Economic & Non-Economic Damages: What are They?
After a car accident occurs, it’s reasonable for those who suffer injuries to think about the value of their case. This is especially true in the days, weeks, and months following the crash as medical bills increase, time away from work results in missed income, and other expenses are present.
It helps to recognize the different types of compensation you may be entitled to and how they are calculated. Below, you’ll learn more about economic, non-economic, and the potential for punitive damages.
Economic Damages and Their Value
Economic damages are typically the easiest amount to determine in the claims-filing process or car accident lawsuit. This is because these are directly associated with amounts you have lost. For instance, unpaid medical bills not covered by insurance, lost income, physical therapy, home devices and more.
With medical expenses, you’ll receive a bill with a set number for the services provided. This is a base number associated with economic damages and allows your attorney to help recoup amounts for any unpaid medical bills. Similarly, you can calculate the amount of income you have lost, and that number will be considered as part of the claim process.
Non-Economic Damages and Their Value
Non-economic damages are not something that can be directly calculated and it is up to the jury to determine the true value of pain and suffering. Whereas you can pretty easily determine the total costs of an accident for property damage to a vehicle, setting forth a strong claim for your pain and suffering for now and in the future is an important priority for your attorney.
Emotional and mental anguish can also contribute to this value. Your physicians play an important role in tracking your recovery progress and will report on the likelihood for future treatment and/or pain. In fact,
non-economic damages are most often the highest paid out portion of a lawsuit.
Potential for Punitive Damages
While both economic and non-economic damages are designed to benefit the plaintiff, punitive damages can be used to punish the defendant and act as a deterrent to future parties. Punitive damages may be issued in cases where the defendant’s actions were intentional and with disregard for the safety of others, resulting in a serious injury.
Our Brooklyn car accident lawyers can help you fully understand your rights and options to compensation and what you may be entitled to moving forward. At Koenigsberg & Associates Law Offices, your best interests are our top priority.