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semi truck accident

What to Do After a Semi Truck Accident

semi truck accident

There’s a lot of risk involved in running a semi-truck business. Of course, one of the main risks is ending up in a semi-truck accident.

Experiencing a truck accident can be a traumatic experience. Depending on the accident, you could face all kinds of issues – such as damage to your vehicle, injuries, and a pause in your business operations. This is why it’s so important to know exactly what to do after experiencing an accident.

Even though you may be shaken up, following the right step after a semi-truck accident is essential. Doing so will help you with your well-being, as well as any potential legal claims you might make.

So if you experience a semi-truck accident of any scale, be sure to follow the steps below.

After a Semi Truck Accident: Top Steps

Focus On Safety

The first and most important step after a semi-truck accident is to make sure that everyone involved in the accident is safe. Assess your condition and check up on the condition of anyone else involved in the accident. Passenger vehicles should first check that everyone in the vehicle is safe, and make note of any serious and minor injuries.

If possible, move the semi-truck to a safe location away from traffic for public safety. Make sure to turn on your hazard lights to alert any other drivers of the accident.

If you are injured or unable to move, try to remain still until help arrives. The same applies to any passengers that might be in the semi-truck. If you need to tend to any serious injuries, try to first get guidance from emergency services over the phone.

Contact Emergency Services

Call emergency services immediately to report the accident and request medical assistance if anyone involved in the accident needs it. The police will also arrive at the scene to document the incident and prepare an accident report, which is important for insurance purposes.

You may also need to arrange for a tow truck to come to clear the accident scene. Of course, semi-truck crashes involve large vehicles, so you may need a special commercial truck towing service.

Gather the Right Information

As soon as everything is safe at the scene of the accident, the next step is to gather all of the necessary information about the accident. This is important for reporting semi-truck accidents and making sure you have all of the facts for doing this.

Collect information from all parties involved in the accident, including the semi-truck driver, witnesses, and passengers. If another commercial vehicle is involved in the crash, take down the details of the trucking company too.

Gather everyone’s names, contact details, driver’s license numbers, insurance information, and license plate numbers. While this may seem like a hassle straight after a semi-truck accident, having this information available is essential.

Document the Accident Scene

The next critical step in dealing with a semi-truck accident is making sure that you gather enough physical evidence about the crash. You’ll need this when reporting the accident and filing any insurance claims.

Use your phone to take pictures and videos of the accident scene. Capture the position of vehicles, damages sustained, skid marks, traffic signs, and any visible injuries. Having these visual records of the accident will make it a lot easier to file any claims and proceed with the legal aftermath of the accident.

When gathering this information, you’ll also need to make sure that you get the story straight for how the accident took place and which party was at fault. Ensure the evidence you gather can clearly depict this.

Notify Your Insurance Company

After commercial trucks have an accident, things can get expensive very quickly. The first thing you’ll want to do once the accident is cleared is notify our insurance company.

Report the accident to your insurance company as soon as possible. Provide them with accurate details of the incident and share the evidence you have gathered. By filing a claim quickly, you’ll have a far smoother claims process. Gaining compensation for any damages or injuries will also be a lot quicker.

Seek Medical Attention

You might not think you’re injured, but if you’ve been in a semi-truck accident it’s a good idea to seek medical attention.

Some injuries get worse over time, without showing full effect immediately. By going for a proper medical examination, you’ll detect any underlying issues which means you can treat them quickly.

Consult With a Lawyer

This isn’t always an absolutely necessary step, but consulting with an attorney certainly has its advantages after a semi-truck accident.

Consulting with an experienced personal injury attorney who specializes in semi-truck accidents is ideal. They will evaluate your case, protect your rights, and guide you through the legal process. An attorney will handle negotiations with insurance companies, gather evidence, and represent your best interests if litigation becomes necessary.

While you don’t always need a lawyer after an accident, you will want to work with one after a complicated incident.

Preserve Your Evidence

If there is a case and you need to work with a lawyer, then make sure you have all of your supporting evidence stored safely.

Preserve all evidence related to the accident, including medical records, accident reports, photographs, and witness statements. This evidence will be vital for supporting your insurance claim or potential lawsuit, should you pursue legal action against the responsible party.

Understand Your Legal Rights

On the topic of lawsuits and attorneys, it’s vital that you understand your legal rights after an accident. Know what you can and cannot do, and familiarize yourself with the specific laws surrounding semi-truck accidents in your jurisdiction.

