Lost wages in car accident cases refer to income lost due to injuries sustained in a car accident. The lost wages are calculated from the date of the accident up to the date of settlement. If you were not able to go to work because you had to receive treatment for your injuries, you would be entitled to receive payment for the wages you could have earned.
Furthermore, there are two types of compensation that you may recover depending on your case. These types of damages are “lost compensation” and “loss of future earning capacity”. The loss of future earning capacity refers to the financial benefits you will receive if your injury results in your inability to work in the future or if your injury results in permanent disability. On the other hand, lost compensation refers to all the financial benefits you would have received if the accident had not happened, including lost wages.
An experienced Miami car accident lawyer can help you navigate the process and protect your compensation from being devalued by third parties. They can also help you understand Florida’s no-fault rules when it comes to car accidents. At Charlip Law Group, we understand the challenges a car accident victim goes through. Whether you have been involved in a head-on collision, t-bone collision, or even a truck accident, our Miami personal injury attorneys may be able to help you focus on your recovery and also receive the compensation you deserve. Call us today to schedule a consultation.
Personal Injury Protection Insurance for Lost Wages After a Miami Car Accident
Florida insurance regulations require that all drivers purchase no-fault insurance coverage. Personal Injury Protection (PIP) insurance pays compensation, regardless of who causes the car accident. To be eligible for PIP benefits, it is important for a car accident victim to seek medical treatment within 14 days of the accident.
PIP benefits also include compensation for lost wages. Under Florida Statute §627.736, you are entitled to 60 percent of the lost wages and earnings that you were unable to earn because of the accident.
The policy terms will determine the amount of the loss of income claim. In Florida, drivers must have a minimum of $10,000 in PIP insurance. This amount covers all PIP benefits including medical bills. Therefore, if your policy covers only $10,000 and your medical bills exceed that amount, you may not be able to collect payment for lost wages. However, it is possible to purchase PIP insurance with a higher coverage limit.
Elements of a Claim for Future Lost Wages
Aside from recovering compensation for past lost wages, you may also be able to recover compensation for future lost wages. Depending on your injuries, future loss of income would include future lost wages and the reduction in earning potential due to a disability or permanent impairment.
You must prove multiple elements in order to claim future lost wages. These elements include:
- You sustained an injury that will prevent you from working in the future or reduce your working potential
- Your injuries is the direct results of the accident
- And that you would have earned a certain amount of money had the accident not happened.
To prove a claim for past lost wages, the first two elements must be proven. The third element, however, is required to prove a claim for future lost wages.
It can be difficult to estimate future income loss. It is possible for a lawyer to hire financial experts in order to help calculate how much you would have earned if you were not hurt in the accident.
Seeking the legal advice of an experienced attorney may be able to help understand your rights when it comes to filing a claim for your injury. A personal injury attorney may also help you explore what other options you may have in order to receive the compensation you deserve.
Lost Wages Vs. Lost Earning Potential
While they sound very similar, lost earning potential and lost wages are two completely different kinds of economic damage. Lost wages refer to the money a person could have made if the accident never occurred. However, loss of earning potential refers to the income you might have earned in the future if you were not injured or if you have not been involved in the accident.
If you’re able to show that your future earning ability was affected or completely destroyed by the injuries, you may be able to recover damages for this. Your lawyer may be able to help you seek compensation from the at-fault driver. For example, if you are a surgeon who is injured in an accident that results in the loss of one of his hands, then you could seek millions or hundreds of thousands of dollars to cover the earning potential you have lost due to the accident.
If you have been injured in a car accident caused by someone else’s negligence, it is crucial to seek the help of an experienced personal injury lawyer right away. At Charlip Law Group, our team of personal injury attorneys has years of experience helping clients seek the maximum compensation they deserve. Contact us today to schedule a free consultation.
Statute of Limitations for Filing a Personal Injury Lawsuit
Florida’s statute of limitations for filing a car accident injury claim is generally four years. However, the time limit for wrongful death legal action is two years. These timelines can vary depending on many factors. It is therefore important to consult a Miami car accident lawyer immediately to discuss your options and obligations.
Contact Our Experienced Miami Car Accident Lawyers for Your Lost Wages Claim
Our experienced Miami car accident attorneys may be able to help you get the maximum compensation possible for your case. The lawyers at Charlip Law Group will work hard to protect you against unfair adjustment practices. We understand that a car accident victim may face a lot of challenges, both physically and financially. Having an experienced accident lawyer in Miami can help you focus on your recovery.
Contact us today at (305) 354-9313 to speak with a top-rated personal injury lawyer.