Being involved in an accident can drastically affect your life; it can affect you physically, mentally, and financially. Right from the first check-up at the doctor’s to making home modifications to meet your needs, bills keep piling up, and if you are in a position where you cannot work, the financial strain can affect your life even more significantly.
Luckily, if the accident was caused by someone else’s actions, victims can file for compensation. However, many victims do not realize what losses are legally covered. To get fair compensation, victims need to understand the types of economic damages under personal injury.
This blog serves as a checklist that personal injury victims can refer to. A personal injury lawyer can also help them understand these damages better and help them calculate and recover said damages.
Table of Contents
Understanding Economic Damages
Economic damages are the tangible losses a victim faces after an accident. They are losses that you can prove with the help of bills, receipts, employment records, etc. They are different from non-economic damages, like pain and suffering, emotional trauma, PTSD, etc., which are more subjective.
Economic damages include financial losses caused by medical expenses, loss of income, home modifications, etc. Calculating said damages accurately is crucial, as these losses are often the foundation of a personal injury claim. Keeping a detailed record of every expense can help ensure that the victim is not financially burdened after settlement.
1. Medical Expenses
Medical expenses are one of the main types of economic damages in a personal injury claim. The expenses include emergency room visits, hospital stays, surgeries, physical therapy, medication, etc. Victims can also claim compensation for medical equipment like wheelchairs and braces, and also for long-term care or rehabilitation.
Victims are entitled to compensation for their current and future medical expenses related to the accident and injury. However, they must keep a detailed record of all their bills and medical records to support their claim.
2. Lost Wages and Loss of Earning Capacity
Accidents that lead to injuries often require victims to take time off work, meaning they lose their pay. To avoid serious financial strain, victims can claim compensation for their lost pay. This compensation includes their regular pay, overtime, commissions, and bonuses.
Suppose the injury made the victim unable to work at the same level or stopped them from working at all; they can claim loss of earning capacity. A personal injury lawyer can work with financial and vocational experts to estimate these losses, ensuring that the victim’s long-term financial stability is protected.
3. Property Damage
Suppose the accident was a vehicular or a workplace one; victims are likely to face property damage, which they can recover. Victims can claim compensation for repairing or replacing their vehicle and their personal belongings, such as phones, laptops, etc.
It is best to get repair estimates, photos of damage, and receipts for replacement items. Thorough and timely documentation of the losses makes it easier to prove and recover.
4. Out-of-Pocket and Miscellaneous Expenses
Beyond the bills, victims often have to deal with additional, yet less noticeable, expenses. Such expenses include transportation to medical appointments, car rental costs, parking fees, childcare, home modifications, etc. Though these expenses seem minor when looked at individually, as a whole, they can be substantial.
Victims must keep a detailed record of all their accident-related expenses (even if they are remotely connected) and keep the receipts as proof to ensure that they are reimbursed for every expense connected to the accident.
Key Takeaways
- Economic damages compensate victims for the financial losses they face after an accident.
- Major economic damages include medical expenses, lost income, and property damage.
- Victims must keep a thorough record of all the expenses, along with the bills and receipts, to strengthen their claim.
- Even minor expenses like transportation, child care, and home modifications can be compensated.
- Victims can claim compensation for their current and future expenses related to the accident.
- It is best to hire a personal injury lawyer to help accurately calculate and prove the extent of the victim’s damages.
