Dealing with a truck accident can be devastating. These accidents are more serious than regular crashes. Big trucks generally weigh up to 80,000 pounds. When they hit a smaller vehicle, the impact can be huge. 

Many preventable truck wrecks happen because truck drivers do not act carefully. Common causes for such accidents are drivers being tired or distracted during driving. Apart from this, accidents can also happen if the truck was not maintained well.

It is important to understand how damages are calculated after a truck accident. Because in such situations only a fair compensation can heal you. It can provide for your medical expenses, lost wages, and future expenses. In this article let’s understand how damages are calculated.

Types of Damages

Damages in an accident are classified into two

• Economic Damages
• Non-Economic Damages

Economic Damages

Economic damages in a truck accident can be defined as the measurable financial losses the injured person suffers due to the accident. These damages are calculable and are supported by documents like bills and repair estimates. Understanding economic damages is important because they are very important for your claim.

The most common components include:

Medical Expenses: This covers everything from emergency room visits to surgeries, medications, etc. 

Lost Wages: If you lost your income due to an accident, then that comes under lost wages. This also includes compensation for any future earnings you would lose because of the accident.

Property Damage: These are damages that include repair of your vehicle or any other personal property damaged in the accident.

Other Costs: These are expenses for

• Home care
• Transportation to medical appointments
• Necessary home modification

Economic damages also cover future expenses related to your injury, such as ongoing medical expenses and rehabilitation. It provides critical financial support to cover your losses caused by the accident.

Non-Economic Damages

Non-economic damages can be defined as the type of losses that are not financially calculable. These damages compensate for mental and physical suffering caused by the accident. 

Common types of non-economic damages include:

Pain and suffering: These are compensation for the physical pain and discomfort caused by injuries.

Emotional Distress: These damages cover the psychological effects like anxiety, depression, and PTSD caused by the accident.

Loss of Enjoyment of Life: This is when the injuries prevent you from participating in hobbies and social activities that once brought you joy.

Loss of Consortium: These are compensation for the negative impact on your relationships with family and loved ones.

These types of damages are more difficult to calculate than economic damages. 

Insurance companies consider factors like the severity of the injuries and the overall impact on your daily life when assessing non-economic damages.

Methods to Calculate Non-Economic Damages

The Multiplier Method

The multiplier method is a common way to calculate non-economic damages like pain and suffering. This method adds up all your economic damages, and the total is multiplied by a chosen number called the multiplier. The multiplier usually ranges from 1.5 to 5.

The Per Diem Method

The per diem method is another common way to calculate non-economic damages. The term “per diem” means “per day.” This method adds a specific dollar amount to represent the value of pain and emotional distress the victim experiences every day.

The daily rate is based on the victim’s daily earnings. This starts from the day of the accident and continues until the victim reaches maximum medical improvement.

Key Takeaways

• Damages in a truck accident are calculated in many different ways.
• Economic damages are the measurable financial losses the injured person suffers due to the accident.
• Non-economic damages are the type of losses that are not financially calculable.
• The multiplier method is a method to calculate non-economic damages like pain and suffering.
• The per diem method adds a specific dollar every day to represent the value of pain until the victim fully recovers.