Each state may have different regulations and statutes of limitations. Understanding your rights empowers you to make informed decisions regarding insurance claims and legal actions. Having enough legal knowledge also means you can proceed with the case faster and more efficiently.

File an Insurance Claim

Now you’ve got legal help, evidence of the semi-truck accident, and you’ve been in touch with your insurance company. The next step is to file an insurance claim with the at-fault party’s insurance company.

Provide them with all relevant information and evidence to support your claim. The more support documents you have, the better.

Insurance companies can be difficult to work with – especially in cases where large commercial semi-trucks are involved. This is why having good legal representation is so useful.

Negotiate a Settlement

A key part of the claims process is negotiating a settlement. If you work with an attorney, then they will negotiate with the insurance company on your behalf.

Try to reach a fair settlement that compensates you for property damages, medical expenses, and possibly lost wages. Of course, the settlement you reach will depend on the specifics of the accident and the commercial insurance company.

If you cannot reach a suitable agreement with the insurance company, then you may need to pursue a lawsuit. This is not ideal, but can be worthwhile depending on the accident.

Consider Legal Action

This isn’t always the case, but there are certain accidents where filing a lawsuit is necessary. You would do this to seek full compensation (which the insurance company isn’t offering) and to protect all of your rights.

If you do decide to take legal action, your attorney will guide you through the entire litigation process. They will represent your interests in court and work to get you the compensation you desire.

While filing a lawsuit can be very worthwhile, it really just depends on the specifics of your case. Each case is different, with some more suitable for lawsuits than others.

Complete Your Semi-Truck Repairs

There are plenty of legal challenges you have to face when dealing with a semi-truck accident. Despite all of this, you’ll still need to get your truck back on the road and your business back in operation as soon as possible. This will likely involve following through with semi-truck repairs.

You may need to rake out a semi-truck repair loan in order to do this if you are still waiting on the insurance settlement. In some cases, you may even need to replace the entire semi-truck completely. Knowing how to buy a semi-truck and find the right semi-truck financing is important here.

The sooner you get your truck repaired, the faster you can get past the accident and back on the road.

Conclusion

Experiencing a semi-truck accident can be an incredibly difficult event. However, following the right steps and knowing what to do after the accident will make the whole process a lot easier to manage. By taking the right steps efficiently, you’ll be able to get past the accident faster and more positively.

If you find yourself needing to purchase a new semi-truck after experiencing an accident, then it’s also important to understand what semi-truck financing options you have available. Get in touch with us at Mission Financial, where we can help any truck driver secure financing for the commercial vehicle of their dreams.

Semi-Truck Accident Lawsuit

How To Handle A Semi-Truck Accident Lawsuit

Semi-Truck Accident Lawsuit

Want to know how to handle a semi-truck accident lawsuit? This guide has you covered.

You’ll find info on what to do and what to avoid if you’re involved in a semi-truck accident. Understanding this is crucial. It will prevent you from doing or saying something that might waive your rights to file a claim and end the case before it even begins.

Ensuring your right to file a truck accident lawsuit isn’t tampered with is the first step to handling a semi-truck accident case successfully.

This guide also explains how truck accident lawsuits work so you know how to navigate them smoothly.

What To Do When Involved In A Semi-Truck Accident

If you find yourself in a semi-truck accident, say a commercial truck rams into your car, don’t panic or leave the scene. Instead, try to remain calm and remember the following:

Don’t Admit To Anything

Anything you say can and will likely be used as evidence against your truck accident claim in court. As a result, be careful who you talk to and what you say at the accident scene and afterward.

Specifically, be keen when describing the accident to relevant authorities. Don’t admit fault to anyone, the police included, even if you think you played a part in causing it.

Also, understand that a truck accident settlement can take place anytime from the moment the accident occurs to right before a jury delivers its verdict. This means that representatives from the insurance companies involved can approach you with settlement offers anytime. Some might do this a few days after the accident before you even file your truck accident case.

Often, an insurance company will make such truck accident settlement offers to take advantage of your vulnerable situation after the accident. The offer amount will almost always be less than you deserve, and accepting it means waiving your right to adequate compensation.

It’s best to completely avoid talking to representatives from the commercial truck company or other parties who can be liable for the accident. Find an experienced truck accident attorney instead and let them do the talking on your behalf.

