A car accident can forever change your life. The plans you had before the accident happened can suddenly disappear before your very eyes. What do you do?
Is it even possible to be compensated for the loss of what could have been, such as the inability to advance in one’s career due to your injuries from the accident? We have asked an attorney, Alaina Sullivan, about what you should do. Here is what she had to say:
Loss of Income
One type of damage that a person can receive following an accident is lost wages or loss of income. This damage covers current income that would have been earned, however.
More specifically, these losses are to cover for income that the person would have received from income for the time he or she had to be out of work due to his or her injuries. This loss of income does not cover future earnings, however.
Future Loss of Earnings
Depending on how serious the injuries are, the victim may have a claim for future loss of earnings. Future loss of earnings calculates what you could have earned in the future had the accident not happened.
Essentially it takes into consideration the fact that the victim had plans but that the accident threw a wrench in those plans. These damages try to make up for that fact, albeit only partially.
How Are Future Loss of Earnings Damages Calculated?
Calculating future loss of earnings is actually quite complicated. You should expect to hire a medical professional to testify on your behalf as to the extent of your injuries and how they have affected your future ability to work.
It is not as simple as taking what the injured person earned before the accident and multiplying it takes the amount of time he or she is expected to need to recover or until retirement. Doing this would actually over-compensate the victim because he or she would get all of the future earnings in one lump sum.
The courts use statistical tables, also known as “Ogden tables” to adjust what they receive downward. Multipliers are included in the table to account for different contingencies that could or could not have happened that would have reduced the person’s ability to earn that money in the future.
Employer Information Needed
Not only is medical testimony needed to establish what the victim’s injuries are and how they will affect that person’s life, but information from the victim’s employer is needed as well.
Evidence will need to be presented as to what types of pay increases that person would have anticipated in the future, if a promotion was on the horizon, the likelihood of either of these situations happening, and past job performance.
If the victim is saying he or she is losing out on a promotion but that person was never performing that well to begin with, that will factor against any future earnings calculated.
Other Possible Claims
Other factors play into what the victim may be entitled to get in terms of compensated. If that person was prevented from doing a job they enjoyed because of the accident, they could also attempt to see what is called “loss of congenial employment.”
This takes into account the fact that maybe they can continue work but not at the position they loved so dearly but can no longer do because of the accident.
Further, the job market and industry is considered, as well. Some industries experience ebbs and flows in the economy, and those factors are considered, as well. In addition, if the victim was hurt and forced into early retirement, that person would arguably lose a portion of his or her pension that would have accumulated from working more before retirement.
That amount will be credited upon testimony, with appropriate discounts taken, of course. All of this requires professional help, and a personal injury attorney can walk the victim through the difficult and complicated process.
Contact an Attorney Today
If you have been in a car accident and believe you are entitled to future loss of earnings damages, it never hurts to contact an attorney to ask any questions you may have. A licensed personal injury attorney will be able to evaluate your case and determine if you have a claim against the other party’s insurance company.
To receive the compensation for your medical bills, property damages, and pain and suffering, you should speak with a personal injury attorney in your area today.
