A car crash that injures someone will result in numerous financial consequences for that person and anyone in their household. Oftentimes, people focus on the direct economic losses that they will suffer as a result of an accident. For example, they may have thousands of dollars in hospital bills and weeks of lost wages to recover. There will also be the cost to fix their vehicle, which could be tens of thousands of dollars if they require a replacement.
The focus on economic losses sometimes means that people overlook other financial consequences generated by a recent wreck wherein someone got hurt. Determining how much a car crash has cost a household can be a complicated process, and all too often, people forget about one of the biggest losses their family will have to manage.
The loss of someone’s unpaid work around the home can have major financial implications for a family. Especially if someone doesn’t work outside of the home, their unpaid contributions to the family may make a major economic impact, and the loss of those services could be very costly.
What is unpaid work around the home actually worth?
The domestic labor provided by parents and spouses around the home can cover the services available from numerous different professionals. Child care, meal preparation/planning, cooking, cleaning, vehicle maintenance, lawn care and numerous other forms of unpaid work around the home can add up to be worth a very competitive salary if someone got paid for those services.
Therefore, their inability to do that work could end up being expensive because the family has to hire a professional to provide those services. Experts estimate that the full-time household management Services provided by a stay-at-home parent will be worth roughly $178,000 per year if compensated like a job. Making a claim for the value of those services could help a family reduce the financial losses that they suffer after a major motor vehicle collision.
Insurance companies typically won’t offer additional compensation unless people know that they may have a right to request more based on their circumstances. Seeking legal guidance to learn about the biggest contributing factors to the outcomes of modern personal injury claims could help those hoping to maximize what they’re likely to receive following a car crash that caused a serious injury.