Semi-truck accident claims generally involve high financial stakes. Due to the severity of the crash, damages are significantly higher than the average motor vehicle accident. An Oklahoma truck accident lawyer can help you assess your losses and detail the pros and cons of using accident settlement calculators.
What Are Semi-Truck Settlement Calculators?
If you have been involved in an accident with a semi-truck, you may be wondering how much compensation you will receive from the insurance company. There are many aspects of your life that can be deeply affected by an accident. How are the insurance companies properly able to calculate the total of your damages?
Many insurance companies offer online tools that claim to accurately calculate your settlement for you. The online tools may seem to be convenient, but are they truly accurate in estimating the compensation that you truly deserve? These online tools are called online insurance estimate calculators, and they may not be as convenient as you think.
After you file a claim with an insurance company, the number one goal of the insurance company is to settle your claim as soon as possible while paying you as little money as possible. A trusting person may believe that the insurance company is on their side by quickly offering a settlement using their settlement calculators. So, what exactly are these online calculators, and more importantly, can they be trusted?
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SPEAK TO AN ATTORNEY TODAYHow Semi-Truck Accident Calculators Work
Semi-truck accident settlement calculators work by plugging in amounts related to your general damages, special damages, and lost wages. Then, the calculator multiplies each of those numbers by a specific amount, usually 1.5 -5, to generate a total settlement amount.
You may believe that this is the standard operating procedure of the insurance company, but unfortunately, it is a gimmick. It is designed to make you think you are receiving a fair amount for your settlement by hiding additional compensation that may be owed to you. Here, we will explain why you should not accept an offer from an online insurance calculator.
A semi-truck accident settlement calculator is designed for instructional purposes only. It could be useful for a general estimate, but that is all. They are extremely basic and do not have the capability to compile all the detailed information to accurately calculate your total claim. They generally only use a few calculations in order to exclude many of the other benefits that you may be entitled to.
Examples of Economic Damages After a Truck Accident
After you have been involved in a semi-truck accident, there are numerous aspects of your life that are affected. It is no surprise that the monetary aspects of your life can be greatly affected by an accident. Anything that relates to financial loss is also known as economic damages.
Here is a list of examples of economic loss:
- Hospital and doctor bills
- Co-payment at doctor visits
- Insurance Deductibles
- Prescription Medication
- Physical therapy costs
- Mental health therapy costs
- Transportation costs
- Diagnostic and imaging costs
- Surgery costs
- Lost wages
It is extremely important to keep a detailed record of all the expenses you incur after the accident. A written log of the expenses and the dates they were paid for are incredibly useful. It is also a good idea to keep a designated envelope or file folder to put all your receipts into. This way, if you are not able to settle with the insurance company and must file a lawsuit, you will have all your paperwork in order.
Common Types of Non-Economic Damages
Semi-truck accident calculators may not cover all damages that your case may qualify to recover. For example, there are several non-economic damages that can result from a truck accident.
Just because there is no specific amount of money assigned to a non-economic value does not mean that you cannot claim compensation for them. The overall well-being of a person does hold tremendous value and should not be ignored. Some examples may include:
- Physical pain and suffering
- Diminished quality of life
- Disfigurement and skin scarring
- Loss of love, guidance, or companionship
How Insurance Claim Calculators Work
Each one of these monetary and non-monetary values is not fully considered when using a semi-truck accident settlement calculator. You may realize after your own calculations that the initial offer from the insurance is much lower than expected. This is because their insurance calculator does not account for all the losses involving a claim.
By using an insurance settlement calculator, the insurance companies can attempt to hide some claims in order to present you with a lowball offer and try to settle quickly. They may also put pressure on you or misguide you through the process of the claim.
It is important to know why the insurance companies have these calculators and how they use them. The insurance company does not work for you, and they do not have your best interest in mind when offering truck accident settlements.
Meet with a Skilled Truck Accident Lawyer at BDIW Law Today
If you or a loved one has been involved in a semi-truck accident, you may feel overwhelmed by all the expenses and decisions that come afterward. The best step that you can take is to seek professional guidance. An insurance company can rush or trick you into making decisions without being properly informed. Let a caring and trusted attorney help guide you through the process.
At BDIW Law in Oklahoma, we are waiting to support and guide you through the legal process of a settlement claim. Set your mind at ease by calling one of our friendly and knowledgeable representatives today. At BDIW Law, our consultations are free with no obligations.
There is no reason you should feel any additional pressure when navigating your semi-truck accident settlement. At BDIW Law, we are here to help. Call now or fill out our convenient contact form to get started on your claim as soon as today.
