Truck accidents can be devastating, causing severe injuries and even death. If you have been involved in a truck wreck, you may wonder how much your settlement will be. This article will help you understand the process of calculating a settlement amount, what a payment in trucking is, the settlement formula, and the accuracy of settlement calculators in Texas.

How Do I Calculate My Settlement Amount?

Calculating a settlement amount can be a complex process that involves various factors. Your settlement amount will depend on the severity of your injuries, the medical bills you incurred, and the income you lost due to the accident. Other factors, such as the victim's age, the type of accident, and the state of Texas's laws, will also impact your settlement amount.

What is Settlement in Trucking?

Settlement in trucking refers to an agreement between the parties involved in a truck accident. The deal is reached outside of court and is usually an attempt to avoid a trial. Trucking and insurance companies will typically offer a settlement to victims of truck accidents, and victims can accept or reject the offer.

What is the Settlement Formula?

The settlement formula used in Texas is based on the damages the victim suffered due to the accident. Damages can be either economic or non-economic. Economic damages, or monetary damages, refer to expenses that can be quantified, such as medical bills and lost wages. Non-economic damages refer to intangible losses, such as pain and suffering. In Texas, the settlement formula for a truck accident is calculated by multiplying the economic damages by a factor of 1.5 and adding the non-economic damages to the total.

Are Settlement Calculators Accurate?

Settlement calculators can provide an estimate of the settlement amount that a victim of a truck accident may receive. However, it is essential to note that settlement calculators are not always accurate. They do not consider all the factors that can impact the settlement amount, such as the specific circumstances of the accident and the state's laws. It is best to consult with an experienced personal injury lawyer to determine the actual settlement amount.

In conclusion, truck accidents can be traumatic, and all of the factors that go into determining an amount can complicate the calculation. Settlements in trucking refer to an agreement between the parties involved in the accident and are usually an attempt to avoid a trial. The settlement formula used in Texas takes into account economic and non-economic damages. While settlement calculators can provide an estimate, consulting with an experienced personal injury lawyer is best to determine the actual settlement amount. If you or a loved one has been involved in a truck accident in Texas, it is crucial to seek legal advice to ensure you receive the compensation you deserve.

If you were injured or lost a loved one after an 18-wheeler accident and would like to know how much your 18-wheeler lawsuit may be worth, contact a winning and experienced 18-wheeler lawsuit lawyer in Houston, TX to find out how much your truck wreck lawsuit or truck wreck settlement may be worth. Call The Cedrick D. Forrest Law Firm today to schedule a free consultation at 832.945.1900 or fill out the form to contact us online.