Those affected by a car crash may have a long process ahead of them. Not only do they need to undergo medical care and prioritize their physical recovery, but they likely also need to seek compensation to pay for their medical bills and other losses.
The value of a personal injury lawsuit for insurance after a crash depends on several factors. Medical expenses are often a main contributor to the overall financial impact of a motor vehicle collision. Lost wages can significantly increase the long-term economic consequences of a crash. If the primary wage earner for a family develops debilitating medical issues that prematurely end their career, they could pursue compensation for years of reduced or lost earning potential.
However, not everyone in a family unit contributes by working at an outside job. Some people help support their families by performing unpaid work around the home. If car crash injuries prevent someone from performing household services, their lost contributions could affect the total value of a car crash insurance claim or personal injury lawsuit.
What are household services actually worth?
People often do not understand how valuable the support of a stay-at-home spouse or parent can actually be. From child care and home maintenance to scheduling services and budget management, the work that they do can have a significant impact on the family’s standard of living.
Their services can allow their spouse to focus on their career and earn competitive wages in a high-demand profession. They can help the children in the family optimize their academic performance as they prepare for college. If someone can no longer perform that work, the family may need to redistribute household responsibilities or bring in outside providers.
Estimates looking at the economic value of full-time home services indicate that a stay-at-home parent performs work worth nearly $180,000 per year. Families can calculate the market value of the services that a party injured in a crash provided to request an appropriate amount of compensation after a motor vehicle collision.
Just because someone does not earn wages for the work that they do does not automatically mean that their family has to absorb the losses caused by car crash injuries. Understanding the financial value of unpaid work can help people seek appropriate amounts of compensation following a serious motor vehicle wreck.
