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What To Look For In A Commercial Truck Accident Attorney

commercial truck accident attorney

Looking for a commercial truck accident attorney? Overwhelmed by the many options available online and offline? Perhaps the legal jargon most truck accident lawyers use is making it difficult for you to settle on the right one. Don’t worry!

We’ve prepared this easy-to-digest guide to show you what you need to look for in a truck accident attorney.

You can find the best representation if you or your loved ones were injured in a truck accident. You might want to seek legal compensation for all the pain and injuries sustained during and after the accident.

Why hire a truck accident attorney? Why not get a regular car accident or personal injury lawyer? Let’s discuss this in greater detail.

Why You Should Get A Commercial Truck Accident Attorney

You may be tempted to hire a regular car accident or personal injury lawyer instead of one specializing in truck accident cases. Steer clear of doing this. Commercial truck accidents are more complex than typical car accidents.

Let’s say a semi-truck veered off its lane and crashed into a personal car. What caused this?

Did the truck driver fall asleep behind the wheel, or did the steering fail? If the truck driver fell asleep, was it because they were intoxicated, or were they required to pull several extra shifts?

And if the steering wheel failed, was it due to a manufacturing defect, poor maintenance, or lack thereof?

All these causes of truck accidents mean different parties can be liable for your compensation. It could be the truck driver, trucking company, or truck manufacturer. It also means you might be owed settlement from multiple sources.

A typical car accident lawyer may find it difficult to determine all the liable parties and sources of compensation. But, a semi-truck accident lawyer can.

So you have higher chances of getting what you deserve by hiring a semi-truck accident attorney than any other lawyer.

Still, you must find the best truck accident attorneys to maximize your compensation. To do this, here are a few factors to consider.

What To Look For In A Commercial Truck Accident Attorney

There are five factors to look for when searching for a trucking accident lawyer. Let’s discuss these.

Expertise

You want to find a lawyer who can more accurately calculate the expenses of all current injuries and future pain and suffering. The keyword here is accurate.

Different commercial truck accident attorneys approach their practices differently, and some may not be very accurate when calculating your compensation.

Almost all truck accident attorneys know injured truck accident victims are entitled to compensation for economic and non-economic damages. It’s relatively easy for most truck accident lawyers to calculate truck accident victims’ economic or monetary damages since it depends on the injuries sustained.

Recalling the commercial motor vehicle crash example we used earlier, let’s say the truck crash victim sustained spinal cord injuries.

Any good semi-truck accident lawyer can work out the victim’s current and future medical expenses, lost wages, and loss of earning capacity to determine compensation.

However, figuring out their non-economic damages, including their current plus future pain and suffering or mental anguish, may not be easy.

It takes a highly skilled semi-truck accident lawyer to estimate and evaluate the extent of such intangible damages accurately. In this case, you can receive the maximum settlement possible.

Determining Truck Accident Lawyers’ Expertise

To assess the expertise of potential truck accident attorneys, ask for their background in handling commercial truck accident cases. An experienced truck accident attorney should be able to demonstrate their expertise, citing cases they’ve handled that are similar to yours.

Also, confirm if they’ve successfully taken on seemingly tough truck accident cases from fatal truck crashes. A good example of this may be pursuing a settlement for pain and suffering due to wrongful death.

In wrongful death cases, families seek compensation on behalf of their loved ones who didn’t make it in a commercial vehicle crash.

Truck accident attorneys have to help the family prove similar facts as though their loved one had survived and pursued the claim on their own. Winning such cases may be a solid indicator of the lawyer’s expertise.

You can also check the lawyers’ reviews on popular platforms like Google Reviews. Most clients will explain their experience with a law firm and may even mention a specific truck accident lawyer they worked with. This may help you decide who to hire.

Resources

The best truck accident attorneys should have the expertise and resources to pursue various truck accident cases.

Car accidents involving commercial vehicles like semi-trucks, tractor-trailers, or tanker trucks are sensitive. They fetch a higher total value of truck accident settlement from insurance companies compared to accidents involving regular cars. This can be millions of dollars.

That’s because the Federal Motor Carrier Safety Administration (FMCSA) requires commercial vehicles to meet a financial responsibility of up to $5,000,000. You can also get compensation from several insurance companies.

As a result, trucking and insurance companies often fight hard to show they were not liable for the accident. Trucking companies may try to destroy evidence following a truck accident. At the same time, insurance companies may bring commercial vehicle insurance adjusters to employ underhand tactics. So you settle for way less than what you deserve. You need to hire a law firm with enough resources to fight back.

