a case against the individual driver and their employer, and each of them might have their own insurance. Their insurance represents them and pays for their damages, but a settlement may involve some out-of-pocket contributions, too. That means you might settle with both the party and their insurance.
Each party to the case also settles on their own, though the trucking company might cover the driver’s damages. This makes things quite confusing, and you should always talk to a lawyer before accepting any settlement to understand whether it is the only settlement or one of multiple settlements in your case.
Can You Sue After Accepting a Settlement?
If you accept a settlement, your case is over against that defendant. Even if the settlement is too low, your case against that party is over, and you cannot go back to court.
However truck accident cases might involve multiple defendants, and you would sign a settlement with each one separately in many cases.
Can You Get Paid Through Your Own Insurance?
Taking money from your own, first-party insurance benefits usually does not function as a “settlement” against the defendant. However, even your own insurance might try to stiff you or cut damages, so you should still have a lawyer review it before you sign anything, just in case.
Call Our Truck Accident Lawyers in Illinois Today
Call (312) 598-0014 for a free case assessment with the Chicago, IL truck accident attorneys at Rhatigan Law Offices.
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