When discussing the financial impact of a car crash, the focus is often on medical expenses if someone gets hurt or property damage costs related to repairing a vehicle. Fewer people contemplate the various ways that a motor vehicle collision could affect their household income.
Anyone injured in a crash could have financial setbacks related to their employment. Those losses could increase the amount of compensation required after a wreck. The following are the three most common ways that a car crash could influence someone’s income level.
Lengthy absences from work
Lost wages are a common concern when people incur injuries that force them to take a leave of absence. The longer someone has to stay at a medical facility to undergo treatment or recover from their injuries, the more days or weeks of pay they could lose.
Lost professional opportunities
Someone who misses a substantial amount of work may find that their prolonged absence has a chilling effect on their career development. Even though employers should not consider medical conditions when deciding who to promote or who to lay off, the unfortunate reality is that companies consider issues like attendance and recent performance when deciding who should receive certain opportunities. Workers could lose out on promotions, projects and raises that could lead to increases in their household income because they miss work due to injuries. It could take years to bounce back from the chilling effect of a long absence.
A reduction in earning potential
The most serious loss of income relates to significant or permanent injuries. Someone who loses a limb or develops a brain injury because of a car crash may not be able to continue working at all. Other times, the injured person may need to leave a well-paid profession to work in an entry-level career instead because of their injuries. The substantial reduction in lifetime earning potential that accompanies serious injuries can add up to tens of thousands of dollars annually in some cases.
Those who experience a drastic drop in income because of car crash injuries need to factor those losses into insurance claims or lawsuits. Having a realistic idea about what a car crash may cost can help those seeking compensation to pursue what they’re actually owed.