When you have suffered catastrophic injuries in a commercial truck accident, you may be anxious to make the at-fault party pay. You are going to need the compensation you are entitled to so you can cover your expenses and start to pick up the pieces of your life. However, you may be unsure of how damages are assessed to calculate the value of your claim.
A reputable El Dorado Hills truck accident lawyer at Triumph Law will carefully examine the circumstances of your case and the various ways your life has been affected by the accident to determine how much your claim is worth. Certain types of damages are easier to quantify than others. Contact our office for a confidential and 100% free consultation today to learn more about what you could be awarded if we are successful in our pursuit of justice.
Calculating the Value of Your Damages After a Truck Accident
To figure out how much your truck accident damages are worth, your attorney will need to carefully consider the impact of the accident and your resulting injuries. You are entitled to more than merely the existing effects of your injuries. We will also consider how your life may be affected by the collision in the future.
You have the right to reimbursement for every single loss. It is not only monetary or economic damages that are recoverable. You also have the right to financial relief for the ways you have been affected emotionally and physically, as well as the ways your life has been adversely affected.
What Are Compensatory Damages?
Compensatory damages refer to a settlement or award that compensates you for your injuries and losses. Economic and non-economic damages are losses you should be paid for when someone else is at fault for your injuries.
Economic damages consist of every financial loss related to your truck accident. These are easier for your lawyer to calculate because they have fixed values and can be easily proven with documentation, such as receipts, repair quotes, bank statements, and other financial records. Some of the most common types of economic damages truck accident victims can recoup include:
- Medical home alterations
- Ambulance bills
- The cost of your hospital stay
- The diminished value of your vehicle
- Medical co-pays
- Prescription medications
- Medical device and equipment costs
- Diagnostic testing bills
- Ongoing occupational or physical therapy
- Reconstructive surgery
- Medical treatment
- Loss of household services
- Future healthcare costs
- Mental health counseling expenses
- Rental car costs
- Expenses related to purchasing a new vehicle or making repairs
- Loss of retirement savings contributions from your employer
- Loss of income and paid time off
- Loss of future potential wages, including salary increases and bonuses
- Damage to your credit score
- Outstanding credit card debt related to the accident
Any type of loss that involves money is considered economic. These are losses you do not want to be stuck covering on your own. Our team at Triumph Law will work tirelessly to ensure the liable party repays you in full for your economic damages.
Non-economic damages are more difficult to calculate. Without a fixed financial value, these losses are completely subjective and based on the impact the accident and your injuries have had on your life. Some examples of non-economic damages truck accident survivors can be awarded include:
- Loss of consortium
- Loss of protection, guidance, and advice
- Reduced quality of life
- Chronic pain and physical suffering
- Psychological trauma and mental anguish
- Feelings of apprehension and anticipation
- Embarrassing disfigurement and skin scarring
- Loss of enjoyment of life
- Fear, shock, shame, and indignity
- Reputational damages
- Permanent disability
Although non-economic damages are not monetary, the impact they have on victim’s lives is undeniable. For this reason, you will need to have an in-depth discussion with your truck accident lawyer about how substantially your life has been affected by these types of losses. This way, you can receive the fair compensation you deserve.
Punitive damages are also commonly referred to as exemplary damages. You are not entitled to punitive losses just because you were involved in a collision. Instead, punitive damages are designed to punish liable parties beyond the compensation victims are owed.
Typically, the civil courts will award punitive damages when they want to let the community know that they are taking cases like these seriously. This can prevent future wrongdoers from engaging in similar types of conduct, thereby reducing the number of collisions. If the defendant’s conduct was grossly negligent, reprehensible, or intentionally malicious, you may be more likely to be awarded punitive damages.
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Who Pays Your Truck Accident Settlement
The liable party will be expected to compensate you for your truck accident damages. However, the way in which you receive compensation can vary depending on the specific circumstances of your case. Some of the most common ways truck accident victims receive payment include:
- Filing a claim against the liable party’s insurance policy
- Filing a claim with their personal auto insurer
- Pursuing a third-party liability or personal injury lawsuit
- Seeking worker’s compensation benefits if the truck accident was work-related
Certain damages, known as covered losses, the insurance company will be expected to compensate you for. However, insurance settlements rarely pay victims in full. Going to trial or settling with the liable party outside of court is often the best way to ensure you are getting the most out of your claim.
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Get in Touch with an El Dorado Hills Truck Accident Lawyer Today
A substantial part of our responsibilities as your truck accident legal advocates is accurately calculating the value of your claim. Whether we pursue the compensation you deserve through an insurance claim or find it necessary to move forward with a civil lawsuit, with Triumph Law on your side, you can feel confident that you will maximize your financial compensation.
The at-fault party and liable insurance companies need to be held accountable. We will do everything possible to ensure you are awarded fair restitution for your damages and suffering. Contact our office for a no-cost, risk-free consultation today by phone or through our online contact form so we can put our considerable experience to work for you.