Things You Should Pay Attention to When Negotiating a Fair Settlement After a Truck Accident

Negotiating a fair settlement after a truck accident is not always straightforward. Insurance companies may try to lowball you or get you to accept an offer before you fully understand your options.

As the victim, it is important you know your rights and what to look out for during settlement negotiations.

Damages You Can Claim

Being aware of the truck accident damages you can claim will put you in a better bargaining position when it’s time to negotiate fair and favorable terms in a settlement.

Damages typically include:

Economic Damages

These are quantifiable losses that have a clear monetary value and typically include:

• Medical expenses – Any doctor/hospital bills, medication costs, physical therapy, medical devices, etc. related to accident injuries.
• Lost income – The amount of current and future wages lost due to missing work during recovery.
• Loss of future earning capacity – If injuries are permanent and impact your ability to work long-term.
• Property damage – Repairs or replacement cost for the vehicle, clothing, personal property, etc. damaged in the crash.

Non-Economic Damages

These losses are more subjective and include:

• Pain and suffering – Compensation for any physical pain, discomfort, stress, or mental anguish suffered because of injuries.
• Loss of enjoyment of life – Inability to participate in activities or hobbies you previously enjoyed.
• Loss of consortium – Impact accident injuries have had on your relationship with your spouse or family.
• Emotional distress – PTSD, anxiety, depression, or other emotional trauma caused by accident.

Calculate a Reasonable Settlement Amount

• Add up all quantifiable losses – this includes medical bills already incurred and those you expect to incur in the future, lost income, property damage costs, etc.
• Factor in difficult-to-quantify losses – pain and suffering, emotional distress, loss of enjoyment damages. These vary greatly but could significantly increase overall value.
• Consider liability share – some states assign partial fault percentages. Your settlement amount only covers the truck driver’s share.
• Account for future uncertainties – health complications, the impact of disability over decades, and inflation on expenses. Increase settlement size to hedge against this.

Aim for the full amount, but have a lower target range that reasonably covers quantifiable current and near future costs. The initial offer will likely be much lower than what you calculate – insurance companies expect to negotiate down.

Watch Out for Common Settlement Tactics Insurers Use

It’s important to recognize common tactics insurance adjusters use to lower settlement offers. Being aware of these puts you in a better position to counter:

• Delaying negotiations – Stalling settlement talks in hopes the injured party will accept lower amounts out of necessity. Set your own timeline.
• Challenging liability – Disputing who’s at fault despite the police report assigning blame. Provide all documentation proving the other party’s fault.
• Disputing seriousness of injuries – Downplaying the extent of injuries suffered despite contrary medical evidence. Have doctors directly explain the prognosis.
• Claiming preexisting conditions – Blaming crash injuries on prior medical history. Show injuries and treatment are directly tied to new incidents.
• Pressuring for quick settlement – Creating false urgency to accept unreasonably low offers before fully assessing losses. Never rush into a settlement.

Consult With a Truck Accident Attorney

An experienced truck accident attorney levels the playing field against big insurance company negotiators. Legal expertise can make the difference between getting fairly compensated or leaving money on the table. Key attorney benefits:

• In-depth understanding of claim value based on case experience
• Maximum settlement negotiating leverage
• Dedicated focus on proving liability
• Resources to thoroughly investigate the accident
• Legal skills proving long-term losses
• Will only collect a fee if a settlement offer secured

Even with strong evidence supporting your claim, negotiating a fair settlement on your own can prove very challenging. Speaking with an attorney helps assess your options.

How Fault Percentage Impacts Settlement Amounts

In some states, settlement amounts are adjusted by your share of fault as determined by state law:

• Pure comparative fault – You can recover damages reduced by the percentage of fault. So 20% of fault means you recover 80%.
• Modified comparative fault – You can only recover damages if your fault is under 50%. If 49% is your fault, damages are reduced by 49%.
• Contributory negligence – You cannot recover any damages if apportioned any percentage of fault based on actions or failure to act.

An experienced attorney will account for this when calculating a settlement demand amount and negotiating the best possible payout.

What Paperwork You’ll Need to Sign to Get Paid

As part of finalizing a settlement, you will likely need to sign some type of release form protecting the trucking company and insurer from further liability. Common documents include:

Release and Settlement Agreement

This form:

• Settles the claim with payment amounts and details
• Releases parties from legal responsibility
• Prevents you from seeking additional compensation later
• Becomes binding once signed and check issued

Carefully review before signing to ensure it matches what was agreed upon.

Stipulation to Dismiss Action

If a lawsuit was filed, this document:

• Stipulates all legal claims arising from the accident will be dismissed
• Details of the settlement payment amounts
• Sets timeline for money to be issued and case dismissed
• Signed by attorneys once settlement terms reached

There may be other local forms needing to be signed as well. An attorney can advise what documentation is needed to finalize the settlement.

Options If Settlement Offer is Unfair

If the trucking company or insurance provider won’t present a fair settlement offer, you have options including:

• Mediation – A neutral third-party mediator helps facilitate discussions aiming for an agreed-upon settlement.
• Binding arbitration – The arbitrator hears case evidence and makes a settlement determination binding on both parties.
• Lawsuit – File a court case against defendants seeking maximum damages awarded by a judge or jury.

An attorney can best advise which option makes the most sense based on the claim specifics and liability strength. The best leverage is presenting a strong case with good documentation.

How Settlement Money is Typically Paid Out

There are a few common arrangements for payment of settlement money:

• Lump sum payment – One-time check for the full settlement amount. Quick but no flexibility if future medical costs arise.
• Structured settlement – Portion of funds paid immediately with the rest provided through periodic payments over years. Provides income stability.
• Special needs trust – If injuries disable you long-term, a trustee manages the fund to provide for medical and living expenses as needed.

Each arrangement has pros and cons based on the details of your situation. Discuss options with your attorney to determine what makes sense in your specific case.

Use Settlement Funds Wisely

Receiving a significant settlement check can be life-changing. Be smart with this money by:

• Paying off debts – Eliminate credit card, medical, or other high-interest debt first.
• Establishing emergency fund – Put a portion aside to cover 3-6 months of living expenses as a safety net.
• Funding retirement – Invest lump sum to supplement future retirement income.
• Paying insurance premiums – Prepay health, disability, or life insurance to lock in lower rates.
• Funding education – Pay tuition or save towards kids’ college costs.
• Meeting health needs – Cover ongoing care costs, medical equipment, accessibility modifications, etc.

The best approach depends on your health, financial situation, and future outlook. An attorney and financial advisor can help analyze options to use funds wisely.

Don’t Rush! – Take Time Evaluating Settlement Offers

It’s important not to let insurance companies pressure you into accepting the first settlement offer. Evaluating options takes time:

• Fully understand all current and future costs the accident caused
• Research legal rights in your state
• Consult with an attorney on claim value
• Account for all possible damages and lost income
• Assess financial needs going forward
• Negotiate improved offers when amounts are too low

Rushing through settlement talks without considering long-term implications can sell your claim short by thousands or millions. Patience ensures maximizing the settlement or award amount.

Getting fair compensation for losses suffered in a truck crash often requires aggressively negotiating settlement offers. Arm yourself with documentation proving damages, know tactics adjusters use to lowball victims and don’t be afraid to fight for what your claim is truly worth. The outcome can provide greater financial security and peace of mind moving forward.

This article has been published in accordance with Socialnomics’ disclosure policy.