The Federal Motor Carrier Safety Administration reports that there were 4,311 fatal large truck & bus accidents in 2015, an 8% increase from 2014. Most of the truck accidents result in serious injuries including permanent disability. In majority of cases, a truck accident is caused by some sort of human error. You are legally entitled to receive compensation for your pain and emotional suffering due to injuries sustained in a truck accident for which another party is to blame.
Truck accident claims can cover medical bills, damage to the property, wages lost, and other many other losses. In this article, you will know how the personal injury claim is calculated for injuries sustained in a truck accident.
Truck accident claims can cover medical bills, damage to the property, wages lost, and other many other losses. In this article, you will know how the personal injury claim is calculated for injuries sustained in a truck accident.
Know the Methods of Calculating Compensation
Calculating a reasonable compensation amount is necessary when negotiating a truck accident claim. Most personal injury attorneys and insurance providers use a formula to calculate the compensation amount for personal injury cases.
Here are two common formulas that are normally used in personal injury compensation cases:
The Daily Rate Method:
The daily rate method can be used to determine the truck injury compensation amount. Also known as the 'per diem' method, the calculation involves assigning a daily value based on the expenses incurred after sustaining an injury.
An example will help you understand how this method is used. Suppose, your annual income is $75,000. Dividing your annual income by total working days (250) results in $300 per day. Now, suppose that you were not able to resume normal activities for three months after the truck accident injury. Under the daily rate method, your compensation amount will be $27,000 — $300 x 90 days.
The Multiplier Method:
Another method that is commonly used to calculate the compensation amount is the multiplier method. This method involves multiplying the actual financial losses by a specific multiplier. Generally, the expenses are multiplied by three to get an idea of a reasonable compensation amount.
Suppose your medical expenses were $10,000 and your lost wages during a period amounted to $15,000. You will multiply the total amount of $25,000 by 3 to arrive at the compensation amount of $75,000.
Here are two common formulas that are normally used in personal injury compensation cases:
The Daily Rate Method:
The daily rate method can be used to determine the truck injury compensation amount. Also known as the 'per diem' method, the calculation involves assigning a daily value based on the expenses incurred after sustaining an injury.
An example will help you understand how this method is used. Suppose, your annual income is $75,000. Dividing your annual income by total working days (250) results in $300 per day. Now, suppose that you were not able to resume normal activities for three months after the truck accident injury. Under the daily rate method, your compensation amount will be $27,000 — $300 x 90 days.
The Multiplier Method:
Another method that is commonly used to calculate the compensation amount is the multiplier method. This method involves multiplying the actual financial losses by a specific multiplier. Generally, the expenses are multiplied by three to get an idea of a reasonable compensation amount.
Suppose your medical expenses were $10,000 and your lost wages during a period amounted to $15,000. You will multiply the total amount of $25,000 by 3 to arrive at the compensation amount of $75,000.
Who Pays for the Truck Accident: The Driver or the Employer?
Most people who are involved in a truck accident get confused about whether to sue the driver or the employer. In most of the cases, the employers and their insurance policy holding companies are responsible for a truck accident. However, an exception is when the driver was working as an independent employee without being associated with any company.
A professional truck accident attorney will guide you in establishing guilt in case of a truck accident. You should engage an attorney with the right experience and proven history in truck accident cases. Hiring the right auto accident attorney can influence the case outcome positively.
Have you been injured in a truck collision? Has your loved one died in a truck accident? If so, you should contact an experienced personal injury lawyer. Our personal injury lawyers in Inland Empire will help you get compensation for the injuries sustained in a truck accident.
A professional truck accident attorney will guide you in establishing guilt in case of a truck accident. You should engage an attorney with the right experience and proven history in truck accident cases. Hiring the right auto accident attorney can influence the case outcome positively.
Have you been injured in a truck collision? Has your loved one died in a truck accident? If so, you should contact an experienced personal injury lawyer. Our personal injury lawyers in Inland Empire will help you get compensation for the injuries sustained in a truck accident.
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