Often, these resources extend beyond the truck accident lawyers to include a team of trucking industry investigators and expert witnesses. Expert witnesses here refer to economists, medical professionals, engineers, and truck accident reconstructionists. All these experts may have to work with an experienced truck accident lawyer to help you build a strong case against multiple insurance companies.

Evaluating Whether A Law Firm Has Adequate Resources

To determine whether a law firm has enough resources and can handle your case effectively, check how long they’ve been in operation.

Usually, a law firm that has been working on commercial vehicle accident cases for years has long-lasting relationships with the trucking industry’s top experts.

Also, ask how the firm approaches evidence collection and protection for commercial truck crashes and evaluate their response.

Do they have an on-staff team of investigators who visit the accident scene as soon as possible to collect evidence first-hand? Do they send demand letters, including spoliation letters, to legally prevent trucking companies from destroying evidence? If yes, that’s a good sign of adequate resource availability and efficiency in handling trucking accident cases.

Trial Experience

The compensation process following a truck accident begins with negotiations. But what happens if the truck accident claim negotiations fail and the parties involved don’t reach a settlement?

If this occurs, the proper action would be filing a truck accident lawsuit to ensure you get a fair trial. Truck accident lawyers can pursue a wrongful death or personal injury lawsuit, depending on the nature of the case.

However, not all lawyers are willing to go this extra mile into trial and help you get the settlement you deserve. Some truck accident lawyers prefer settling fast because pursuing a truck-accident lawsuit can be tedious.

You want to find a lawyer who’s not only willing to go to trial but capable of winning the personal injury case.

Assessing Truck Accident Lawyers’ Trial Experience

You can tell the trial experience of a commercial truck accident lawyer by looking at the history of their practice.

Have they been to trial for cases involving large commercial vehicles, e.g., semi-truck accident cases? How many such cases have they won?

Reviews can also come in handy here. Some clients may mention going to trial and whether their personal injury case was successful in their reviews.

Fees

Most accident lawyers in the trucking industry work based on a contingency fee. Meaning they’ll take a percentage of the total amount you get in a truck accident claim settlement or at trial.

For most lawyers, you won’t have to pay a dime out-of-pocket if they lose the case and fail to recover any compensation. But, depending on the case, others might require you to pay, even if you lose.

Some commercial truck accident attorneys may also charge copying costs, court filing, and expert witness fees separately. They’ll often deduct these fees at the end from the reward you receive in addition to the percentage contingency fee.

Nearly all truck accident attorneys offer a free no-obligation consultation to discuss your situation. Always ask them to explain their entire fee structure during the consultation to know how much you’ll pay. Be keen to ask questions and ensure there are no hidden or surprise costs.

Final Thoughts

Pursuing compensation following a truck accident is your legal right. It shouldn’t be a hassle. The right truck accident lawyers can help you get the maximum settlement smoothly. We hope this article helps you find the best lawyer to fight for you from the start to the end of your case.

Remember to protect your rights to compensation in the unfortunate event you get involved in tractor-trailer accidents. Don’t speak to any insurance company at the accident scene or anywhere else until you first talk to an experienced truck accident attorney.

If you want to stay updated with the latest news in the commercial trucking industry, check out our blog!

Semi Truck Financing Terms | Simple Breakdown

Semi Truck Financing Terms | Simple Breakdown

semi truck financing terms

If you’re looking to purchase a semi-truck, there are many different commercial truck financing options available. As purchasing a truck is such a major investment, it’s essential that you understand the details of each financing option in order to choose a commercial truck loan that is best for your requirements.

To do this, you’ll need to understand the different semi-truck financing terms laid out in your agreement. You’ll also need to choose an agreement that offers your business the best long-term value.

In this guide, we’ll break down the different terms and types of financing agreements you’ll come across. Understanding this is essential before deciding on a commercial truck financing solution.

Semi Truck Financing Terms

When looking at a commercial truck financing agreement, there are certain terms that operators need to understand and adhere to. Here is a breakdown of the important terms you’ll find in agreements for semi-truck loans.

Hire Purchase

Hire purchase is a type of commercial truck leasing agreement, where you essentially rent out the truck until you have paid it off. In these agreements, ownership is transferred to the operator at the end of the commercial truck loan contract.

In a hire purchase agreement, you will typically finance a semi-truck over the course of around three to five years. First, a down payment will be paid (usually around 10% of the price), and then regular payments are made to cover the total cost of the truck.

These monthly payments include interest and fees. Once all payments have been made, truck ownership is moved from the supplier.

