How much a truck accident settlement is worth depends on the severity and extent of the economic and non-economic losses suffered by the accident victims. Medical costs and property damages are major factors. Long-term lost income or lost earning capacity, a loss in the enjoyment of life, and damages for pain and suffering that the victim had to endure because of the accident, may also be included in a settlement.
Accordingly, there is no universal answer, or even estimate, for how much a truck accident settlement is worth since the outcome can be so different on a case-by-case basis. A law firm that handles truck accident lawsuits may be able to estimate the value of a fair settlement range for your case during a consultation.
Recoverable Damages in a Truck Accident Case
The damages in a truck accident case can be thought of as the amount needed to get the victim back to where he or she was physically and financially before the accident occurred. There are both economic damages, which are actual costs that can be quantified, and non-economic damages, for things such as pain and suffering.
Depending on the nature of the accident, the recoverable damages in a personal injury case may include:
- Current medical treatment expenses
- The costs of future care, rehabilitation, or therapy
- Lost income or wages, including lower earning potential
- Property damage
- Non-economic damages, such as compensation for pain and suffering, emotional trauma, and/or mental anguish
To estimate the value of your non-economic damages, medical and economic experts may sometimes be called on to calculate the damages multiplier. This figure may be set somewhere between 1.5 and 5, or even higher in some cases. The damages multiplier may be multiplied by your economic damages to arrive at a settlement figure for the non-economic damages in your case.
Because of these many variables, how much a truck accident settlement is worth can vary widely from case to case.
Another factor that could affect the value of a truck accident settlement is contributory fault. Per Ohio Revised Code (ORC) § 2315.33, if a victim is 50% or less at fault for an accident, they may still be able to recover compensation for their damages. However, this compensation may be reduced proportionately to their degree of fault.
Accordingly, if a judge or jury decides you are 25% at-fault for an accident and that your damages are worth $100,000, your payout may be reduced by 25% to $75,000.
Proving Liability in a Truck Accident Case
In general, you may be able to seek a settlement for your truck accident damages as long as you can:
- Prove that the at-fault party owed you a duty of care.
- Establish a link between the at-fault party’s failure of fulfilling his or her duty of care and the accident that occurred.
- Show that you were impacted by economic or non-economic damages in the accident.
- Provide proof of the extent or severity of your losses or injuries.
- Ensure you follow all relevant legal, administrative, and insurance requirements before filing.
The Deadline to Sue in Ohio
If you are thinking of taking legal action for your injuries, keep in mind that there is a general two-year statute of limitations for filing a personal injury lawsuit in Ohio, per ORC § 2305.10. Failure to take legal action within the deadline that applies to your case could result in your lawsuit being dismissed.
Call the Fitch Law Firm LLC Today
If you were hurt in a truck accident caused by someone else’s negligence in Columbus, Ohio, the Fitch Law Firm LLC may be able to manage all aspects of your case. Depending on how your accident occurred, we may be able to help you identify the party responsible and pursue compensation in an insurance claim or lawsuit.
The Fitch Law Firm LLC can handle all communications, negotiations, and paperwork in your case when we represent you. If the responsible party’s insurance company refuses to make you a fair settlement offer, we can take them to trial.
For a free consultation on your case with a member of our team, call the Fitch Law Firm LLC today at (614) 545-3930. We may be able to represent you on a contingency-fee-basis, where we do not collect attorney fees unless and until you win your case and recover compensation via a settlement offer or court award.