Truck accident lawsuits are time-consuming and often stressful ordeals. It can take years for pre-trial processes like discovery and depositions to finish, and longer still to carry out all of the pre-trial procedures. In the interest of time, many plaintiffs may wish to try and settle the lawsuit before it goes to trial. In many cases, settling is a viable alternative to a lawsuit, and potentially even a superior one.
It is difficult to determine the exact value of most truck accident settlements in Maryland because many parties choose to keep the details of their settlements private, and law firms may be more willing to publish impressive settlement amounts on their websites than to provide an accurate representation of average settlements. Accordingly, the most important thing to consider in a Maryland truck accident settlement is whether it is a good fit for your situation or not.
For a free case review, call our Maryland truck accident lawyers with Rice Law at (301) 329-2181.
What is a Settlement in a Maryland Truck Accident Lawsuit?
A settlement occurs when the parties to a lawsuit agree to resolve the case without a trial. In a settlement, you don’t argue your case before a judge or jury. Instead, the parties mutually agree to terms regarding the issue. Usually, a party is not held liable for anything in a settlement, but the settlement terms may include an admission of liability by one party without such an admission being proven at trial.
How to Negotiate a Settlement
Negotiating a settlement requires carefully developed strategies and strong evidence. Your attorney may have a plan on how to use evidence during negotiations. They might lay down all the evidence up front and demand a substantial settlement. Alternatively, they might not play all their cards right away.
The golden rule of settlement negotiations is never to accept the first offer. The defendant will likely offer the lowest settlement they think you will accept. It might be tempting to take the money and move on, but your attorney can help you negotiate for more compensation.
What is a Good Settlement Worth
A good settlement will depend on the damages involved in each case and the facts surrounding the accident. A good settlement should adequately cover your economic costs for the accident and address your non-economic injuries. For many, this means a settlement of tens of thousands, hundreds of thousands, or even millions of dollars.
Common Examples of Settlement Terms
Settlement terms may be about more than money. While the value of your financial compensation will undoubtedly be a part of the settlement terms, you might also have to abide by other requirements or conditions.
A common settlement term involves privacy. Defendants, especially large companies, may require that you not publicly disclose the value or terms of the final settlement. The settlement will likely also include a release from liability for the defendant.
You might not be paid all at once. The settlement may include terms governing the structure of payment. You may receive a lump sum followed by monthly installments, or another arrangement agreed upon by the parties.
What Are Truck Accident Settlements Usually Worth in Maryland?
The value of a settlement is unique to each case, but truck accidents tend to lead to fairly significant settlements.
Larger Settlements
Larger settlements may be warranted when plaintiffs sustain more severe injuries, property damage, or other losses. For example, if you are severely hurt and need extensive medical care, cannot work for the foreseeable future, and lost a lot of personal property in the accident, your settlement could be worth several hundred thousand dollars.
In cases where someone dies from their injuries, their family may claim far more significant damages. Cases involving death may exceed $1 million.
Typical Settlements
More typical settlements might not be worth millions, but they may still be quite substantial. More common truck accident cases tend to end with settlements worth somewhere around $100,000. This may be the case if your accident causes serious yet recoverable injuries, you are still able to work, and you do not experience any serious long-term complications.
Again, settlements vary from case to case. The more serious your injuries and damages are, the higher your settlement should be.
Smaller Settlements
Not all truck accidents are extreme cases. Many people involved in accidents miraculously walk away with minimal injuries. If your injuries are non-serious, the biggest thing you might have to worry about is your vehicle. In such accidents, settlements are usually worth under six figures. Even so, many smaller accidents may be valued at around $30,000 to $50,000, possibly more.
Are Public Settlement Amounts an Accurate Sampling of Truck Accident Settlements in Maryland?
When people want to know the average value of something, they first probably try and do some light research into the topic. The same holds true for average truck accident settlements in Maryland.
Publicly Available Information About Settlements
You can enter a search query and get an average as well as links to many settlement amounts published on the websites of various law firms. However, this information is not necessarily representative of what most truck accident settlements in Maryland are worth.
Publicly available settlements may represent only a small portion of the total settlements arising from truck accidents. While this information may provide a general indication of what to expect, it should not be treated as definitive.
