Setting the Table for a Truck Accident Settlement
Most truck accident victims can expect stiff opposition. Many insurance defense lawyers charge more than $2,500 per hour. So, a busy day for a team of lawyers could easily cost $10,000 for an insurance company. Insurance companies can easily afford these legal fees because they earn more than $1 trillion a year. However, at that rate, the bill adds up quickly. As the bill accumulates, the pressure to settle the case becomes greater.
Truck accident claims are different from other personal injury claims. Usually, the damages in these cases are so high that the financial breaking point doesn’t come early, or maybe not at all. So, your Carlsbad tractor trailer accident lawyer must be fully committed to obtaining maximum compensation. This compensation usually includes money for economic losses, such as medical bills, and noneconomic losses, such as pain and suffering. The shipping or transportation company that owned the large truck is financially responsible for these damages, at least in most cases.
Economic Losses
The settlement value, which is like the sticker price, starts with economic losses. Property damage and medical bills are usually the two largest components.
Many insurance companies settle property damage claims almost immediately. Most companies have separate property damage and personal injury divisions. However, a by-the-book property damage settlement isn’t always a fair settlement.
Insurance companies typically offer theoretical replacement value settlements. It “should” cost X dollars to fix this vehicle, so here’s a check for X dollars.
Sometimes, there’s a difference between theoretical replacement value and practical value. Most body shops usually charge more than insurance companies are willing to pay. Additionally, a seriously-damaged vehicle might be repairable, but it might never run right again. Finally, the family car has an emotional value which, in many cases, exceeds its financial value.
Medical bills are similarly complex, mostly because doctor bills and treatment records themselves only tell part of the story.
These documents often contain diagnosis, treatment, and cost information. This data, while valuable, is just a start. A Carlsbad personal injury lawyer needs more evidence to obtain maximum compensation for medical bills. This information includes the necessity for future medical expenses, if any, and the victim’s pain level at various times. More on that below.
Additionally, in California, a treating physician’s testimony that a treatment was reasonably necessary may not hold up in court without some corroborating evidence from a non-treating physician.
Noneconomic Losses and Punitive Damages
Both categories of damages are intangible. However, they’re different in some ways. Usually, punitive damages are taxable. Furthermore, a punitive damages cap may apply in some cases.
Most lawyers multiply the economic losses by two, three, or four to determine noneconomic damages. The multiplier depends on several factors, such as:
- Severity of injury,
- Evidence in the case,
- Applicable legal theories, like comparative fault, and
- A party’s motivation to settle early, if any.
By the numbers, punitive damages are often eye-popping figures that seem unreasonable. But the context tells a different story. The 1994 McDonald’s hot coffee case is a good example.
A woman mishandled almost boiling-hot coffee in a drive thru and suffered near-fatal burns. Her lawyer initially obtained $800,000 in punitive damages, which many people lambasted as preposterous.
However, $800,000 was one day of coffee sales for the fast food giant. Furthermore, McDonald’s customers had lodged hundreds of complaints about the high coffee temperature, but the restaurant did nothing.
Punitive damages must catch the defendant’s attention and force it to change the way it does business. So, when considering these additional facts, $800k was a reasonable amount of punitive damages.
Work With a Quick-Thinking San Diego County Lawyer
Injury victims are entitled to substantial compensation. For a confidential consultation with an experienced personal injury lawyer in Carlsbad, contact the Pursley Law Firm. The sooner you reach out to us, the sooner we start working for you.
Source:
wsj.com/business/rock-star-law-firms-are-billing-up-to-2-500-per-hour-clients-are-indignant-61b248c2
