When you suffer a traffic accident for which you are not at fault, in addition to possible property damage and physical injuries, it is likely that the damage caused by a third party will leave you in a temporary situation in which your income decreases or you lose legitimate earnings.
If the traffic accident you have suffered is the reason that negatively affects your assets and your usual income is reduced, you have the right to claim compensation. This is what is considered loss of earnings: you can claim an amount from the at-fault driver's insurer to make up for the decrease in your income, whether you are a self-employed or self-employed worker.
Although both concepts are types of property damage for which the victims of a traffic accident have the right to claim compensation, there are some differences:
Consequential damage is a real loss that also generates a loss of equity. It would be considered consequential damage to claim the costs of repairing a vehicle or medication for rehabilitation treatment.
The traffic accident is the trigger for which you do not win something that you could have won if this unexpected event had not occurred. Loss of earnings may occur at the time of the accident, or may have consequences in the future that make your decreased earnings or losses permanent.
Given the loss of income due to a traffic accident and to be able to claim the lost profit, there are two aspects you must take into account:
Calculating lost earnings is not a simple process, and therefore it is advisable to contact legal experts in these procedures. It is necessary to take into account for the calculation your net income, the duration of the damage, the risks of death, the deduction of public pensions and other variants determined by specific circumstances. When you have a business, the amount you could have earned had you not suffered the accident is based on possibilities: you will have to base it on evidence, taking into account, for example, the income you obtained at the same time in previous years.
In the year 2022, compensation for traffic accidents reached its all-time high. It is possible that it will happen again in 2023, since the Traffic Accident Scale for this year has been updated and has increased by 8.50% in relation to the previous year. The updating of the amounts has been done taking into account the value of the CPI of November 2022.
Also known as the Scale of Cars, it includes the compensation that you can claim from the insurance company of the driver causing the accident for temporary injuries, taking into account the patrimonial damage (loss of earnings), basic personnel or private personnel (depending on the social, family, economic personal of each victim or harmed in the traffic accident).
To claim loss of earnings due to a traffic accident, a lawyer specialized in traffic accidents is required. This expert will manage all the claims to which you are entitled for personal and property damage after the accident of which you have been a victim.
The maximum period to claim and initiate this procedure is one year from the accident, which could be extended if the consequences are permanent. The documentation to be presented must allow to prove the requirements to claim the loss of profit, although each case has its own particularities and the documentation may vary.
The claim for loss of earnings must be directed against the insurer of the driver responsible for the accident. If an agreement is not reached –for example, because the offer of compensation is lower than the one that corresponds to you–, you can go to court and file a civil lawsuit. A judge will determine the compensation you must collect.
Although with the agreement between insurers the compensation is usually collected within a period of between one and two months after receiving the medical discharge, if you have to go to trial this period will be extended, because the judicial process is longer.
