When you think about someone being injured in an accident, the first thing that comes to mind is the physical problems associated with the event. You think about the things they may no longer be able to do or about the pain they are in when they try to perform everyday tasks. You do not, however, think about the financial impact that these injuries cause.
One of the largest impacts an accident can have on an individual and their family is the loss of income. To make matters even worse, there are also other financial losses that are associated, including:
• Loss of retirement contributions. If the individual contributed from their own paychecks or had matching funds from their employer, these funds are now gone.
• Loss of health benefits payments. Even if you are offered health insurance through the COBRA plan, these policies are much more expensive than the plan offered by the employer. Add to the fact that there is no income being generated and the expense is even higher.
• Loss to their savings or rainy day fund. In most cases, savings is stopped and the rainy day fund is depleted to cover the lost income.
• Cost of services. Fees associated with the performance of duties around their home (lawn care, maintenance and repairs, and even automobile maintenance). This means that these services must be paid for out of savings.
• Changes to lifestyle. There may also be many different costs associated with having to change a lifestyle to accommodate a new disability. These may include changes to the structure of your home, changes to your vehicle, and even special clothing–all of which need to be purchased without access to an income.
Of course, there are other things that occur with each individual that are not included in this list, but are still an unforeseen expense that must be covered. Individuals may suffer many losses, with one of the greatest being financial security. The website of a Charlotte injury lawyer states that an accident victim should be compensated. “You should be able to recover damages to pay for:
• Medical Treatment
• Medical Bills
• Lost Wages
• Property Damage
You should also recover compensation for pain and suffering and emotional distress. Damages can be obtained through negotiating a settlement with the insurer or in court.”
Protections Under the Law
There are laws in place in each state that account for these types of financial losses when an insurance settlement is being constructed. The insurance company must take into account these losses and any future financial losses before they make a settlement offer.
Because insurance companies often like to make very low-ball offers and often forget some of these financial losses in their calculations, it is important for the injured party to work closely with an attorney throughout the process.
Despite the fact that there are laws in place to protect the injured party, it does not necessarily mean that the insurance company is going to remember all of the types of compensation that the person is entitled to under the law and the rules of the insurance policy. An attorney will make sure that your rights are protected and that you receive full and fair compensation.
The next time you think of or hear about someone getting injured, offer your condolences for their physical pain and injury because it is the right thing to do. However, keep in mind that your friend or loved one may also be suffering financially.
Teresa Stewart is a blogger who frequently researches insurance claims for car accidents. She has found Charlotte injury lawyer, Auger & Auger is very experienced in North Carolina personal injury law and work hard to get compensation for both non-economic and economic losses.