Devastating truck injuries don’t just happen; they occur with sufficient frequency to yield an annual average of 3,500 fatalities nationwide. And when they’re serious, settlements here in Memphis can run the gamut from the ordinary to the extraordinary, with averages settlements in the 6 figures.
This article will take a look at truck injury settlements with a watchful eye toward the factors that affect the settlements for victims. With that in mind, let’s answer the question of ‘How much are most truck injury settlements in Memphis, TN?’
Understanding Truck Injury Settlements
An injured party may reach a monetary settlement with the party at fault (usually the truck driver, the trucking company, or their insurance carrier) after a truck accident. Such settlements typically address multiple aspects of the injured party’s life affected by the accident.
For instance, the settlement usually tries to cover the person’s medical expenses, the property damage that occurred when the truck struck the person or the person’s vehicle, any lost wages (if recuperation time kept the injured person from performing their job), and various non-economic damages that are really quite difficult to put a figure to.
Settlements differ from court verdicts because they require no judicial involvement. That saves time and money, which is why most people in most situations negotiate settlements. Settlements are a lot like court verdicts in that they conclude a dispute. You have a dispute, you resolve it, and then you get on with your life.
Key Factors Affecting Settlement Amounts
Several factors influence the answer to the question of ‘how much are most truck injury settlements in Memphis, TN?’
Severity of Injuries
Significant injuries like traumatic brain injuries, spinal cord damage, or permanent disabilities typically garner larger settlements. These types of injuries necessitate a lot of medical treatment and can lead to long-term care situations, which significantly inflate the compensation amount.
Medical Expenses
Settlements take into account the pressing medical costs, such as the expenses associated with visiting the ER, undergoing surgery, or staying in the hospital. They also consider the “ongoing” medical expenses that follow, like the costs associated with physical therapy or necessary prescription medications. When it comes to the matter of settlement, the amount of money spent on all these things and the seriousness of the injuries they represent are weighted heavily in favor of the person who was hurt.
Lost Wages and Loss of Earning Capacity
When an accident prevents someone from working, whether temporarily or permanently, that person can receive compensation for lost wages. But what if the injury affects not just the current wage-earning capacity but also the potential to earn more in the future? That’s when settlements sometimes account for something called “reduced income potential.”
Non-Economic Damages
The settlement amount can be largely influenced by non-economic damages that we are deeply affected by, like pain and suffering, emotional distress, and loss of enjoyment of life. For economic damages, courts and insurance companies usually use a multiplier to come up with the amount.
Liability and Fault
Tennessee uses a type of comparative negligence, but it’s modified. Under this rule, a victim can get money damages only if they are less than half responsible for the incident that caused them to be injured. Negligence on the part of the victim doesn’t bar recovery; it simply reduces the amount won by the percentage that the victim is responsible.
Trucking Company Policies and Insurance
Because accidents with large commercial vehicles can be very serious, trucking companies usually carry insurance in large amounts. This translates into higher limits for compensation when things go wrong, compared to standard auto accidents.
But it also means those insurance companies can afford to dedicate a large legal team to defending and negotiating on behalf of their trucking clients. That’s one of the reasons it’s wise to consult an experienced injury attorney when trying to find out how much are most truck injury settlements in Memphis, TN?
Average Truck Injury Settlement Ranges in Memphis
Although each case has distinct features, in Memphis, settlements for truck injury cases usually land within fairly consistent ranges. The amounts depend on numerous and varied influencing factors.
- Minor Injuries: $10,000 to $50,000
- Moderate Injuries: $50,000 to $250,000
- Severe or Catastrophic Injuries: $250,000 to $1,000,000+
- Wrongful Death Cases: $500,000 to $2,000,000+
Why Legal Representation Matters
Pursuing a truck accident injury settlement without professional guidance can be a very cumbersome process. On the other hand, having a capable personal injury attorney on your side certainly smoothes the ride. Here are several reasons why:
Accurate Valuation of Claims
Lawyers can evaluate every facet of the damage to guarantee that a settlement represents the complete scope of losses. This includes assessing future medical costs (which is sometimes covered by medical experts) and determining non-economic damages, which are often the hardest to assess because they’re not tied to an actual bill or receipt.
Handling Complexities
When a truck is an accident, it often happens in such a way that more than one party is liable. This can include the driver, the trucking company, and even the manufacturer. When you work with an attorney after an accident, you have them to help you identify whom to go after in your claim.
Negotiation Skills
Insurance companies employ experienced tactics to minimize the compensation they pay out to policyholders and their beneficiaries. When these companies do not pay what is owed, attorneys fight to make them increase the payout.
Litigation Support
If an equitable settlement cannot be attained, lawyers are ready to bring the case before a judge and fight for a favorable outcome for the harmed individual.
Getting an Answer to ‘How Much Are Most Truck Injury Settlements in Memphis, TN?’
In Memphis, Tennessee, settlements for truck-related injuries differ greatly, depending on the particulars of each case. Settlements where plaintiffs only sustained minor injuries are generally lower than those achieved by plaintiffs with severe injuries.
But wrongful death cases, where a family member has tragically lost a loved one, often lead to even larger settlements. Yet, the determination of the size of the settlement is only roughly calculable beforehand because it depends on so many variables. This is why it’s best to have someone with a history of dealing with these cases by your side.
