Most cases settle before they go to trial. However, it’s important not to settle with ICBC too soon or for too little, especially given the extent of your injuries, your pain and suffering and perhaps loss of income. How could you possibly know what your case is truly worth? That’s where a qualified personal injury lawyer comes in. Before you settle with ICBC, contact a good accident lawyer to ensure you’re not settling for less.
ICBC does not represent your interests. ICBC represents the other driver who’s at fault for causing your accident and injuries. When you make a claim against that driver, ICBC is not on your side. Your “friendly” adjuster will probably pressure you into taking a quick settlement. Don’t do it. If, for instance, you return to work after you’ve settled your claim, and then weeks, months or even years later, you continue to have symptoms, or your injury flares up, interfering with your work, you can’t go back to ICBC and ask for help. You’ve been settled out and your file is closed. You’re on your own.
One of the biggest things you should consider when thinking about settlement is your ability to work or ability to continue to work in the future, given the extent of your injuries. This is something you need to seriously consider if you have been in an accident. This loss may be substantial and is often the largest portion of damages awarded in personal injury trials. Your settlement should reflect the loss of your ability to achieve the income you would have earned but-for the accident. Damages are awarded for both past and future losses of capacity and income.
Future losses may include not only the loss of your ability to earn income but also to pursue the career of your choice, the inability to work as much as you’d planned, or the loss of a promotion. For example, if you’re a young university student when you were in the accident and you are unable to pursue that dream now due to your injuries, you may be entitled to damages for loss of future earning capacity. Or, if you are 50 years old and worked as a truck driver and were able to return to work full time initially but now can’t seem to put in the time you used to due to your injuries, you may be entitled to damages for loss of future earning capacity. Or, if you’re 35 years old and worked in retail sales at the time of the accident and had to decline a promotion to manager due to your injuries, you may be entitled to damages for loss of future earning capacity.
In general, the court assesses the accident victims earning ability and loss of such ability, to try put the accident victim in the same position that s/he would have been but-for the accident.
There may also be a basis for an award of loss earning capacity for homemakers, volunteers and those who are currently working less than full time. The courts often recognize that unpaid work still has value and compensation may be awarded.
Another important aspect of this loss, is how long you will suffer such loss of income or earning capacity? With the abolishment of the mandatory retirement age, the loss maybe more if there is evidence that the accident victim would have worked until 70 or even 80, especially with regard to self-employed persons or professionals who often continue to work past 65.
To conclude, it’s important not to settle for less than what you deserve. A claim for lost earning capacity may be substantial and is often a complex assessment based on your income, occupation, future aspirations and medical condition resulting from the accident. A knowledgeable personal injury lawyer will not only quantify your claim but will ask you about your income and what your future aspirations were before the accident. A experienced lawyer will also thoroughly review with your doctors any future impairment you may have that could affect your ability to earn income or pursue career options before entering any settlement on your behalf. It is important to remember that although you may feel good on the day of your settlement, and may be able to work at full capacity, that may not be the case in the weeks, months or years that follow. Protect your future and consult with a lawyer before you settle.
You need someone truly on your side. Why settle for less?
Contact Einfeld Law for a free, initial consultation at (250) 712-0001, visit us at www.kelownalaw.com, or find us on facebook.
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