| When it comes to truck accidents and the resulting injury claims, there’s no formula that spits out a number. Every situation is different. However, understanding the categories that determine value helps you recognize whether the number the insurance company offers you actually reflects what your claim is worth.
Economic Damages
Economic damages are the financial losses you can document with receipts, records, and projections. They’re the most straightforward component of a truck accident claim because they’re tied to specific numbers.
Medical expenses are the foundation. This includes current bills for emergency treatment, hospitalization, surgery, diagnostic imaging, physical therapy, prescription medications, and any other care you’ve received since the accident. It also accounts for future medical costs for treatment your doctors anticipate you’ll need going forward – e.g. additional surgeries, ongoing therapy, long-term care, etc.
But medical bills are only part of the economic picture. “In addition to coverage of your medical bills, you can also be repaid for the wages you lost due to being unable to work; the damage to your earning capacity, including bonuses, salary raises, and contributions to your 401k; and any property damage, such as the damage done to your vehicle,” Raybin & Weissman, P.C. explains.
Lost wages are calculated based on what you earned before the accident and how much time you’ve missed from work. Pay stubs, tax returns, and employer verification documents provide the evidence. If you’re self-employed, business income records and financial statements serve the same function.
Lost earning capacity is a separate category from lost wages, and it often carries more value. If your injuries prevent you from returning to the same type of work you did before the accident, or if they limit your ability to advance in your career, the difference between what you would have earned over your working life and what you’re now able to earn is a compensable loss.
Out-of-pocket expenses that relate to the injury are also recoverable. This includes things like transportation to medical appointments, home modifications, childcare costs you wouldn’t have incurred if you hadn’t been injured, and other related items.
Non-Economic Damages
Non-economic damages compensate you for the losses that don’t have receipts or invoices attached to them. They’re harder to quantify but often represent a larger portion of the total claim value than economic damages, especially in truck accident cases.
Pain and suffering covers the physical pain you’ve experienced and continue to experience as a result of your injuries. While it can be difficult to do, experts will attempt to measure the severity and length of the pain. Chronic pain that persists for years after the accident carries more value than acute pain that resolves within a few months.
Emotional distress accounts for the psychological impact of the accident and the injuries. Anxiety, depression, PTSD, sleep disturbances, and the mental toll of living with a serious injury are all able to be compensated for.
Loss of enjoyment of life is one that most people are a little confused by, but it’s pretty simple. It compensates you for the daily pleasures that your injuries have taken away or diminished. For instance, if you were an active person who can no longer exercise, play with your kids, or pursue hobbies, that loss has value.
Loss of consortium applies when your injuries have affected your relationship with your spouse. If you can no longer be physically intimate with your spouse or provide the sort of emotional support they need, then these are considered compensable losses in most states.
Why Truck Accident Claims Are Different
Several factors make truck accident claims more complex and often more valuable than standard car accident claims.
The severity of injuries is the most obvious factor. The force involved in a collision between a passenger vehicle and a commercial truck weighing 80,000 pounds produces injuries that are way more serious than most car-on-car accidents. Spinal cord injuries, traumatic brain injuries, multiple fractures, internal organ damage, and amputations occur at higher rates in truck accidents. The medical costs and life impact of these injuries push claim values way higher.
Then there’s the issue of multiple liable parties, which creates additional complexity and sources of potential compensation. The truck driver may bear direct responsibility, while the trucking company may be liable for negligent hiring, and the maintenance contractor is liable for failing to properly service the vehicle. Each liable party typically carries separate insurance coverage, which means more potential sources of compensation.
It’s worth pointing out that insurance policy limits in commercial trucking are significantly higher than personal auto policies. Federal law requires a minimum of $750,000 in liability coverage for most commercial carriers, and many carry $1 million or more. Higher policy limits mean that the full value of a severe injury claim is more likely to be recoverable.
What to Do Next
If you’ve been injured in a truck accident, the single most important step is consulting an attorney who specifically handles truck accident cases. They can help you figure out the best path forward, which may involve filing a claim. In the meantime, be sure to document everything you can and focus on your recovery!
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