Calculate The Loss For Self-Employee
Calculate how much you used to earn on average yearly by checking the bank statement of the last few years. Divide the yearly income by the days you work in a year to find out the daily earnings. Multiply the daily earnings by the days you didn’t work due to injury.
Here’s an example:
Average yearly income: $60,000
Number of days worked in a year: 300 days
Total days you’ve missed at work due to injury: 15 days
$60,000 (yearly income) / 300 (working days) = $200 (per day earning)
$200 (per day earning) x 15 (days you’ve missed at work) = $3,000 (Total loss).
Calculate The Loss As Per Hourly Job
If you’re employed on an hourly basis, begin by determining your pre-accident hourly wage. Then, calculate the number of hours you missed due to the accident. You can find this by finding the daily working hours and multiplying by the number of days you’ve missed at work.
Here’s an example:
Pre-accident hourly wage: $15 per hour
Average working hours per day: 8 hours
Number of days missed due to injury: 5 days
(To calculate the hours missed, multiply the daily working hours by the number of days you were absent at work).
8 hours (daily working hours) x 5 days = 40 hours
(If your pre-accident hourly wage was $15 per hour and you missed 40 hours of work, the calculation would be):
$15 (per hour earning) x 40 (hours you’ve missed at work) = $600 (Total loss).
How Long Does It Take To Get Lost Wages From A Car Accident?
The duration of recovery from lost wages from a car accident varies depending on the specifics of the case. If the case is complex and both parties have strong evidence and don’t want the settlement, it could extend over several months or even longer.
Alternatively, the case can also end in a few weeks if one party accepts the claim of the other one. However, it’s crucial to note that you also need time for the case investigation, gathering proof, and medical evidence.