Car crashes can be surprisingly expensive. Most people understand that it is costly to repair a damaged vehicle and treat injuries. Modern trauma care is very effective at treating car crash injuries, but it also comes with a high price tag.
Thankfully, those involved in car crashes typically have the option of filing an insurance claim or even a lawsuit to recoup crash-related expenses. They likely have invoices from repair professionals or bills from the hospital to validate exactly what expenses they incurred. However, the economic impact of a car crash doesn’t end with medical costs and property damage losses.
Those who sustain injuries may need to address their lost wages and their lost earning potential. For many people, calculating the value of their lost income can be quite difficult. Many people make the mistake of underestimating the lost income caused by a wreck.
What makes calculating lost income so difficult?
In cases where people only miss a set number of days of work, determining their lost wages is a straightforward mathematical equation. When an injury has permanent implications, calculating its effect on their earning potential becomes much more difficult.
Workers need to consider how missing work for medical appointments might affect their career advancement opportunities. They also need to consider how their symptoms might affect their job performance. In some cases, people with severe fractures, brain injuries or spinal cord injuries have to completely change professions.
Other times, they lose their ability to continue developing their careers and increasing their earning potential. In some situations, they may not be able to work at all. Calculating lost earning potential requires an evaluation of what someone could have earned if they continued working as they had previously planned.
Their future advancement opportunities and raises from their employer may influence the total economic impact of the car crash. The loss of employment benefits can also be an important consideration. The younger someone is and the more ambitious they are, the greater the likelihood that their lost earning potential may exceed the available insurance coverage.
Thorough research is therefore necessary to validate the amount of lost future income requested in a personal injury lawsuit. Those already coping with strained finances and debilitating injuries may not be in a position to do the research required to estimate their lost income. Having help while developing a personal injury lawsuit after a car crash makes it easier for people to accurately estimate their losses.
The professional assisting with the lawsuit can help the injured person calculate their damages. Those who seek support after a major motor vehicle collision may diminish the long-term economic consequences of their injuries.