Car crashes often cause thousands of dollars in losses. Most people understand that they can make a claim against the insurance policy covering the driver who caused the wreck. It is also common knowledge that those without insurance or with inadequate insurance could face personal injury claims in civil court because of the damage they caused to others.
Whether you have to negotiate a settlement with the insurance company or hold a driver accountable in court, it is important to carefully determine the actual financial losses you have suffered because of the wreck. Frequently, those hurt in crashes forget to quantify and claim the two kinds of financial losses mentioned below.
The depreciation in value that affects their vehicle
Obviously, you need to make a claim against the other driver’s insurance to cover the costs to repair your vehicle. What you may not think about is how the actual value that your vehicle represents will decrease after a serious crash.
No matter how much you invest in repairs, the collision history for your vehicle will impact its value on the resale market. You may need to spend some time exploring how the wreck will impact the resale value of your vehicle before you resolve a property damage claim. You may need to request compensation for its diminished value.
How an injury affects your unpaid labor
Most people recognize that either insurance or a lawsuit can help them recover lost wages if they can’t go to work when they are hurt. Fewer people understand that they may be able to claim the financial impact of an injury that prevents them from doing unpaid labor for their household or family.
If your loved one always cleans your gutters but can’t because of a broken clavicle, you will have to spend hundreds of dollars to hire someone else to do that work. Establishing the impact of the injury on someone’s unpaid services for the family and the financial value of that impact can play an important role in an injury claim after a collision.
Understanding what kind of losses you have the right to claim after a crash can help you limit the long-term impact of the wreck on your finances.