If you have lost time from work as a result of a motor vehicle accident, you may be able to make a claim for a loss of future earnings amount as part of your claim. The amount is not a simple calculation based on being unable to work the same number of working hours at the same pay rate over your remaining career. Rather, loss of future earnings is to be determined according to your lost ability to earn income for your remaining career. Your income potential before the collision occurred is given much weight as is your limitations resulting from injuries.
Several factors must be considered to determine the loss of future earnings, including loss of earnings capacity, loss of capital asset, future income loss and future events leading to an economic loss. At its most basic level, the analysis of loss comes down to answering the following questions:
Lost Ability to Earn Income
In order to consider your lost ability to earn income, several factors are taken into consideration. These factors include:
The Degree of Real and Substantial Risk of Loss
A successful claim for the loss of the ability to earn future income requires that there be a reasonable chance of such loss of damage to occur. Some of the considerations here are whether you have become:
This principle will apply if there is a substantial possibility of the risk of loss, regardless of the percentage of the possibility or whether it is favourable or unfavourable.
Documentation Needed to Prove Your Claim
In order to make an assessment for loss of future earnings possible, various documentation may be reviewed, including:
Obtaining Legal Advice
If you are a personal injury victim seeking compensation for loss of future earnings, you may be uncertain about how to proceed. Loss of future earnings is not awarded in all cases. Fortunately, our law firm has a team of personal injury lawyers who can assess your case. Contact our car accident injury lawyers today at Bronson Jones & Company LLP in Vancouver, British Columbia. We can determine and fight for the compensation that you rightfully deserve.