The only means of obtaining justice and fair compensation in a car accident is filing a personal injury claim because it is not only the money for the damages but provides justice to the victims that help in their healing process.
Besides the visible vehicle damages, there are many other practical reasons to maximize a car accident victim’s financial compensation, including all past and future medical bills, lost wages due to loss of earning capacity, etc. However, these financial damages are also accompanied by pain, emotional stress, loss of quality of life, or a companion in case of wrongful deaths.
Therefore, damages are classified into economic and non-economic damages in a personal injury claim. What are the differences between the two, and whether or not you can receive damages for both? We’ll answer your questions.
This article will discuss the differences between economic and non-economic damages to help victims of car accidents understand their legal rights!
Key Differences Between Economic and Non-Economic Damages
Economic damages include all measurable damages having a dollar amount, including past and future hospital bills, medical and homecare expenses, lost wages due to incapacity to work, property damages, etc. The settlement for these economic losses is the reimbursement of any out-of-the-pocket payments the victim made due to their injury.
Since economic damages are measurable and have a real monetary value, they can be calculated. Suppose a person working in a firm suffers a catastrophic injury due to a car accident that leaves them unable to work permanently. Their annual income was $60,000, with a 401(k) and good health benefits.
The damages in such a case will be calculated, keeping in mind the amount they would have earned until their retirement age, including all the annual bonuses and raises. This sum is calculable. Other financial damages, including current and future hospital bills, are even easier to calculate.
These include all non-financial damages that are not monetary and cannot be measured but can severely impact a victim’s life. Non-economic damages also referred to as ‘general damages, ‘ include pain, emotional distress, any permanent disfigurement or physical impairment, loss of quality of life, loss of a companion in wrongful death claims, and more.
Assessing non-economic damages is complex. Their calculation may be based on the severity of injuries and their total economic value, the appearance of PTSD (post-traumatic stress), psychological issues in the victim, or other factors. Usually, the economic injuries or the total medical expenses determine the non-economic damages, but it’s not simple.
That’s why the best is to seek the services of a car accident lawyer skilled in calculating all economic and non-economic damages. They have experience dealing with insurance companies and a strong network of experts to ensure you receive the highest compensation.
Get the Compensation for Your Economic and Non-Economic Damages— Contact the Bourassa Law Group!
Personal injury attorneys are skilled in calculating the value of economic and non-economic damages and ensure you receive the highest compensation. Contact the Bourassa Law Group to talk to an expert car accident lawyer who will fight to maximize your damages, taking all necessary steps, be it negotiating with insurance companies or taking them to court.
Call us at (800)870-8910 for a free consultation!
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