People often try to handle difficult situations on their own. They may pride themselves on their ability to overcome even the most serious obstacles. While that impulse can be admirable, sometimes the ideal of being self-sufficient results in people making mistakes that can harm them in the long run.
That is exactly what can occur when people affected by collisions with semi-trucks decide to settle their compensation requests. Especially if they attempt to handle insurance claims and negotiations on their own behalf, they may end up accepting a settlement that does not reasonably cover their losses.
Semi-truck collisions are often devastating for the people in the smaller vehicles. Their vehicles may end up totaled, and they may have major medical expenses, as well as lost wages, to address. They may need help reviewing and countering settlement offers to ensure that they receive appropriate compensation.
Semi-trucks have more coverage
Insurance coverage rules are different from one state to the next. The policies on passenger vehicles can be drastically different depending on the state where the owner registered the vehicle. However, commercial vehicles are subject to federal regulations.
The Federal Motor Carrier Safety Administration (FMCSA) requires that commercial trucks that weigh 10,001 pounds or more maintain large liability insurance policies. The minimum coverage amount required by law is usually $750,000. Carriers transporting hazardous materials may need to carry more than that. Some companies invest in additional coverage because of the massive losses generated in semi-truck collisions.
The size of those policies creates an incentive for insurance professionals to negotiate aggressively after collisions. Once the party making the claim agrees to a settlement, the insurance company no longer has an obligation to cover additional losses. They are often eager to settle as quickly as possible before people come to terms with the true extent of their losses.
People involved in semi-truck crashes often need help analyzing settlement offers to determine if they are reasonable. They may also need support while negotiating with insurance professionals or preparing to take the issue to civil court.
Securing the right assistance after a collision with a semi-truck can help people limit the long-term financial losses they’ve sustained. Settlements can be viable solutions for major collisions, but people need to take certain steps to better ensure that the amount that they settle for is reasonable, given their losses and the insurance coverage available.