Some suppliers allow for a balloon payment at the end of the hire purchase agreement. This is when a larger final payment is made to reduce the monthly payments.

Hire purchase agreements are different from a traditional semi truck loan, as you don’t actually own the truck for the years you pay off the vehicle.

Contract Purchase

Contract purchase agreements are another type of commercial truck financing option similar to hire purchase. In these types of commercial truck loans, repayments cover the depreciation of the vehicle during the contract period, and not just the vehicle’s entire cost.

At the start of these commercial truck leasing contracts, the supplier establishes an estimate of the truck’s residual value. The operator makes a down payment and monthly payments. When the contract period is over, operators can make a final balloon payment to buy the truck, or they can return the truck to the supplier.

This approach to commercial truck financing is useful because there is more flexibility at the end of the contract. If the truck’s actual market value is greater than the final balloon payment, you will likely choose to pay this and own the vehicle. If the balloon payment is greater than the market value of the truck, you can simply return the vehicle.

Finance Lease

A finance lease is one of the more popular semi-truck financing options. In these agreements, the operator never actually takes on ownership of the vehicle. However, they can sell the truck to a third party at the end of the term, and keep the vast majority of the sale price.

Finance leases work by paying regular rental payments on the semi-truck that covers the truck’s value. If operators do not sell the vehicle at the end of the term, they can also choose to continue renting the commercial truck at a reduced price.

Operating Lease

Operating leases are a type of commercial vehicle loan where the truck’s residual value is factored in. The lease period for these is significantly shorter than the truck’s life, and the operator pays for the depreciation during that period, as well as the finance costs. The operator does not pay for the entire cost of the vehicle.

The semi-truck supplier sells the vehicle to a third party at the end of the lease term, which is how they recover the difference in costs. The downside of this is that the operator does not gain an asset at the end of the operating lease agreement.

Contract Hire

Contract hire agreements are very similar to operating lease agreements, except they include a maintenance and repair contract. In these agreements, the operator gets a more inclusive deal, with fleet management services often included. Hire periods on these agreements generally run for 12 to 60 months.

Annual Percentage Rate (APR)

The annual percentage rate (APR) is the total cost of the semi-truck loan calculated as a yearly rate. This includes all fees and interest.

The APR takes the compounding interest of each month into consideration, which means the APR will be greater than the nominal annual rate of interest. It’s important that operators understand the APR so that they can compare rates and make more informed decisions.

Flat Rate

While the APR displays the interest charged on outstanding debt, the flat rate is charged on the original amount borrowed. This means a flat rate in commercial fleet financing does not take into consideration how much of the debt has been repaid.

Off-Balance Sheet Finance

When looking at semi-truck financing, it’s important to understand off-sheet balances. This term covers contract hire and operating leases, where the commercial vehicles never appear on the operator’s balance sheet as an asset (because they don’t own the semi-truck).

This means there are no debts for the commercial vehicles listed under the balance sheet’s liabilities.

Off-balance sheet financing options help make the company’s debt-to-equity ratio look better, which makes the company’s financial position look stronger. The opposite of this is on-balance sheet finance.

Capital Allowances

Capital allowances let companies write off the costs of their taxable assets (their commercial truck fleet) against their taxable income. It’s important to understand what capital allowances and limits apply to your business when choosing a semi-truck financing solution.

Credit Score

Your credit score is an important factor in determining what semi-truck financing options are available to you, and what kind of interest rates you will pay. Bad credit doesn’t mean you won’t be able to access truck financing, but it can affect what semi-truck financing options are available.

While credit score requirements vary by lender, you will typically need a credit score of around 600 or more for the lender to offer semi-truck financing. The higher your credit score, the lower your interest rate and down payment could be.

Some lenders, like Mission Financial Services, do not take your credit score into consideration. Commercial truck financing also takes other factors into account: how long you’ve held a commercial driver’s license, your driving history, your revenue stream, and more.

Loan Terms

In semi-truck financing, loan terms are based on the specific lender’s policies.

Commercial truck loan terms will typically lie between 12 to 84 months. The specific term length and details are established by the lender based on the type of vehicle, your profile, and more.

Should You Purchase Or Lease a Semi Truck?

Buying or leasing a semi-truck is a big decision when comparing commercial truck financing options. Both have their pros and cons.

The obvious advantage of buying a semi-truck is that you end up with an asset, which holds value for your business. You can sell the semi-truck at a later stage and reclaim some of your costs. Insurance on a semi-truck you’ve purchased is also typically lower.