Document Everything

Trucking accidents are more complicated than car accidents involving other vehicles. They require extensive research to prove you deserve to be compensated an X amount for all the injuries, pain, and suffering the accident caused.

Start collecting the evidence you’ll need to build a strong truck accident case immediately after the accident by documenting everything.

Take clear photos of the entire accident scene. Get the details of the trucking company and truck driver, including their name, address, phone number, and registration information. You also want to get the contact information of any eyewitnesses around.

Seek Medical Attention

Always seek proper medical attention after a trucking accident, even if it appears minor. That’s because accidents involving large trucks can cause severe injuries, like a head injury, which may not be very obvious initially.

Going for a check-up will reveal any issue and help you get the right medical treatment in good time. Otherwise, you might suffer medical complications from unattended internal injuries later on. Ensure you keep all records of your medical expenses. They’ll come in handy when your personal injury lawyer needs to calculate the truck accident settlement amount fit for your case.

Get A Truck Accident Lawyer

An experienced truck accident lawyer will file your commercial vehicle accident lawsuit correctly to help you get significant compensation from multiple parties, where applicable. They’ll be keen to follow all necessary steps to ensure you build a solid case from the start. But you have to contact them in time so they can have a good chance to do this.

On average, you have roughly 2-3 years from the date of the accident to file a personal injury claim or wrongful death lawsuit. But the deadline varies depending on your state and the details of your trucking accident.

It’s shorter (about a year) in some states like Louisiana and longer in other states like Florida (4 years), Missouri (5 years), and Maine (6 years). In legal terms, this time limit for filing truck accident cases is known as a statute of limitations.

Commercial Vehicle Insurance Cost

Most states implement their statute of limitations after years (not days or weeks) to allow truck accident victims to heal before pursuing justice.

However, it’s always best to file an accident lawsuit as early as possible – almost immediately after the accident. Your experienced personal injury lawyer will have ample time to collect accurate evidence from witnesses this way.

That’s because the details of the semi-truck accident will still be fresh in the witnesses’ memory. The lawyer can also move fast to prevent the trucking company and other parties involved from destroying crucial evidence. This is essential, especially during the early stages of handling truck accident cases.

How Truck Accident Lawsuits Work Step by Step

An average truck accident settlement case follows six distinct steps. We’ll discuss these and explain how you can handle each phase effectively.

Step 1: Claim Assessment

In this step, your personal injury lawyer conducts a thorough assessment of your semi-truck accident case for two major reasons:

Establishing Whether You Have A Valid Case

The lawyer will listen to the accident details carefully and explore your legal options and rights based on the facts you provide. Because of this, it is essential to describe the accident as accurately as you can. Also, provide any documentation you might have of the semi-truck accident scene.

Your role in this step is to help your lawyer accurately assess the accident to establish solid grounds for the case. If you think you were at fault, mention it. Your lawyer will ask follow-up questions to determine whether this is true. Most times, you’ll realize other circumstances you’re unaware of might have led to the accident, and you were not at fault.

Determining Liability And Damages You Should Receive Compensation For

If you were not at fault, the lawyer will evaluate the case details to identify the parties responsible for the semi-truck accident.

In most situations, truck drivers are the first party to blame, but semi-truck accidents present several legal liability routes. Multiple parties can be held liable for the accident depending on the specific causes.

For instance, the big rig truck might have rammed into your car due to driver fatigue or break failure. In each of these cases, a different party is responsible. It could be the truck company, vehicle owner, or truck manufacturer. It’s also possible that the truck driver failed to see you due to distracted driving or DUI.

Experienced attorneys will identify all parties liable and consider filing different liability claims to ensure you get maximum compensation.

They’ll also calculate the settlement amount various parties owe you based on every possible factor for determining truck accident lawsuit damages. These may include:

  • Current and future medical bills
  • Lost wages – calculating lost wages considers loss of current employment and earning capacity in the future.
  • The extent of physical injuries, mental anguish, pain, and suffering. For serious injuries, such as a traumatic brain injury or disability, the future cost of continuous medical care and rehabilitation is included.
  • Loss of consortium
  • Property damage
  • Punitive damages

At the end of this step, the lawyer has a good foundation for your truck accident lawsuit. You’ll also get a rough idea of how much the parties liable for the semi-truck accident owe you. It’s important to note that claim assessment happens during the initial free consultation with your lawyer.

