A crash with a semi-truck can leave an affected smaller vehicle unsafe to drive and may cause major injuries to its occupants. The people affected by the crash have protection from financial devastation thanks to federal insurance requirements for commercial vehicles.
The Federal Motor Carrier Safety Administration (FMCSA) requires a minimum of $750,000 in liability coverage. Sizable insurance policies are more effective at covering catastrophic medical costs and replacing lost income than the minimum policies required from passenger vehicle owners. Those offered a settlement after a semi-truck crash may need support to better ensure that they do not make a significant mistake.
Underestimating losses is common
People dealing with the immediate aftermath of a crash and serious injuries often focus too much on their current circumstances. They may fail to adequately consider the future implications of their injuries. Increased future care costs, including higher long-term care costs after retirement, are easy to overlook when feeling panicked about the immediate financial pressure of unpaid medical bills and lost income.
Aggressive negotiations are also common
Insurance companies make money when they take in more in premiums than they pay out in valid claims. Most insurance companies negotiate aggressively when settling claims. The goal is to reduce what the company pays.
If a settlement is well below the policy limits, it may also be below the long-term costs incurred by the injured people. Trying to handle the practical and financial challenges of crash injuries can make it difficult to negotiate an appropriate insurance settlement at the same time.
People affected by semi-truck collisions may want to work with lawyers when communicating with insurance companies. Attorneys can help them negotiate more effectively and recognize when litigation might be necessary.