Types of Compensation in Personal Injury Cases: Economic and Non-Economic Damages

If someone is careless and hurts you, you might be able to get money for it. This is also known as a settlement. Damages help the hurt person get some of the money he lost. When someone gets hurt, there are two main types of damage. Those are economic and non-economic. It is highly recommended that a personal injury lawyer from The Baer Law office be hired to gain more understanding. This blog will teach us everything we need to know about these damages. 

What Are Economic Damages?

Economic damage refers to the monetary costs that the victim incurs due to an accident. These losses are always quantifiable since they pertain to monetary items that the victim has paid or lost. Here are some common instances of economic damages:

1. Medical Expenses

This includes all the costs associated with the victim’s medical treatment. The total can include the first hospital stay to follow-up doctor’s appointments, surgeries, medicines, and potential rehabilitation or treatment costs.

2. Lost Wages

The injured party has the right to recoup their lost income if they cannot work due to the injury. The victim’s lost income due to the attack and subsequent recovery time and inability to work is a part of this.

3. Property Damage

Losses in money due to car crashes are a part of property damage. Victims can get money to fix or replace their destroyed car or other property.

Always keep the necessary papers, such as bills and receipts, on hand to determine the amount of money lost. 

What Are Non-Economic Damages?

The inability to assign a specific monetary figure makes quantifying non-economic damages difficult. These damages will compensate the victim for the inconveniences caused by the accident. 

1. Pain and Suffering

This encompasses the victim’s subjective perception of pain following injury.

2. Emotional Distress

Mental health issues, including anxiety, depression, or post-traumatic stress disorder, can also manifest in accident victims. Economic damages aren’t the only way to deal with these emotional difficulties.

3. Loss of Enjoyment

It happens when the victim cannot participate in an activity they used to enjoy, like a sport.

4. Loss of Consortium

The victim’s loved ones may assert this as a symptom of the victim’s diminished social skills or ability to sustain relationships.

Non-economic damages are more nebulous and cannot be quantified in money compared to economic damages. The events described by the victim and the difficulties the injury has created for the victim form the basis of these accounts.

Why You Need a Personal Injury Lawyer?

It could be difficult to manage a personal injury lawsuit. Consult a skilled personal injury attorney for assistance in determining the nature and amount of damages you may be eligible for.

1. Gathering Evidence

A lawyer will gather all the necessary paperwork, including receipts, medical bills, etc., to prove the financial damages that have occurred. They will also lend a hand when gathering evidence necessary to calculate non-economic damages, such as witness statements.

2. Negotiating with Insurance Companies

You are probably aware that insurance firms prefer to receive the least amount feasible in payment. To improve your chances of getting a fair settlement, it is advisable to retain the services of a personal injury attorney.

3. Representing You in Court

If a reasonable settlement is impossible, your attorney will fight for your rights in court.

Conclusion

The distinction between monetary and non-monetary losses must be understood. Economic damages cover money losses. Non-economic damages cover personal pain and suffering. Hence, hiring a personal injury lawyer can assist you in getting fair payment. If you are hurt, get legal help to know your rights.