Step 2: Investigation

Once you’ve established an attorney-client relationship with your personal injury lawyer, the next step is investigation. Here, lawyers work to preserve any evidence that might help win truck accident settlements.

They’ll send letters to multiple defendants to legally demand that they preserve all evidence of your case. These might include photographs, the vehicles involved in the semi-truck accident, the truck driver’s records of operation, and other vital data. Your role in step 2 becomes passive. You don’t have to do anything except follow your lawyer’s directives when called upon.

Step 3: File And Complaint

After the investigation phase, your lawyer will formally file a truck accident lawsuit against all parties deemed negligent in the semi-truck accident. Your role here is also passive, like in step 2 above.

Step 4: Case Discovery

Case discovery is the case-building phase. Lawyers actively gather evidence from several parties to prove a duty of care and its violation.

They’ll talk to witnesses and obtain analyses from experts, including semi-trailer truck accident reconstructionists and medical personnel, to ensure your accident lawsuit succeeds. Like in steps two and three, your role during case discovery remains passive.

Step 5: Begin Mediation

The mediation process begins once attorneys gather enough evidence for truck accident claims. During this phase, both parties (truck accident victims and defendants), accompanied by their lawyers, meet to see if they can reach a fair settlement. You’ll have to attend the mediation and work closely with your lawyer throughout the meeting.

Step 6: Go To Trial

If you don’t reach a settlement during step 5, the accident lawsuit will proceed to trial, where a judge or jury will hear and determine the case. You might be called upon to testify during the trial, but don’t worry! Your lawyer will prepare you adequately for this.

Conclusion

Unfortunately, accidents involving commercial motor vehicles are common, and they can be fatal. The latest research shows about 4,998 accidents involving large trucks and buses happened in 2020, leading to nearly 108,000 injury crashes.

Knowing how to handle semi-truck accident lawsuits is vital to getting fair compensation for yourself or loved ones in case of an accident. We hope this article helps you with this.

You can also check out our blog to learn more about dealing with semi-truck accidents, including how to find an experienced commercial truck accident attorney.

 

top 10 commercial truck insurance companies

Top 10 Commercial Truck Insurance Companies

top 10 commercial truck insurance companies

With so many commercial truck insurance providers out there, finding the best policy can be tricky.

When you buy a semi-truck, you must get the right commercial truck coverage for your business needs. The best commercial truck insurance depends on your specific business, vehicle, and scenario.

To help you find the right policy, here are the top 10 commercial truck insurance companies operating right now.

Top Commercial Truck Insurance Companies

Progressive

Progressive holds the largest market share of commercial truck insurance companies in the US, making it an easy choice for truck drivers.

This insurance provider is available in all 50 states and offers free state and federal insurance filings. Progressive also offers a wide variety of commercial truck insurance discounts to drivers.

Another one of the main reasons why Progressive is so popular is because their commercial trucking insurance is available to cover a large variety of truck types. No matter what kind of semi-truck business you run, there will be a suitable commercial auto insurance plan available from Progressive.

Sentry

If you’re looking for a commercial truck insurance company that focuses on single truck drivers, then Sentry is one of the best options. Unlike other truck insurance companies that focus on coverage for larger businesses and fleets, Sentry’s main focus is on individual trucks and drivers.

Their commercial insurance coverage is flexible depending on your vehicle and situation. Sentry is also available in all 50 states and offers more personalized insurance coverage for owner-operators in the trucking industry.

Hartford Trucking Insurance

Hartford is another one of the most popular commercial truck insurance companies available across all 50 states. Whether you’re an owner-operator or manage a large fleet, Hartford offers relevant insurance coverage for your needs.

Compared to other commercial truck insurance providers, Hartford offers some of the best discounts and complimentary coverages. They also provide special risk engineering services for fleets, which is a useful option for any larger trucking company.

While owner-operators can use Hartford, the company’s multi-vehicle truck insurance policies are the most popular.

State Farm

State Farm is consistently recognized as one of the top 10 commercial truck insurance companies thanks to its high level of customer service.

The company’s commercial truck insurance premiums are reasonable, and they offer various packages for individual owner-operators or fleet vehicles. State Farm’s commercial truck insurance is also available in all 50 states.