Private Settlement Information
The information you find online about truck accident settlements can be misleading for a couple of reasons. First, many settlement offers are kept private according to the wishes of the parties involved. Settlement offers sometimes have as part of the stipulations an agreement not to talk about it. This could be to save their reputation, put the whole ordeal behind them, or for other reasons.
Selective Information About Settlements
Second, amounts for lawsuits and settlement agreements listed on law firm websites are likely at the higher end. This is because law firms have an interest in highlighting their best settlement amounts and damages awards to attract clients. Thus, you should have a skeptical eye towards many truck accident settlement amounts you find online.
Things that Make a Good Maryland Truck Accident Lawsuit Settlement
When going over whether you should accept a settlement offer or not with our Aberdeen truck accident lawyers, there are a number of things that you need to take into account as to whether the settlement is acceptable to you or not.
Meeting Your Needs
The most important, and some would argue the only, factor that you should consider when examining a settlement offer is whether it is a good fit for your situation. For example, a settlement offer that covers all expenses related to your injuries and accounts for pain and suffering may be worth accepting. On the other hand, a settlement offer that does not meet your needs, even if the offer is quite large, is probably not worth accepting.
Time
Time is another important factor when evaluating a truck accident settlement. Lawsuits can take a very long time to fully resolve themselves. In fact, most cases that go to trial take at least a year before there is any resolution between the parties, and it is not unusual for lawsuits to take much longer than that. On top of all that, more time involved in a lawsuit means more legal fees. For some plaintiffs, continuing a legal fight may not be financially tenable.
Relative Strength of Case
You should also take into account the relative strength of your case and the defendant’s case. For example, if the defendant has a weak case, you may favor not accepting a settlement offer because your chances of winning at trial are high. Conversely, if the defendant’s case is rock-solid, it may be advisable to accept a settlement offer.
Do not be tricked, however, into thinking that a defendant will only offer to settle if their case is weak. For reasons similar to those that prompt plaintiffs to settle, defendants may also wish to end legal proceedings amicably. Many defendants with strong cases will make settlement offers even though they are likely to win at trial.
While the strength of cases is important to consider, it is not the end-all-be-all. At trial, liability is always decided by the jury, meaning that even the “strongest” cases can lose, and even the “weakest” cases can win.
FAQs About Maryland Truck Accident Settlements
What is a Settlement in a Truck Injury Case?
A settlement I when the plaintiff and defendant in a truck accident case agree to resolve their dispute privately outside of court. Typically, the defendant agrees to pay a sum of money agreed upon by both parties to the plaintiffs, and the plaintiff drops their lawsuit. Once a settlement is made legally binding, the plaintiff may not revive their lawsuit.
What Should a Good Truck Accident Settlement Be Worth?
A good settlement will vary based on the damages and facts involved in each case. Ideally, a good settlement should adequately cover your economic damages while also addressing your non-economic damages, like pain and suffering. When injuries and economic losses are significant, plaintiffs may claim damages over $100,000. Especially severe cases, or those involving death, may be worth even more.
How Do I Get a Good Truck Accident Settlement?
You get a good settlement through effective negotiation strategies. The defendant may offer a settlement quickly, but it might not address all your needs and damages. Do not accept any settlement offer until after you review it with your lawyer. The more evidence you have, the more leverage you have during settlement negotiations.
What Are Important Factors in a Truck Accident Settlement?
Crucial factors in truck accident settlements include, but are not limited to, property damage, physical injuries, medical bills, loss of life, your ability to work after the accident, pain, distress, psychological trauma, and the defendant’s negligence and overall behavior during the accident.
Are Truck Accident Settlements Legally Binding?
Yes. Once a settlement is finalized, it becomes legally binding. Whatever the terms of the settlement are, you are legally obligated to adhere to them. This may include terms requiring you to keep the final settlement amount private. If you have second thoughts about the settlement after it is finalized, you may have a very tough time changing it, barring very special circumstances.
Do I Have to Accept a Settlement for a Truck Accident?
No. If the defendant offers a settlement that does not adequately cover your damages, you can and should reject it after consulting with your lawyer. You may make a counteroffer for a larger settlement, and the defendant may accept it or continue negotiating. If you cannot agree on a settlement, you can end the negotiations and proceed to a trial.
Talk with Our Maryland Truck Accident Lawyers
For a free case review, call our Baltimore truck accident lawyers from Rice, Murtha & Posras at (301) 329-2181.