There are certain expenses that people generally expect to incur after a major car crash. They know they will need to pay to tow their vehicle and to repair or replace it. They understand that there will be medical costs involved in diagnosing and treating their injuries. They probably also accept that they will have short-term lost wages to cover if they need surgery or other intensive medical intervention.
Frequently, those involved in collisions are eager to settle the matter as quickly as possible and get compensation for their losses. Yet, if they fail to consider the long-term financial implications of their injuries, they may accept far less than they deserve. The three costs below are all financial losses people tend to overlook when rushing through an insurance claim after a car crash.
Renters can typically expect their landlords to help them cover accommodation costs. However, homeowners have to absorb those costs themselves. It can cost tens of thousands of dollars to make a home wheelchair accessible. Accommodations for other types of injuries can be similarly expensive. People may need wider doors and hallways if they live in a very old home. They may need different handles on their doors and faucets on their sinks. Some people will need first floor bedrooms or accessible bathrooms. The cost of installing such accommodations can be quite expensive.
Long-term lost earning potential
Injuries from a car crash won’t just deprive someone of income while they recover. They may have a permanent impact on someone’s overall income. Severe injuries that affect physical function or cognition can drastically reduce someone’s earning potential. Educated professionals and blue-collar workers alike may have injuries that force them to change professions. They may have to move into a career that offers little more than minimum wage and few benefits.
The loss of household services
Each member of a family will likely contribute certain specific services for the household. From child care and cleaning to vehicle maintenance and home repairs, the tasks that people perform before their injuries may be too difficult for them to perform after their injuries. There will be a significant cost involved in acquiring professional support to provide those same services. Even if other family members absorb those responsibilities, the increased demand on other family members may impact their health and earning potential.
It can be very difficult to put a realistic price tag on the long-term implications of a car crash injury. Creating a reasonable estimate of likely losses with the assistance of an attorney is often crucial for those seeking appropriate compensation after a wreck.