Leasing a semi-truck is often more accessible for many businesses. There is also a lower risk associated with leasing the truck. However, leasing payments can often work out to be more expensive than if you purchased the truck, and you don’t end up with an asset.

Buying a semi-truck is generally considered the smarter long-term financial investment. Although, it comes down to what kind of commercial truck loan you can access and how this aligns with your business requirements.

Final Thoughts

The right semi-truck financing agreement will make a major difference to your business performance and bottom line. This will most likely be your business’s largest asset and investment, so choosing an agreement with the right terms is essential when you finance a semi-truck.

Always understand the full details of your commercial fleet financing agreements, and use this to compare your options. This will help you end up with a commercial truck agreement that offers the most value, and makes the most sense, for your business.

Semi-truck financing terms can be tricky, but Mission Financial Services aims to make the financing process simple. Contact us today to find out how we can help you!

5 Ways Women in Trucking Can Avoid Breast Cancer

October is Breast Cancer Awareness Month! We celebrate this month by sharing information regarding the prevention of breast cancer to eradicate this dreadful disease that affects one in eight women. But could women in trucking face even greater risk? According to Dr. John McElligott, co-founder and volunteer medical advisor of the St. Christopher Truckers Relief Fund, women truck drivers “don’t have as much access to healthcare with their lives on the road,” which could jeopardize early detection of breast cancer.

While the breast cancer mortality rate has decreased by 40%, the fight continues. In this article, we will go over breast cancer and discuss the top five ways women truck drivers can avoid it.

What is Breast Cancer?

Breast cancer is a type of cancer that starts in the breast and has the potential to spread to other parts of the body. While breast cancer typically occurs entirely in women, men can also be diagnosed.

Breast cancer can start from different parts of the breast, including:

  • Lobules. These are the glands that produce breast milk.
  • Ducts. The small canals come from the lobules and are the most common place for breast cancer to start.
  • Nipples. A less common type of breast cancer, called Paget disease, can often start in the nipples.
  • Fat and connective tissues. These portions of the breast surround the lobules and ducts.
  • Blood vessels and lymph vessels. Angiosarcoma, a less common form of breast cancer, can start in the lining of the vessels.
  • Armpits and upper chest. Lumps can be found in these areas during self-exams.

In most cases, breast lumps are benign and non-cancerous (malignant). However, any detected lumps or changes in your breast need to be checked by a healthcare professional.

While there are certain unavoidable risk factors for getting breast cancer, including your gender, age, personal cancer history, family cancer history/genetics, and breast density, there are some factors that you can change to reduce your risk.

Avoidable risk factors include:

  • Body weight
  • Physical activity
  • Alcohol use
  • Smoking
  • Drug use
  • Exposure to hormones (IVF, HRT, birth control, etc.)
  • Pregnancy and breastfeeding
  • Radiation exposure

Ultimately, the best way to reduce or eliminate your risk of breast cancer is to learn about your health, eliminate negative factors that are within your control, and know your screening options for early detection.

5 Ways Women Truck Drivers Can Avoid Breast Cancer

Simple lifestyle changes can decrease your risk of getting breast cancer, even for women who are considered high-risk. To lower your risk, you should:

  1. Limit alcohol consumption. The more alcohol you drink, the more you put yourself at risk of developing breast cancer. Based on research, the healthy limit for alcohol consumption is no more than one drink a day.
  1. Maintain a healthy weight. If you are at a healthy weight, put in the work to maintain it. There are simple ways you can achieve this goal while on the road, including maintaining a healthy sleep schedule. You can also reduce the number of calories you consume each day and incorporate physical activity into your daily routine.
  1. Incorporate more physical activity. To live in good health, adults should aim for at least 150 minutes of moderate activity per week or 75 minutes of vigorous activity per week. You should also incorporate strength training into your exercise routine at least twice a week.
  1. Eat a balanced diet. Eating a balanced diet on the road can be challenging, but it is possible. A healthy diet will not only reduce your risk of breast cancer, but it will reduce your risk for other types of cancer, heart disease, and stroke. Foods to incorporate into your diet include plant-based foods, fruits, vegetables, whole grains, extra-virgin olive oil, legumes, nuts, and fish.

5. Perform self-exams. The number one way to avoid breast cancer is through routine self-exams. Stay vigilant for changes in your breast, including new lumps or changes in your skin. You should also consult with your doctor on when to begin mammograms and other preventive measures and screenings.

More like this:

→ Women in the Trucking Industry

→ 5 Ways Truck Drivers Can Avoid Heart Disease

→ Sleep Apnea: A Growing Concern for Truckers

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