It is hard to accurately determine the average truck accident settlement in Chicago, Illinois, because several factors affect the amount a claimant receives. Estimates, however, show that the average truck accident settlement in the state is about $103,654, and the median truck accident compensation is $30,000. The latter represents a more accurate estimate, as it is less affected by outliers. A lot goes into the determination of the truck accident lawsuit settlement, and it is in your best interest to seek legal help to ensure you get the maximum settlement or truck accident compensation entitled to you.
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At Ankin Law, we have handled numerous truck accident claims and helped many victims receive maximum truck accident lawsuit settlements. Our truck accident lawyers will investigate all aspects of your economic and non-economic losses to ensure you get full compensation. Call us at (312) 600-0000 to set up a free consultation.
Factors That Impact Average Truck Accident Settlement Amounts
Various factors affect the average truck accident settlement amount. These include:
Insurance Coverage
The coverage amount held by the liable party can impact your recovery amount. You are likelier to receive a decent truck accident settlement offer if the liable party has adequate insurance coverage. Your settlement will be lower if the at-fault party has insufficient coverage. You may even struggle to recover truck accident compensation if the blameworthy party is uninsured.
Federal and State Regulations
The jurisdiction within which a truck accident occurs also influences the settlement amount. In Illinois, for instance, claims involving heavy commercial carriers are subject to a rule called modified comparative fault. Under this rule, a plaintiff can only be eligible to receive the monetary award if he or she is less than 50% at fault for causing the accident. This law can lower your settlement, particularly when you hold some percentage of truck accident liability.
The Level of Negligence/Recklessness of the At-Fault Party
The truck driver’s behavior in the events leading to the accident can also affect the compensatory amount. For example, let’s say a commercial truck runs a red light at an intersection, ramming straight into your car and leaving you with serious injuries.
During the ensuing lawsuit, the court determines that the driver ran a red light and was also carrying loosely secured freight. The court finds the at-fault party to have acted in gross negligence because his or her driving record shows reckless driving patterns. In such a scenario, the court may impose punitive damages as a message to other truck drivers who also engage in similar reckless behaviors. Your compensation will increase if the court awards you punitive damages.
Severity of Injuries
The nature and severity of the injuries a victim sustains in a truck accident also impact truck accident lawsuit settlements. Truck accidents are known to cause serious, life-changing injuries. Illinois recorded 19,107 crashes involving large trucks in 2021, with 506 accidents resulting in severe injuries. These severe injuries included spinal cord injuries, traumatic brain injuries, and broken bones. Treating these injuries results in higher medical costs due to their life-changing impacts and long-term care needs. That said, the settlement in a truck accident claim involving severe injuries will be higher than one involving minor injuries.
What Damages Can You Recover in a Truck Accident?
Your recoverable damages in a truck accident depend on the details of your case and the type and severity of your injuries. The two most common types of damages recoverable in truck accidents include:
- Economic Damages – Also known as special damages, this category constitutes tangible losses that can be easily determined. Examples include medical costs, lost wages, and costs of repairing or replacing damaged property.
- Non-economic Damages – Also called general damages, this category covers intangible losses you suffered because of the truck crash. Examples include pain and suffering, emotional trauma, loss of consortium, and loss of enjoyment of life. It’s quite difficult to place a dollar value on non-economic damages.
How Are Truck Accident Settlement Amounts Calculated?
When determining your truck accident compensation, your lawyer and the insurance company involved will correspond to agree on the maximum amount to award you.
Calculating economic damages is straightforward. Your personal injury attorney in Chicago will review financial documents related to the accident and its aftermath and calculate the total amount. Some of these financial documents and costs include medical bills and receipts, lost income, and property damage costs.
Your lawyer will use either the multiplier or per diem formula to calculate your non-economic damages and, thus, total recoverable compensation.
The Multiplier Formula
This method is primarily used to calculate the value of your non-economic damages. When using this formula, your lawyer will carefully assess the severity of your injuries, the impact on your life, and emotional distress. The lawyer will also consider the length of your recovery journey and your inability to return to work.
Your lawyer will then rate it with a digit between 1.5 and 5. The digit is multiplied by the value of your economic damages to determine how much your non-economic damages are worth.
Example: Let’s assume your total economic damages in a truck accident is $40,000. Let’s also assume that your lawyer has settled on a multiplier of 3.5 after assessing all relevant factors. In this case, your non-economic damages will be $140,000 – representing $40,000 × 3.5. The total recoverable damages will be $180,000 – a sum of economic and non-economic damages.
Per Diem Formula
The per diem formula follows a different mathematical approach in determining truck accident lawsuit settlements. This method uses a daily value instead of a multiplier. The base value for calculating the settlement is typically your daily wages. That figure is multiplied by the number of days you were absent from work because of the injuries sustained in the accident.
Example: Let’s assume your daily wage is $300, and you lost 150 workdays due to truck accident injuries. Your total compensation will be $45,000 – representing $300 x 150 = $45,000.
When to Hire a Truck Accident Lawyer
You should partner with a truck accident lawyer as soon as possible. The sooner you involve a lawyer, the sooner the lawyer can conduct a truck accident investigation and file a claim. Early investigations mean the lawyer will be dealing with a relatively fresher case. It makes it easier for the lawyer to determine the full extent of the at-fault driver’s liability.
Truck accident investigations are usually challenging. Dilly-dallying for weeks or months without taking legal action compromises these investigations. Filing a strong claim requires obtaining strong evidence. Events leading to the accident are often fresh in the memory of eyewitnesses immediately after the accident. With time, the events that took place will fade from their memory. You should hire an attorney early on to enable the lawyer to:
- Obtain witness statements
- Gather video footage and images of the scene
- Review police reports
- Interview expert witnesses for professional testimonies
How Does Hiring a Truck Accident Lawyer Help Maximize My Settlement?
Besides investigations, having a truck accident attorney work on your claim increases your chances of receiving higher compensation than you would have otherwise received when handling the case alone. A lawyer can:
Assess Your Damages Extensively
A lawyer can examine the full extent of injuries and damages you incurred in the truck accident. He or she can help you determine your medical expenses by checking the bills and receipts you provide. The lawyer can examine your lost wages by looking at your pay stubs, tax income, bank records, and employment contracts. The lawyer can also use an appropriate formula to calculate your non-economic damages.
Negotiate With Insurance Provider(s)
The trucking company’s insurer will try to find a way to reduce its financial risks. This could happen even when you sue a trucking company for a blown out tire. You can imagine how stubborn and exploitative an insurance company can be to a non-lawyer trying to counter its objective. Truck accident lawyers have litigated many claims and can deal with tricks that insurance companies employ to devalue or deny claims. A skilled lawyer should have the experience to navigate correspondence and negotiations with insurance companies to ensure you get the settlement entitled to you.
Provide Legal Counsel
Truck accident lawsuits are often complicated, and the laws governing them are equally so. The claim gets even more intricate if it involves multiple liable parties. A lawyer can help you understand these rules and regulations. He or she will be able to explain the laws applicable to your case, your rights, how to mitigate your liabilities (if any), and actions that might help maximize your settlement.
At Ankin Law, we provide compassionate and quality legal representation to ensure accident victims receive maximum compensation. Contact us now and set up an appointment with one of our truck accident lawyers for a free case review if you have been injured in a truck accident.
