Seeking Compensation for Lost Income After a Truck Accident
If a truck accident victim is off work while healing from their physical injuries, lost wages can add up to significant sums. Seeking compensation for lost income after a truck accident is usually an essential part of making a full financial recovery through the legal process.
The knowledgeable and experienced truck accident lawyers at Craig, Kelley & Faultless LLC are ready to help you pursue fair compensation for your lost wages after a crash with a large commercial motor vehicle.
Contact our firm today for a free consultation and learn more about your options for seeking a financial recovery for lost income and other losses related to the crash.
How Do I Recover Lost Wages After an Indianapolis Truck Accident?
After an Indianapolis truck accident, the primary way to pursue wage-loss compensation for trucking injuries is through liability insurance claims against the at-fault parties’ insurers. Truck accidents often involve multiple at-fault parties, and identifying all of them is a crucial step in claiming lost wages after a truck crash.
Indiana requires all drivers to carry liability insurance with at least the following coverage limits:
- $25,000 per person for bodily injury
- $50,000 per accident for bodily injury
- $25,000 per accident for property damage
Indiana also sets minimum insurance requirements for commercial motor vehicles based on specific factors, such as:
- $300,000 for a for-hire carrier transporting nonhazardous property in a vehicle with a GVWR of 10,000 pounds or less
- $750,000 for a for-hire carrier transporting nonhazardous property in a vehicle with a GVWR of 10,001 pounds or more
- $1 million to $5 million for a private or for-hire carrier transporting hazardous material
Additionally, federal law requires interstate trucking companies to carry significantly more liability insurance under certain circumstances. The exact amount the trucking company must carry depends on the truck’s weight and cargo.
What Counts as Lost Income in a Truck Accident Claim?
Lost income in a truck accident claim refers not only to income lost while you cannot work because of your injuries. It also refers to your diminished future earning capacity after a truck accident if your injuries leave you with impairments that affect your ability to earn income in the future.
Lost income also includes other benefits in addition to wages. Wages lost due to missed work after a truck collision include your regular earnings, overtime, bonuses, commissions, and tips. It can also include your accrued paid time off, sick leave, and other work benefits you miss out on due to your injuries.
Importantly, lost income does not only refer to the past. It also applies to the future. If your truck accident injuries impact your ability to work long-term, you can seek compensation for loss of future earning potential.
How Truck Accident Injuries Can Affect Your Earning Capacity
Truck accident injuries are often severe and long-lasting. Whether your lasting injuries are physical or psychological, they can significantly affect your earning ability, even if you can return to work in some capacity.
After a truck accident in Indiana, many victims have work restrictions put on them by their treating doctors. For example, your doctor may advise you to avoid strenuous physical activities, such as lifting heavy objects or standing for prolonged periods. Restrictions may also result in you working fewer hours or needing to take a lower-paying position, negatively impacting your earnings.
With the help of our experienced truck accident attorneys, you can seek compensation to account for the negative impact your injuries have on your future income.
Calculating Lost Wages After a Truck Crash
Effectively seeking adequate truck accident injury wage recovery requires the assistance of an experienced personal injury lawyer. Determining fair compensation for your lost wages on your own can be challenging, especially while you are still recovering from your injuries.
To calculate your lost wages, our lawyers can look at the difference between your pre- and post-injury income and the expected duration of any impairments. We can also speak with your doctor to identify your work restrictions and may consult with a vocational expert to determine the impact your restrictions will have on your earning potential going forward.
What Documentation Do You Need to Prove Lost Wages?
Proving lost wages after an Indianapolis truck accident involves gathering various kinds of documentation about your injuries and their impact on your work, as well as documentation showing your wages and benefits.
Examples of potentially key documents include:
- Your pre-injury pay stubs can demonstrate your earnings before the accident.
- Your post-injury pay stubs can illustrate the decrease in your earnings after the accident.
- Your tax returns can demonstrate the difference between your pre- and post-injury income, particularly if you are self-employed and do not receive a regular wage.
- Your medical records can help establish the severity and extent of your injuries, as well as the timeline for your treatment.
- Statements from your employer can confirm your pre-injury wages and any benefits or increases you are missing by providing a written statement or testimony.
How Insurance Companies Handle Lost Wage Claims in Truck Accident Cases
Insurance companies typically handle lost-wage claims by examining your documentation. Once the insurance company establishes the extent of your lost wages, they will look at your injuries and medical records to determine the duration during which your wages will be impacted.
From there, the insurance company may provide a settlement offer to address your lost wages, plus other losses such as medical expenses, pain, and suffering. However, it is important to remember that the insurance company is not on your side. The insurance company wants to reduce the compensation it pays you by as much as possible, so its initial settlement offer likely will not cover all of your losses.
The best way to maximize your compensation for lost wages after a truck accident is to have our experienced Indianapolis personal injury attorneys handle your case and all negotiations with the insurer.
How Our Truck Crash Lawyers Can Help You Seek Maximum Lost Income Compensation
At Craig, Kelley & Faultless LLC, our truck crash lawyers stand ready to seek maximum lost income compensation for you by:
- Identifying the at-fault parties so we can work to hold them all financially liable for your lost wages
- Gathering evidence and documenting the extent of your lost wages
- Calculating the value of your lost wages and loss of future earning potential
- Negotiating with the at-fault parties’ insurance companies to seek a fair settlement that covers your losses
- Taking your case to trial if the insurance companies refuse to offer acceptable compensation
If you were injured in an Indianapolis truck accident, contact Craig, Kelley & Faultless LLC for a free consultation about your case with a skilled personal injury lawyer. Our lawyers have extensive experience handling truck accident claims and helping injured clients seek the compensation they need for their lost wages and other losses from commercial motor vehicle accidents.