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If you or a loved one suffered injuries in a truck accident, you might be tempted to take the first settlement offer and put it all behind you. That may not be the best course of action. Many people wonder how much they should settle for after a truck accident, but finding the answer to that is a bit more complicated than simply pulling a number out of thin air.
You need to make sure that the settlement will cover all of your accident-related costs. This does not just include current medical bills and the cost of repairing or replacing your vehicle, either. Before you settle, you need to learn more about the future costs that can be attributed to your truck accident.
Calculating Fair Compensation After a Truck Accident
According to the Insurance Information Institute (III), the average auto liability claim for bodily injury was valued at more than $15,000 in 2018. A motor vehicle accident can result in hefty medical bills and other costs, so it is important to make sure that your settlement would accurately reimburse you for the injuries that you have suffered.
Remember, you do not need to rush to accept the first settlement you see. Per New York Civil Practice Law and Rules (CVP) §214, you have three years to take legal action after a truck accident in New York. That’s not a lot of time.
It is always prudent to begin the legal process as soon as possible, but taking some time to talk to a lawyer, speak with medical experts, and figure out what kind of settlement would fairly compensate you is worthwhile.
What Your Settlement Should Cover
If your settlement is a fair one, it should cover the following expenses:
Medical Bills
Any motor vehicle accident can leave you with hefty medical bills, but truck accidents can be particularly dangerous. Your settlement should cover a lengthy hospital stay, visits to doctors, and other costs.
Cost of Future Care
If you have suffered injuries that will require future care, the cost of that care should be covered by your settlement as well. Your injuries might require future visits to the hospital or doctor. You might need to pay for prescription medications for an extended period of time or require you to seek physical therapy.
Consider your future care costs before accepting any settlement.
Home Modifications
Your or your loved one’s truck accident injuries result in a permanent disability that could require you to modify your home. The costs of making your home more accessible to a disabled occupant should be covered by your settlement as well.
Lost Wages and Earning Potential
Being out of work for an extended period of time due to your injuries can mean lost paychecks. If your injuries cause permanent damage and you cannot return to work in the same capacity as prior to the accident, you should also consider your loss of earning potential when calculating your settlement goal. If you do not believe that your settlement will cover the above costs, it may be time to pursue compensation via a lawsuit.
Should You Hire a Lawyer?
You might decide to pursue legal action with the help of your New York truck accident attorney. Your lawyer will:
- File required paperwork
- Hold liable parties accountable
- Calculate fair compensation
- Gather evidence necessary for your case
- Talk to medical experts about your injuries and lasting effects
- Handle all communications for you
- Keep you updated on your case
If you decide to pursue a lawsuit, consider hiring your lawyer to advocate for you and fight on your behalf.
Call Today for Your free Consultation
If you or a loved one suffered injuries in a truck accident, do not rush to settle. Instead, call the Law Office of Cohen & Jaffe, LLP at (866) 878-6774 and receive your free consultation. Whether you have questions about how much you should settle for after a truck accident or you want to learn more about all of your legal options, we can help you chart the best path forward for you and your family.
Our initial consultations are free, meaning that there is no financial risk to you when you speak with a member of our team.
