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How much can someone seek for lost earning potential?

On Behalf of | May 16, 2023 | Uncategorized

Whether someone lives on their own or is the head of a household, what they earn at their job will determine their standard of living now and likely for the rest of their life. If someone gets hurt in a car crash, their injuries could lead to multiple different kinds of financial strain.

Obviously, absorbing sudden medical expenses and vehicle repair costs can be a challenge, especially for those operating on a relatively tight household budget. Beyond that, the impact that someone’s injuries could have on their earning potential can be very hard to ignore.

For example, someone’s lost wages are only part of the issue. A reduction in their future earning potential could also influence what their claim is actually worth. A worker might end up getting passed over for a promotion because of their injury and may never earn what they once could have. How does someone calculate that financial impact?

Looking at changes to a career as a starting point

If an injury forces someone to move into a different job or if they can no longer move upward in their current profession, it can be hard to know exactly what amount of wages they will lose out on because of their injuries. However, it is possible to put together an estimate based on average income rates and the benefits received by those in certain jobs.

By looking at what someone could have earned if they received a promotion and then also looking at how that promotion would have affected their overall career trajectory, they can establish the long-term financial impact of an injury that they suffered in a car crash. Lost wages, lost advancement opportunities and lost employment benefits are all factors that can contribute to the value of a car insurance claim or a personal injury lawsuit after a crash.

Someone suffering career consequences can go to court

The mandatory insurance required by the law is often far too low for what a car crash will cost someone. Those hurt in a wreck who will have permanent job consequences may have to reconcile themselves to the likelihood of going to court early in the claims process.

The policy limit for the other driver may be far lower than the total financial impact of the crash, and therefore only a successful lawsuit will connect someone with more compensation. Determining how much of a financial impact a crash has on a family is a key starting point when negotiating an insurance claim or looking into other forms of compensation. Seeking legal guidance can help you to achieve this important aim.