Personal injury lawsuits and sizable insurance claims following car crashes can be difficult for people to manage. Not only can it be stressful to negotiate with professionals, but it can also be a challenge to put the right price on the injuries that victims have suffered.
Car crashes cause a variety of economic consequences that can be very challenging for people to accurately estimate. All too often, people settle insurance claims for less than they deserve or fail to file a lawsuit before the statute of limitations expires. They may then realize that they need far more compensation than they previously received. Accurately quantifying likely future expenses can help those who need to make a compensation claim following a car crash. For starters, the following future expenses can contribute significantly to the overall economic impact of a collision.
Future medical care costs
Many people require trauma care immediately after a car crash. Surgeries, bone setting and other emergency interventions are crucial to the same location. Many people will also have ongoing care costs, ranging from future pain management medication to physical therapy requirements. People need to factor in future medical expenses or risk losing the right to claim those costs.
Lost wages and lost earning potential
Injuries from a car crash won’t just put someone out of work during their initial hospitalization. They may have routine absences from work related to therapy and treatment requirements. If they have permanent symptoms from a severe injury, they could very well end up unable to work or forced to work a lower-paid job. People can play both lost wages caused by absences and lost future earning potential if they have to move into a lower-paid profession because of their injuries from a wreck.
Diminished vehicle resale value
Those who own their vehicles often count on applying the value of their existing vehicle toward the purchase of a new one. However, if a vehicle has a major collision on its record, that prior wreck will drastically reduce what the vehicle is worth in the long run. People need to consider not just the cost of repairing their vehicle but also how the crash will reduce what it is worth in the future.
Those who have a better understanding of the financial consequences of a car crash will be in a better position to hold the person who caused the crash accountable for the full impact of their negligence.