Motor vehicle collisions can cause several different types of expenses. Obviously, the vehicles involved are likely to sustain damage. Drivers often have to either repair or replace their vehicles depending on the severity of the damage.
Collisions may also lead to injuries. People may need help covering their health care costs when they undergo treatments for broken bones or head trauma. They may also have lost wages. In scenarios leading to serious injuries, lost wages and reduced earning potential can be major contributing factors to the overall value of the lawsuit or the insurance claim.
Sometimes, people who get hurt work in their own home. They raise their children, run a household or care for aging parents. Their injuries may not deprive their family of income, but they can have an economic impact nonetheless. How can families recover the losses generated when a stay-at-home parent ends up hurt in a car crash caused by another driver?
By estimating the value of services
Stay-at-home parents may not receive pay for their work, but their labor is still highly valuable. Many people learn this the hard way when they start looking for professional assistance in their homes following a car crash that puts a family member in the hospital.
Child care services can cost hundreds of dollars per week or more. The number of children in the family, the age of the children and their needs can influence child care costs. Transportation services can also be worth hundreds of dollars per week.
Families may have to outsource cleaning, meal planning, shopping, cooking and lawn care. They may have to bring in nursing professionals to care for family members with special needs or older loved ones who can no longer live independently.
Experts estimate that the annual value of labor provided by stay-at-home parents may add up to more than $200,000 per year. Once families identify the services an individual performs, estimate how many hours per week they provide those services and then determine what it might cost to hire someone, they have a better idea of the economic impact of a recent collision.
Particularly in scenarios where recovery could take months or longer, families may find that baseline insurance coverage is insufficient if they need to outsource the services of a stay-at-home parent. Having support when estimating costs and evaluating compensation options can help families limit the harm sustained after a serious car wreck.