Economic VS Non-Economic Damages In your Personal Injury Claim

What is Economic Damage?

Financial loss includes property loss suffered or to be suffered by the victim as a result of the accident. Economic damage is usually more specific because it is easier to document and calculate.

Medical expenses tend to be one of the most important types of financial compensation claims. Medical costs include follow-up care related to injuries as well as initial hospitalization costs.

Loss of wages is another common economic loss. Some affected people are unemployed for only a few days or weeks, while others are unable to return to work for months or years.

Another type of economic loss is property damage. In many car accidents, the victim's vehicle is severely damaged in the crash.

What is non-economic damage?

Intangible damage is more subjective than economic damage. Non-economic damage refers to any type of damage that is not accompanied by a receipt or other objective documentation.

Common non-economic losses include pain and suffering, loss of consortium, and emotional distress. Cosmetic damage or disability is another type of non-economic damage.

While economic damage is usually aimed at restoring a person to his or her original condition, non-economic damage is the injury, emotional distress, suffering, and other similar problems associated with an accident. It is a form of compensation that considers

When do economic and non-economic damages occur?

Economic and non-economic damages are generally available in most personal injury cases, but must be proven.

What Is the Process for Claiming Damages?

When you have been involved in an accident, your attorney will be able to conduct an independent investigation to determine all of the damages applicable to your case.

In some cases, insurers will immediately begin negotiating a settlement. The initial settlement offer will usually be insufficient enough to cover all of your damages. Your attorney can negotiate on your behalf to seek a full and fair settlement.

When a settlement cannot be reached, then the victim may have to file a lawsuit. In the lawsuit, the plaintiff can outline the specific damages being sought.