While State Farm offers good coverage to commercial truck drivers, their main differentiator is their consistently strong consumer satisfaction ratings.

CoverWallet

Technically, CoverWallet is not one of the top 10 commercial truck insurance companies because it’s an aggregator. However, if you’re looking for the best commercial truck insurance deal, then CoverWallet is one of the best places to find it.

You can use CoverWallet to compare commercial truck insurance costs, features, and coverage options across multiple premiums with instant quotes. The platform also offers comprehensive coverage options for owner-operators with bad credit history.

If you’re looking to purchase commercial truck insurance for any type of vehicle or business, then CoverWallet is a great place to start your journey.

Chubb

When it comes to commercial truck insurance in the US, Chubb is a market-leading name.

Chubb offers business insurance to all kinds of industries and business sizes, including a range of commercial trucking insurance policies. This includes truck insurance, motor truck cargo insurance, non-trucking liability coverage, and more.

Chubb has a large network of offices across the US, and its commercial truck insurance protects anyone from individual owner-operators to large fleets. Their flexible policies and premiums can be tailored to any trucking business.

Nationwide Insurance

As their name suggests, Nationwide Insurance is a top choice if you want comprehensive coverage across all 50 states.

Nationwide is one of the most popular commercial truck insurance companies thanks to being one of the most well-known personal and business insurance providers in the US. Unfortunately, this does mean that their commercial trucking insurance prices can be on the higher side.

However. Nationwide offers a wide range of policies for owner-operators and large fleets. You can access motor truck cargo insurance, commercial auto insurance, and semi-truck insurance for vehicles of all types and sizes. Coverage options are flexible and can include various discounts.

Berkshire Hathaway

Berkshire Hathaway offers truck insurance coverage through GEICO, biBERK, and THREE. These insurance companies are not as large as others, but they all offer a good range of commercial truck insurance and business insurance for companies of all sizes and types.

Berkshire Hathaway’s various insurance companies offer good policies for specific types of trucking businesses. This ranges from low-cost auto insurance to commercial insurance for businesses with specific needs.

Whether you’re looking for rental reimbursement policies, motor truck cargo insurance, non-trucking liability coverage, insurance that offers medical payments, or just straightforward coverage for commercial vehicles, BH’s subsidiaries will have a solution for you.

Farmers Insurance

Farmers Insurance does not offer the most extensive policies compared to other trucking insurance companies. However, the company is straightforward and transparent with its policies and offers good value for money.

Farmers Insurance is also known for its fast claims settlement process and attractive discounts for responsible drivers.

Allstate

If you’re after affordable insurance policies, then Allstate is certainly one of the top 10 commercial truck insurance companies out there. The company offers a wide range of commercial truck insurance policies and is known for its excellent customer service and claims processes.

Allstate also offers flexible commercial insurance coverage to match the specific needs of owner-operators or large fleets of commercial trucks.

Conclusion

We chose this list of the top 10 commercial truck insurance companies based on their variety of policies and coverage options available.

Whether you’re an individual with a semi-truck or operate a large commercial fleet, these truck insurance companies will offer a policy that works for your scenario.

Always compare quotes and shop around when choosing commercial truck insurance. This will help you get the best policy, premiums, and coverage for your trucking business needs.

If you’re looking to purchase a commercial truck, then you’ll also need to work with the right truck financing provider. At Mission Financial, we help everyone gain financing to match their needs – regardless of whether you have bad credit. Get in touch if you’re ready to buy your dream truck.

top 10 commercial truck insurance companies

Commercial Vehicle Insurance Tips You Should Know

top 10 commercial truck insurance companies

When you purchase a commercial vehicle, one of the first things you need to do is get the right commercial vehicle insurance policy in place.

You need to make sure that your insurance policy offers the best value and coverage for your business, while still being as affordable as possible. Some commercial vehicle policies can add up, so you must be careful when choosing one.

To help you get this right, this guide offers some of the best commercial vehicle insurance tips you should know.

Top Commercial Vehicle Insurance Questions

There’s a lot to consider when taking out a commercial auto insurance policy. To help you get started, here are some of the most common commercial auto insurance FAQs.

Do I Need Commercial Vehicle Insurance?

Any kind of vehicle used for commercial purposes needs to have commercial auto insurance coverage.

