Calculating Damages in a Truck Accident Case

A truck accident in Denver can upend your life. These collisions have the potential to be catastrophic, meaning they inflict significant harm on those involved. Damages, or financial compensation, awarded to you by the at-fault party’s insurance provider can help you rebuild your life.

As you begin the process of recovering from a large truck accident, it is important to understand how to calculate your damages and determine the value of your claim. Otherwise, you may be at risk of accepting an inadequate settlement from an insurer. It can be in your best interest to hire a Denver truck accident lawyer to help you calculate your damages.

What Damages Are Available in a Truck Accident Case?

Calculating damages in a Denver truck accident case involves understanding the three main categories available. You may be eligible for these damages if a truck driver, trucking company or third party acted negligently or recklessly. Negligence means a lack of proper care.

The damages you may be able to claim as a truck accident victim in Colorado are:

• Economic: payment for the financial losses you suffered due to the accident, such as medical bills, surgeries and treatments, therapy, rehabilitation, future health care for long-term injuries, property repairs, rental car costs, out-of-pocket costs, disability expenses, lost wages, and lost future capacity to earn.
• Noneconomic: compensation for the nonmonetary losses caused by the truck accident, which may include physical pain and suffering, emotional distress, post-traumatic stress disorder, psychological harm, anxiety and depression, loss of consortium, and loss of enjoyment of life.
• Punitive: an additional amount that may be awarded in cases involving extreme negligence, such as a truck driver driving under the influence. Reckless, wrongful or malicious acts by the defendant may result in the court awarding punitive damages to punish the wrongdoer.

Understanding which damages to include on your Denver personal injury claim may take assistance from a knowledgeable attorney. The right lawyer will craft a personalized legal strategy based on your unique needs to achieve an optimal truck accident case outcome.

How Are Economic Damages Calculated?

The calculation of economic damages in a truck accident case begins with an aggregation of all of the victim’s costs and expenses resulting from the accident. This means actual expenses based on bills, receipts and invoices. Then, future costs must be projected and included in the final amount.

Calculate your economic damages by adding up expenses such as:

• Ambulance fees
• Emergency department visit or hospital stay
• Surgeries and treatments
• Therapies or rehabilitation
• Prescription medications
• Home health care
• Lost wages
• The cost of vehicle repairs
• The pre-crash value of your car if it is totaled
• Lost personal items
• Home or vehicle modifications for a disability
• Transportation costs

Next, calculate your future economic damages. If long-term care is needed for your injuries, future costs may include medical bills. You may also have to calculate lost future capacity to earn if your ability to make a living has been affected by permanent injuries. An economic expert may be necessary during your case to project future losses accurately.

How Are Noneconomic Damages Calculated?

While economic damages are calculated using numbers and documentation, noneconomic damages are more subjective. Since they compensate for invisible or intangible losses like pain and suffering, it can be more difficult to assign a specific number. Insurance companies and the civil courts have their own methods for calculating noneconomic damages.

Common methods used include:

• Multiplier method: the total amount of the victim’s economic damages is multiplied by a number (typically between 1.5 and 5) depending on the severity of the injury.
• Per diem method: a daily rate of pain and suffering is assigned, then multiplied by the number of days the victim will suffer due to the injuries.

The multiplier method is more common for catastrophic, long-term or permanent injuries, while the per diem method is used more often for temporary injuries. However, an insurance company, judge or jury may use either method or no specific equation to calculate noneconomic damages. Your ability to demonstrate pain and suffering using evidence such as medical records and witness testimony can determine the amount of this damage award.

What Factors Can Affect the Value of My Truck Accident Case?

Every truck accident case is unique; there is no single payment amount that is granted across the board to truck accident victims in Colorado. Instead, damages are carefully calculated based on each individual’s unique experience and losses.

Many factors can affect the value of a truck accident settlement in Denver, including:

• Injury severity and permanence
• The costs of bills and losses
• Liability and fault
• Shared (comparative) fault
• Insurance coverage and policy limits
• Number of defendants
• Strength of evidence

Whether your case settles or goes to trial can also determine your final payout. Choosing an experienced Denver truck accident lawyer to represent you can help maximize your financial recovery.

How to Maximize a Truck Accident Settlement in Denver

There are steps you can take to build a stronger case and achieve the best possible results for a truck accident claim in Denver when you need them the most. At the scene of the crash, for example, do your best to gather evidence and information. Call the police so that you receive an official accident report.

Do not admit fault for the accident or give too much information to the trucking company or an insurance provider. Don’t give the insurer a recorded statement. Do not discuss your injuries until you’ve seen a doctor and have received an official diagnosis. Keep copies of your medical records and all documents related to the accident, including communications between you and an insurer.

When to Hire a Denver Truck Accident Lawyer

Before rushing to accept a fast insurance settlement offered to you by an insurer following a truck accident in Denver, contact an attorney for a free case review. An attorney will give you an accurate idea of how much your case is worth – which may be significantly more than an insurance company initially offers.

A law firm will have useful resources to help you prove your injuries and losses, such as connections to medical experts. With help from a lawyer, you can submit counteroffers or go to trial in pursuit of fair and full financial compensation. For more information about the value of your case, contact Fang Accident Lawyers at (720) 379-6363 for a free consultation.