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
- 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.