Economic Costs of Trucking Accidents

Trucking accidents can be the most expensive of all accidents. People often die when they are involved in a truck collision. There is also a high lost in property. While the initial and most devastating economic cost is inflicted on the victims, it can also cost others.

When a victim dies or is injured in a trucking accident, the surviving family may decide to hire an attorney to file a lawsuit. There are many good attorneys experienced in truck accident law who can help the victim and the families receive some compensation for their loss and injuries. This process can take several years before the case goes to trial.

The wait can result in financial hardship, especially if there is no or little income. They may have to pay funeral costs. There may be high medical bills or expenses. Many victims opt to get lawsuit funding through their attorney. This is a pre-settlement loan that provides the victim funds to help pay their bills and expenses. Usually the plaintiffs must have a fairly strong case for lenders to agree to lawsuit funding.

While the injured are the obvious victims, a trucking accident does impose economic costs on others. The trucking company may also be sued, and if they are found legally liable they may have to pay out millions of dollars to the plaintiff. The cost of this payout may be passed onto others in the form of higher trucking fees. Companies that suddenly have to pay more to transport goods may pass those costs onto the consumers.

A trucking accident can also cause economic hardship for the area of the immediate accident. If the accident is particularly large it can shut down a highway for hours. This can delay all the thousands of people who travel on the highway. This includes other truck drivers who need to deliver their loads by a deadline. In various ways the traffic accident has impacted economic costs on them.

An even larger economic cost can happen when a trucking accident involves a hazardous material spill. This can damage the local environment if it seeps into the ground or enters the water supply. Federal agencies may shut down the accident area for days cleaning up the spill. If there are any businesses located within the area they will suffer lost income and possible property damage.

Truck accidents can be devastating and expensive. They can cause death and debilitating injuries. They can leave families with mounting debt and they can leave others with high economic costs. This is why a good truck accident attorney can be invaluable. They can help recover compensation for victims and families that have suffered a great loss. They may be able to secure lawsuit funding for the family while they wait for the case to go to trial.

 An attorney may also be able to help others impacted by the accident. This includes business who lost income due to the accident, or residents who become ill due to a hazmat spill. A good attorney is beneficial when a truck accident happens.

This article is not intended for legal advice.

Additional Legal Resource: For more information on truck accidents please visit TruckAccidentLawyer.org