If you got hurt in a car accident that wasn’t your fault, you probably already know that you can file a personal injury claim to pursue compensation for your medical expenses, lost wages, and other losses. However, the personal and financial impact of car accidents isn’t always clear. You may need an experienced Raleigh car accident lawyer who knows about the hidden costs associated with car crashes to seek all the money you deserve.
Lost Earning Capacity Goes Beyond Your Missed Paychecks
One of the most significant parts of your car accident claim is accounting for lost earning capacity. If your injuries impact your ability to work and make a living long term, any compensation you receive should account for that loss. However, determining how much that loss is worth goes far beyond just adding up the paychecks you would have earned.
When reaching a correct value for your lost earning capacity, you’ll need to take these factors into account:
- Salary, income statements, and tax returns
- Bonuses
- Raises and promotions
- Inflation
- Career advancement path
- Life expectancy
Economic and vocational experts can produce reports that support these projections. Growth trajectory and profit forecasting models can also be helpful.
Mental Health and Emotional Recovery Costs After a Crash
After a significant car crash, you may be suffering from not just physical injuries but mental and emotional injuries, as well. There may be expenses related to this psychological harm, such as therapy sessions and medication, which can easily be calculated using receipts and medical bills.
However, there are also non-financial costs that should be included when your lawyer computes the value of your claim, including:
- Emotional distress — Many people suffer severe anxiety about getting into any vehicle after a crash. Some accident victims also develop post-traumatic stress disorder (PTSD). This condition can be a short-term issue, but in some cases, symptoms can persist for years.
- Scarring and disfigurement — Other unseen costs can arise if the injuries leave the victim disfigured. Their self-confidence can be affected, and their personality may shift significantly. Someone with large, visible scars who was once an outgoing person may become an introvert.
- Loss of quality of life — Many car accident victims who suffer severe injuries face a life that is forever changed. They may have permanent limitations or chronic pain, leaving them unable to participate in their hobbies or even take care of their daily needs.
Although these losses can’t be seen, you deserve fair compensation for all the pain and suffering you experience because of the car accident.
Household Help and Childcare During Your Recovery
A significant or catastrophic injury that prevents you from working while you heal can bring additional costs you don’t expect. If you’re unable to work, you’re likely also unable to clean your home, cook your meals, or tend to your children.
Whether you find a housekeeper who can keep up with your chores or use a food service to deliver meals while you’re on the mend, those are additional expenses that should be included in your settlement.
If your children are babies or toddlers, you may also need help with them while you’re healing. Even if your children are in school, you’ll likely need help on the weekends or for chauffeuring them to and from extracurricular activities while you’re out of commission. However, childcare is never cheap, so you should be sure that your car accident settlement covers those costs.
Diminished Value: Your Car Is Worth Less After a Crash in NC
The economic costs of automobile collisions can include hidden costs that may surprise you. For example, vehicles that have been involved in collisions usually bring less on a sale or trade, even after complete repairs. Your car accident settlement should include any reductions in your car’s value because of the crash.
How to Document Hidden Costs of Your Collision
When you’ve been injured in a car accident that wasn’t your fault, you can file a personal injury claim to seek the compensation you need to get you back on your feet. However, to obtain money that fully covers the car accident’s financial impact, you’ll have to document all your losses. You can:
- Keep detailed records. You’ll need copies of all your medical records, receipts, vehicle repair estimates, and correspondence with the insurer.
- Dig up all your wage information. Gather your recent pay stubs, your past W-2s, 1099s, or tax returns that show your past income.
- Maintain a daily record about your injuries. Keep track of your daily pain levels and how your injuries affect your ability to work, maintain your family relationships, and impair your social life.
- Keep financial records of the household expenses you incurred because of the injury. If you must hire help, keep records of the wages you pay your housekeeper, cook, or childcare professional. Keep receipts for the installation of any home or vehicle adaptations.
How Hardison & Cochran | Injury & Workers Comp Lawyers Can Maximize Your Compensation After a Car Accident
The hidden damage after a car accident is difficult to prove, and insurance companies are skeptical because they want to keep their profits rather than spend them on claims payments. You need a skilled North Carolina car accident lawyer to protect your rights and to fight for the compensation you deserve.
When you work with the experienced team at Hardison & Cochran | Injury & Workers Comp Lawyers, we can:
- Investigate the accident
- Gather evidence of the crash and your losses
- Identify all liable parties
- Dig through every aspect of your claim to find all the hidden costs
- Accurately assess the full value of your case
- Handle all communications with the insurance companies
- Negotiate for a full and fair settlement
- Represent you at trial if necessary
Talk to Hardison & Cochran | Injury & Workers Comp Lawyers About Your Full Recovery in Raleigh
If you don’t want to settle for less than you deserve, it’s crucial that you identify all the hidden costs of car accidents for your claim.
Hardison & Cochran | Injury & Workers Comp Lawyers has over 40 years of experience in handling car accident claims. We’ve obtained millions of dollars in settlements and awards for our clients, using our extensive knowledge, skills, and resources to demand full financial recovery. Our satisfied clients have left glowing reviews about working with us, such as this one:
“After my car accident as a passenger, I didn’t know what to do. I was hurt in the accident. After finally deciding to hire a lawyer, I did a lot of research on who to hire. From consultation to finally a settlement, Hardison & Cochran were fantastic to work with. They are professional, kind, and understanding. I hope I am never in an accident again but if I am and require a lawyer I will definitely hire Hardison & Cochran again.”
— Jessica W.
If you’ve been injured in a car crash in Raleigh caused by someone else, call our office today for a free consultation.
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