What Is the Cost of a Truck Accident? | Maggiano, DiGirolamo and Lizzi

What Is the Average Cost of a Commercial Truck Accident?

Commercial truck accidents can be devastating for victims and their families. Not only can the financial costs quickly become unmanageable, but the non-financial toll (i.e., pain, suffering, emotional distress, etc.) can negatively impact all aspects of victims’ lives and those of their loved ones.

Recovering from a truck accident can be a difficult and lengthy process. Although no amount of money can truly make up for the impact of life-altering injuries or the death of a family member, obtaining fair compensation can be critical for moving on.

If you have been injured or lost a loved one in a commercial truck accident, how much are you entitled to recover? The answer to this question depends on several different factors.

No two commercial truck accident cases are alike, and your personal and financial circumstances will be key factors in determining how much compensation is recoverable. The truck accident attorneys at Maggiano, DiGirolamo & Lizzi can help.

How Much Do Truck Accidents Cost on Average?

Studies by the Federal Motor Carrier Safety Administration (FMCSA) have calculated the average cost of truck accidents resulting in injuries and fatalities. The FMCSA last updated these figures in 2014. Taking into account the average inflation rate over the past seven years, the average costs calculated by the FMCSA would all be about 16% higher today.

Although these federal statistics may indicate the general costs associated with the average truck accident, they might not reflect the costs specific to you and your family. It is recommended that you speak to an attorney as soon as possible to review the details of your case – including the potential compensable damages.

Why Averages Don’t Matter for Your Commercial Truck Accident Claim

Clients often have questions about the average cost of a commercial truck accident and what that means for the damages in their case. In reality, however, the averages really don’t matter when it comes to calculating the value of your truck accident claim.

If you focus on the averages, you may lose sight of the fact that your case is worth much more than what someone else recovered. The compensation you pursue in your truck accident claim should be specific to your losses.

Calculating Damages After a Commercial Truck Accident

Since you can’t rely solely on average figures, how can you determine the amount you are entitled to recover in the wake of a truck accident? New Jersey law allows accident victims and their loved ones to recover compensation for their economic and non-economic losses.

If the truck accident caused you or a loved one to suffer serious or catastrophic injuries, you and your family may be entitled to compensation for the following:

  • Medical costs
  • Prescription costs
  • Other out-of-pocket expenses
  • Loss of income and earning capacity
  • Pain and suffering
  • Loss of consortium
  • Loss of enjoyment of life

In cases involving fatal commercial truck accidents, eligible family members can file two different types of claims. Filing a wrongful death claim allows eligible family members to recover financial compensation for the losses they incur as a result of their loved one’s untimely passing. A survival action, meanwhile, enables the victim’s estate to recover compensation that the deceased would have been entitled to had he or she survived the accident.

Damages in a wrongful death claim and survival action may include:

  • Disability and impairment suffered prior to death
  • Pain and suffering prior to death
  • Loss of enjoyment of life prior to death
  • Medical and funeral costs
  • Lost earnings
  • The value of advice, assistance, care, companionship, and guidance lost
  • The value of services lost

Whether you have been severely injured or you have lost a loved one, the costs of a commercial truck accident can be substantial – they may last the rest of your life. Making sure you seek just compensation for all of the financial and non-financial costs of the accident will give you the best opportunity to move on.

Contact a Commercial Truck Accident Lawyer Today

Substantial compensation may be recovered in the aftermath of an accident involving a commercial truck. However, victims and their families are often unaware of the full extent of damages they may be able to recover.

Maggiano, DiGirolamo & Lizzi can seek full compensation on your behalf. Our attorneys thoroughly investigate the accident and identify all of the losses you and your loved ones have sustained.

We have achieved millions of dollars in verdicts and settlements on behalf of clients in truck accident claims. Our firm is respected not only for our results and experience but the individualized service we provide to each client.

Please call Maggiano, DiGirolamo & Lizzi at (201) 585-9111 today for a free case review. Our truck accident lawyers serve clients in Fort Lee and throughout New Jersey, as well as New York.