How to calculate the loss of income personal injury?
Dec 26, 2020
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After an accident, it is quite common to have a lot of questions in your mind. But the primary concern is always the damages that one had from that accident. Because no matter the damages are major or minor, you need some way to get recovered from those damages.
The most common damages that a person can possibly have is the loss of income or loss of wages. Because if you have any physical injuries from that accident, then you need to go through hospitalization and medication, which obviously takes some time. In that time, you will lose some working time resulting in the loss of income.
This article will give you a brief idea about how can you calculate the loss of income in a personal injury. So read the entire article!
Types of damages in a personal injury:
In an accident, it is quite obvious that you will have some kinds of damages. And these damages can be several. Usually, you will claim compensation to your insurance company for those damages. So these damages or loss can include the following:
- Hospital/medical bills
- Future hospital bills
- Property damages (i.e. vehicle damages)
- Loss of working time
- Loss of income or earnings
What is the loss of income?
This basically means the financial impacts after an accident that you are not able to continue your work, causing the loss of income or earning. Some injuries, like a broken arm or broken spinal cord, may keep you away from work for several months. In these months, you will most likely lose some working hours.
As a result, you will have some loss of income. Sometimes, the injury goes up to permanent disabilities, which keep you away from your work forever. In that case, you should get the maximum amount of compensation from the insurance company. Ultimately it is the financial loss not only for you but also for your family and the people who are dependent on you.
Future loss of income:
In some cases, some injuries require big surgery or long-term bed rest. In that period, you have to leave your work which will cause a loss of income. Not only this, permanent injuries may keep you away from your work permanently. In this case, the loss of income is most likely going to be the maximum.
But determining and calculating the loss of income is much more difficult because you need to show and prove to about permanent injuries. The more serious your injury is, the more you can expect from a settlement. If you have any loss of retirement fund or pension, then that compensation should include all these factors together.
Determining loss of income:
No matter it is a present or future loss of income, it still depends on certain factors. Suppose, your work hour, hour rate, how many days in a week, and many more. If you were working full time, then you need to multiply the hourly rate by 40 hours for a week.
Then try to figure out your loss of wage by using this number. For example; if you miss 4-5 months of working hours, then you may miss 22-24 weeks’ payment.
Sometimes, the insurance company may pay you on a salary basis. In that case, the calculation is just so simple. But if the calculation requires all the work hours, payment then it would not be straight forward.
Loss of income personal injury calculator:
If you find these calculations really hard. Then there is another easy option for you. You can find a lot of lost wages calculation online where you can know about the exact amount of your loss of income.
But you also may need to provide some information about yourself like your hourly rate, the working hour in a day and so on.
Nowadays, these calculators are becoming so popular because they are not only easy to use but also very convenient and time-saving. You can also find an ICBC insurance calculator for personal injury to determine the lost wages from the injury.
The bottom line:
Determining the actual value of your loss of income is really hard. It requires some kinds of skills and years of experience. That is why you should work with someone who understands all the factors regarding injury claims. And also someone who can help you to find a very good estimated loss of wages.
Therefore, it is recommended to hire a personal injury lawyer if you do not know anything about an injury claim. Because after an accident, the first thing you need to do is to survive financially to overcome the impact of lost wages or earnings. Hopefully, this writing helped you to learn how can you calculate the loss of personal income injury.