Road accidents involving trucks are usually quite serious in nature. Loss of life, amputations, and other serious injuries are pretty common to encounter in any truck accident. For that matter, the compensation payments pertaining to truck accidents are usually set high so that they complement the severity of the outcome of the accident. If you have been in an accident, you may be entitled to truck accident compensation.
A victim or his family can only get the best settlement out of a truck accident if they are assisted by any seasoned attorney. In this blog, we will try to discuss how insurance, settlement, and compensation policies work around truck accidents.
Federal law mandates high liability insurance for trucks
Because of the enormity of any possible accident, federal laws mandate truck companies to get maximum liability insurance for their vehicles so that settlements and compensations can justifiably be paid to all the victims. Let’s have a look at some of the federal requirements for commercial interstate trucks in connection with liability insurance.
Trucks carrying a non-hazardous shipment of 10,000 pounds or more must be covered by the liability insurance of $750,000 for compensating injured victims and asset damage. In case of hazardous cargo, the same truck has to be insured for $1,000,000. A truck carrying a cargo of explosive nature must have liability coverage of $5,000,000.
Cargo trucks of gross weight less than 10,000 pounds and non-hazardous shipment must be insured for $300,000. Besides these federal provisions, state laws also obligate trucking companies regarding the minimum amount of liability insurance.
Different forms of truck accident compensation
The affected person is eligible for compensations in several categories after going through a truck accident. Knowing all these truck accident compensation categories and sub-categories is important to get the best settlement from the entities responsible for the accident.
Economic and non-economic compensations
General truck accident compensation is usually divided into two categories: Economic losses and non-economic damages. Compensation for economic losses is pretty evident by the name. The victims are compensated for all the economic losses inflicted by the accident. This includes medical bills and the compensatory cost for not being able to do work during the recovery phase. The non-economic compensation usually entails intangible losses inflicted in terms of emotional and physical suffering.
Compensation for economic losses is further divided into two categories: past and future losses. The former entails the expenses of medical treatment that the person has already received and monetary losses due to loss of work. The future compensatory details involve receiving money for medical care that the person will continue to get due to any permanent injury and because of losing future opportunities of earning and monetary growth.
Deciding future compensations are pretty tricky and extensive pieces of work and that’s where insurers try to save their money. In such cases, a good legal counsel proves to be of great help. It should be kept in mind that insurers and truck companies try their best to reduce the compensation payments to the victims. To counter this, it is important to get on board a lawyer with the expertise of dealing with personal injury claims and vehicular accidents.
Truck accident compensation | Attorney Javier Marcos
If you have been in a truck accident, you may be entitled to truck accident compensation. Do not let time pass, call Attorney Javier Marcos for help with your case. You can call 24 hrs 713.999.4444, we go to you, there is no payment unless we win the case, we speak Spanish and you can talk personally with the Attorney.