Whenever you drive a vehicle for work, you are responsible for any incidents that happen with the vehicle. So if you get in an accident and don’t have proper insurance coverage, your company may have to pay for the damages.

You will also need to have the right business auto insurance policy in place for financing a commercial vehicle – such as financing a semi-truck.

How Many Cars Does Fleet Insurance Cover?

A commercial vehicle fleet typically refers to five or more vehicles. You need commercial auto insurance for each vehicle, which is why taking a single fleet insurance policy is often easiest.

Fleet insurance can cover multiple vehicles, even if the vehicles are of different types, models, and sizes.

Does Business Insurance Cover Commercial Auto Insurance?

Business insurance and commercial auto insurance are two separate things. Business insurance covers your business for liability and covers things like your building, products, and employees.

However, you will need a separate commercial auto policy in place to cover your vehicles.

What Does Commercial Vehicle Insurance Cover?

Commercial auto insurance policies differ, with different policies offering different levels of coverage.

Commercial auto insurance covers your company, vehicles, and employees. It also offers protection to the public. This means these policies cover the costs of business vehicles, as well as additional costs your business, clients, or community might face.

The right liability coverage also ensures your company is protected from lawsuits and liability for damages. Some commercial auto insurance covers any costly interruptions that your business might face due to an accident, including legal expenses and medical expenses.

What Affects Your Commercial Auto Insurance Rate?

Just like personal auto insurance, your commercial auto coverage rate will be better if you have a clean driving record. Your commercial auto insurance cost will be most affected by having a claims-free policy.

Depending on your commercial auto insurance policy, you might also get a better rate by bundling more vehicles onto the same policy, as opposed to getting separate policies for each vehicle.

Of course, the type of vehicle, the type of business you run, and how long you have had your commercial driving license are all factors that can influence your business auto insurance rates.

How Do You Find the Best Commercial Auto Insurance Cover?

There are hundreds of businesses that offer commercial auto coverage, so it’s important to reach out to a number of them to compare quotes.

Be sure to ask each insurance provider the same questions, and understand the specific terms of the commercial auto coverage.

Before you purchase commercial auto insurance, be sure to understand exactly what the policy covers. The cheapest policies aren’t always the best. Instead, the policy that offers the best value should be based on your specific business requirements.

7 Commercial Vehicle Insurance Tips to Get the Best Deal

Your commercial auto insurance policy can be a big commitment. It’s also essential that you have a policy that covers you properly in case of an emergency.

As with personal auto insurance, there are a few things you can do to help you get the best deal. Let’s break these down.

Don’t Over-Insure Yourself

A common mistake that businesses make in their commercial auto policy is estimating more miles than they will cover. This could result in paying extra for a commercial auto policy that you don’t need.

Consider Annual Payments

If you pay annually, you can often get a cheaper commercial auto insurance quote than making monthly payments. Of course, this is an expensive investment, but it could save your business a significant amount of money in the long run.

Increase Your Voluntary Excess

As with personal auto insurance policies, increasing your voluntary excess amount will reduce your premium. Of course, the amount of voluntary excess you choose to pay will depend on your specific business situation.

Don’t Pay for Extras You Don’t Need

Business vehicle insurance policies often include various add-ons that you won’t need. Make sure you understand what all of your different insurance policies include, and know what coverage you need and what coverage is unnecessary.

Install a Dashboard Camera

Some commercial automobile insurance companies offer a better rate if you have a dash cam installed. This isn’t always the case, but installing a dashboard camera can still be useful to your business’s vehicle.

Consider an ‘Any Driver’ Policy

‘Any driver’ policies are useful for businesses that have a large pool of drivers. However, these types of policies are also more expensive.

Understand who will be driving the vehicle and make sure your insurance policy covers all possible drivers.

Employ Experienced Drivers

You can typically get better insurance rates if your drivers are more experienced and have a clean record. Hiring younger drivers, or drivers with a claim or accident history, could push up your premiums.

Conclusion

Take time shopping around for your commercial vehicle insurance, and consider a range of different policies. Most importantly, understand exactly what type of coverage your business needs, and what coverage each policy offers.

Without the right commercial insurance, your business won’t be able to operate safely, or possibly even legally. So, make sure you know what you’re getting into before committing to an insurance provider.

If you’re looking to finance a semi-truck, Mission Financial Services is the way to go. Contact us today!

 

commercial truck accident attorney

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!

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