Loss of Earning Capacity and More: The Future Losses of a Car Accident Victim

While car insurance typically covers immediate medical expenses and car repairs, it often falls short of addressing the long-term financial consequences of an accident.

Experienced car accident attorneys help accident victims put a price on the potential income they might have lost or will lose in the future due to the accident and its lasting effects. This article discusses this concept in detail.

Loss of Earning Capacity

Loss of earning capacity refers to the decrease in your ability to earn a living because of your injuries. This can manifest in several ways:

  • Reduced Work Hours

Your injuries might force you to cut back on your work hours, leading to a loss of income.

  • Inability to Work 

In severe cases, your injuries might prevent you from returning to your previous job altogether.

  • Career Change 

The accident might necessitate a career change due to physical limitations, potentially leading to lower earning potential in the new field.

  • Medical Bills

Depending on the severity of your injuries, you might require ongoing medical care, physical therapy, or medication. These costs can add up significantly over time.

  • Reduced Quality of Life

Your injuries might limit your ability to participate in activities you once enjoyed. This could include hobbies, sports, or even simple tasks like household chores.

  • Loss of Promotions

If your injuries hold you back from taking on more demanding roles or require additional training, you might miss out on promotions and their associated salary increases.

  • Spousal Dependence

In some cases, your injuries might affect your spouse’s ability to work.

For instance, if you were the primary caregiver for children or a disabled family member, your spouse might need to take time off work or reduce their hours to manage these responsibilities.

  • Loss of Household Services

If you can no longer perform essential household tasks due to your injuries, the cost of hiring help can be included in future losses.

How a Lawyer Protects Your Future Financially

The idea of future losses can be overwhelming to think about. But lucky for you, you don’t have to think about it alone. A lawyer with experience in car accident cases can be invaluable in securing the compensation you need. Here’s how they can help:

Calculating Future Losses 

Lawyers work with economists and other experts to put a price on the present value of your future lost wages and medical expenses. This allows them to put a concrete dollar amount on your future losses, strengthening your case.

Gathering Evidence

These lawyers go to great lengths to gather medical records, expert opinions, and proof of your earning potential before the accident.

They know what documents are crucial in establishing the impact on your future, and they’ll ensure to present all of them to the appropriate body for assessment.

They’ll build a solid closing remark that will leave the judge and jury empathizing with you for the suffering you’ve endured due to the accident.

Negotiation and Litigation

Insurance companies might try to downplay the seriousness of your injuries or minimize the long-term consequences. A skilled lawyer can negotiate aggressively on your behalf and, if necessary, represent you in court to fight for the compensation you deserve.