What is the average commercial vehicle accident settlement in Texas? There is no average settlement for commercial vehicle accidents in Texas.
Each case has its own unique factors, and every individual’s circumstances are different, which means every settlement is different and customized to a person’s needs. An Arlington truck accident lawyer can navigate these various factors to secure damages.
Settlements are Influenced by the Severity of Losses
One of the biggest factors that can affect how much your settlement is worth is the extent and severity of your injuries. Minor injuries need less medical care than serious or catastrophic injuries. Unfortunately, commercial vehicles often result in severe accidents because of their size and weight. This means that victims are more likely to suffer sizable injuries.
Because of the unique aspects of truck accidents, victims may require more extensive medical care, ongoing treatment, or lifelong care. In these situations, settlements are likely to be larger because there are more expenses to cover. Future medical care and the overall cost of the injury over a lifetime will also be factored in when determining how much compensation you need to sufficiently cover your expenses.
Other losses are also considered when determining your settlement amount. These can be financial, such as vehicle repairs and lost income, or they could be intangible, such as pain and suffering and emotional distress. Losses vary so much from person to person, so every settlement reflects each victim’s personal needs and can only be determined by evaluating what you have lost.
Accident Settlements are Affected by Complex Liability and Shared Fault
Commercial vehicle accidents are complex because there are often multiple parties that could be at fault. Trucking companies and bus companies have many individuals who contribute to normal operations, which means more people could be at fault, including drivers, companies, mechanics and service technicians, vehicle and parts manufacturers, and cargo loaders.
The added complexity of liability in truck accidents can make resolving cases more challenging. Many of these parties also have strong legal teams that will resist paying for the losses they caused. Without experienced legal representation on your side, these parties may not pay you enough to cover your losses. Thorough investigations and strong negotiations are necessary for maximum recovery.
Additionally, shared fault can also lower your settlement. According to Texas Civil Practice and Remedies Code § 33, if you are partially at fault, you can only recover compensation if you contributed less than 50% to the accident. Even then, your losses will be reduced in proportion to your fault. If you were 20% at fault, you would recover 80% of your settlement, which could significantly lower your settlement.
Insurance Tactics and Policy Limits Can Impact the Value of a Settlement
While commercial vehicle companies often have higher insurance limits due to their greater risk of an accident, the insurance companies will still try to pay you as little as possible. They may try to blame you, delay your claim on purpose, or use technicalities to pay you less or not at all. Their first settlement will often be the lowest, so it is important to have a lawyer negotiate for you.
Policy limits cap the sum you can receive from the insurance companies for your injuries. Sometimes this may not be enough, depending on the extent of your injuries and ongoing care. If this happens, you can file a lawsuit against the other party directly for a commercial vehicle accident settlement in Texas. This allows you to recover your losses directly from them, and you are more likely to receive a larger settlement.
To ensure you get a fair settlement, a demand letter will need to be submitted first. This document clearly and specifically lists each one of your losses, how much they are worth, and the amount of damages you are seeking. Negotiations can be conducted from here. These steps can improve the settlement amount you receive and keep the insurance company from paying less than you deserve.
Recoverable Damages in a Texas Commercial Vehicle Accident Settlement
While the average commercial vehicle accident settlement does not exist, there are certain losses that can generally be recovered in a case. You have the right to recover the losses that apply to your situation, and how much you can recover for each one depends on the factors discussed above. Some of these losses include:
- Cost of medical care, rehabilitative services, and accommodations
- Lost wages
- Vehicle damage costs
- Funeral and burial expenses
- Pain and suffering
- Emotional distress and mental anguish
- Decreased quality of life
- Loss of companionship and consortium
To ensure you receive the maximum amount in a settlement, you should keep thorough records of all expenses and losses so you can show the nature of your losses. You should also document anticipated future needs related to the accident. Additionally, collecting other evidence, such as photos, witness statements, police reports, and more, can reduce the risk of bad faith tactics by the insurance company.
Avoid Losing Your Settlement and File Your Claim Before the Statute of Limitations Expires
It’s also important to be aware of the two-year statute of limitations provided by Texas Civil Practice and Remedies Code § 16.003. If you do not act within this window of time, you could be left without a settlement at all and have to cover your losses out of pocket.
By acting quickly, you can ensure plenty of time to resolve these lengthy cases and make sure you receive a settlement that fairly compensates you.
The Texas Law Dog Fights for Maximum Compensation
The Texas Law Dog fights to make sure that you receive maximum compensation in a commercial vehicle accident settlement in Texas.
We guard your right to recover a fair settlement and negotiate on your behalf until we secure a satisfactory amount that will cover your losses. Victims often receive larger settlements with legal help. To learn what your case may be worth, schedule a free consultation today.
