If you have been injured so badly that you have a permanent disability that keeps you from earning what you would have before the wreck, you need to at least discuss your case with a lawyer. In my experience, insurance companies rarely pay the full value of future lost wage claims without being forced to by a lawyer.
If you have been injured by a careless driver in North Carolina, and are not able to go back to work, or not able to make as much as you did before the wreck, you may be entitled to be compensated for future lost wages.
To calculate future lost wages, you have to get some information together. You have to know how much you were making before the wreck, including overtime, bonuses, vacation pay and sick pay. You’ll also need to know how long you expected to work before retiring, and how often you would have received promotions and raises. You’ll need to know how often you would have been expected to change jobs to get higher wages during the course of your working life.
Once you have that information together, you will need to add up what you would have made if not for the wreck, and then do a time value of money calculation to figure out how interest rates and inflation would have affected your earnings over your working life. A time value of money calculation can be pretty hard to figure out. If you are not sure what this is, you should ask an attorney.
For folks with a year or so to go before retirement, this is not too hard to figure out. For a young person just starting out, it could be extremely complicated even if you have an economics degree.
If you have a future lost wages claim, I strongly recommend that you talk to a lawyer. Give me a call, and I can help you get a grasp on what you are looking at without any charge or obligation.
Likewise, if you are permanently disabled in a wreck, please give me a call. I would be happy to discuss your claim with you for free. Insurance companies are serious about even a little money, and when it comes to serious money, they get really serious.
In summary, if you are not able to go back to work because of the accident or make less on account of the wreck, you may also be entitled to claim future lost wages. Since the compensation for these claims can be very significant, and is difficult to calculate without experience, you should talk to a lawyer. If you have a lost future wage claim, please call me, and I will discuss your claim with you without charge.