What Is the Average Settlement for a Truck Accident in NY?
Truck accidents in New York can have devastating consequences. These accidents can result in serious injuries, lasting disabilities, and significant financial losses. If you have suffered an injury in a truck accident, one of the questions you might be asking is, “What is the average settlement for a truck accident in NY?” While theoretically, there may be a mathematical average of truck accident settlements in New York, practically speaking, the concept of an “average” settlement is misleading. Every truck accident case is unique. Each collision involves different facts and circumstances that can influence the final settlement amount. Instead of focusing on a number, it is more helpful to understand how truck accident settlements are calculated and the factors that can influence the value of a truck accident claim in New York.
How Are Truck Accident Settlements Calculated in NY?
There is no fixed formula for calculating truck accident settlements in New York. Instead, your case’s value will be calculated by assessing your economic and non-economic damages. Economic damages are those with concrete monetary value, such as medical expenses and lost income, whereas non-economic damages cover intangible losses like emotional distress, pain and suffering.
In some truck accident cases in New York, punitive damages may be awarded on top of compensatory damages (economic and non-economic damages). Specifically, these damages are awarded when the defendant’s behavior constitutes a complete disregard for the safety of others, such as driving under the influence.
Factors That Affect Truck Accident Settlements in NY
Several crucial factors can affect how much you recover for your New York truck accident, including the following;
- Economic and Non-Economic Damages
The greater your tangible and intangible losses, the higher your potential compensation. Typically, long-lasting injuries that require extensive medical care or limit your ability to work will result in greater economic and non-economic damages, and thus, higher compensation.
- Severity of Injuries
Generally, the more severe your injuries are, the more compensation you can expect to receive. Injuries like traumatic brain injuries, amputations, or spinal cord injuries often result in higher settlements because of their associated higher medical costs and more profound life changes.
- Number of Defendants
Often, truck accident cases involve multiple parties, such as the truck driver, trucking company, a maintenance provider, a cargo loading company, or even a manufacturer. Filing a claim against multiple defendants increases the available compensation.
- Liability and Fault
You can still recover compensation if you are partially at fault for your accident. However, since New York follows the comparative negligence rule, your compensation may be diminished by your fault percentage.
- Insurance Coverage
The coverage held by the defendant may limit how much you can collect in a New York truck accident claim. For example, if a trucking company holds a $1 million insurance policy, you may be unable to collect more than $1 million even if your damages surpass that amount.
- Your Attorney’s Skills
Hiring a skilled New York truck accident lawyer can significantly affect your case’s outcome. A skilled lawyer can gather crucial evidence, build a strong case, negotiate with insurance companies, and take your case to trial if necessary to seek full compensation.
Contact a Long Island Truck Accident Lawyer
The most effective way to protect your rights and pursue maximum compensation after a truck accident in NY is to consult a knowledgeable attorney. Our Long Island truck accident lawyers at Jacobson Law have experience dealing with truck accident cases. Contact us today to schedule a consultation.
