Being involved in an accident or suffering an injury can be devastating and life changing. One thing is for sure – being involved in an accident isn’t cheap. You and your family have likely been inundated with extensive medical bills, lost wages, property damage, and more.

Understanding the difference between economic and non-economic damages in a personal injury claim is key to maximizing your total settlement.

What Are Economic Damages?

Economic damages are those which are easy to calculate. They are specific monetary damages you and your family incur after the accident or injury.

Examples of economic damages can include but are not limited to:

  • Medical, including ambulance, hospital, surgical, medication, and physical therapy expenses
  • The cost of repairs to a damaged vehicle, motorcycle, or bicycle
  • Lost wages for the time you missed work due to the incident
  • Lost wages for any family members who also needed to take off work to take care of you or to help you recover
  • Funeral expenses in the event that a loved one passed away in an accident

In order to calculate economic damages, a personal injury lawyer simply needs to add up the figures presented on medical bills, invoices, and other documentation to arrive at a figure for total economic damages.

What Are Non-Economic Damages?

Non-economic damages are more difficult to calculate. These damages are not monetary in nature in and of themselves. However, the only legal remedy for these damages is to provide compensation. So an attorney must look at what type of non-economic damages the injured individual and/or his family may have suffered and assign a fair monetary value.

Examples of non-economic damages can include but are not limited to:

  • Pain and suffering
  • Psychological damage
  • Loss of enjoyment of life
  • Disfigurement
  • Loss of consortium
  • Punitive damages

An experienced attorney is able to use specific formulas to help calculate non-economic damages in a personal injury case, so you can petition the court for the fair financial restitution you deserve for your injuries and suffering.

When to Contact a Personal Injury Attorney

If you or a loved one have been injured, it’s important that you speak with a personal injury attorney as soon as possible. At Guest & Brady, you can speak with someone on our legal team who is well versed in personal injury law and can provide you with compassionate, zealous legal representation during your time of need. Contact us today for a consultation to discuss filing a personal injury claim in detail by calling (864) 233-7200.

When people are involved in a car accident and decide to bring forward a claim for compensation, one of the first things they ask is, “How much will I get?” The final settlement of a car accident claim involves a multitude of factors, and it’s very difficult to determine ahead of time exactly how much you will receive for the damages you’ve incurred.

However, you can use the facts below to get a general estimate of how much your claim might be worth. This will in turn give you a better idea of whether the insurance company is offering you a settlement that is fair or too low.

Calculate Your Medical Expenses

Medical expenses are one of the largest parts of a personal injury claim, and they’re the easiest to calculate. Simply add up all your medical bills and if you win your case, you’re highly likely to get at least that amount awarded to you.

Calculating future medical expenses can be more difficult and typically requires an expert forensic financial advisor to accurately assess, based on a variety of factors, what your future medical expenses are likely to be.

Calculate Vehicle Damage

After being involved in a car accident, your vehicle is likely to be damaged. Vehicle damage is another economic damage that is easy to calculate. Obtain a few different quotes from auto mechanics and body shops on the estimated cost to restore your vehicle to its working condition prior to the accident.

Calculate Lost Wages

Add up all the time you’ve missed from work and your hourly rate to get a basic idea of how much you could be looking at in compensation for those lost wages. However, keep in mind that calculating the total financial impact of an injury that puts you out of work is more than just adding up the hourly rate for your missed time. You need to keep in mind any paid time off, vacation time, and/or benefits that you may have earned if you had been working at that time.

When to Contact a Car Accident Lawyer

There are many more damages that need to be accounted for when putting together a car accident claim, including pain and suffering, psychological damage, physical disfigurement, and punitive damages when appropriate. These values simply cannot be calculated without the help of an experienced car accident attorney.

At Guest & Brady, you can speak with a car accident lawyer that is well versed in how to calculate total damages after a vehicle crash and can provide you with compassionate, zealous legal representation. Contact us today for a consultation to discuss filing a car accident claim in detail by calling (864) 233-7200.