If you’ve been injured in an accident, the financial impact can be overwhelming. In personal injury cases, one important type of compensation you may be entitled to is economic damages. These are the financial losses that you can directly prove as a result of the accident. Understanding what economic damages are, how they’re calculated, and how they can affect your case can help you seek the compensation you deserve.
What Are Economic Damages?
Economic damages refer to the tangible financial losses a person suffers due to an injury. Unlike non-economic damages, such as pain and suffering, economic damages are quantifiable and can be backed up by receipts, bills, and other financial records.
Examples of Economic Damages
Here are some common examples of economic damages in personal injury cases:
- Medical Bills: This includes the cost of hospital visits, doctor’s appointments, surgeries, prescriptions, rehabilitation, and any ongoing medical care needed as a result of the injury.
- Lost Wages: If your injury causes you to miss work, you can claim compensation for the income you’ve lost during your recovery period. This also includes future lost wages if the injury affects your ability to return to your job or affects your earning capacity in the long term.
- Property Damage: If your car is damaged in the accident, you can seek compensation to repair or replace it.
- Out-of-Pocket Expenses: Any additional costs directly related to the injury, such as transportation to medical appointments or hiring someone to help with household chores, can also be included in economic damages.
Understanding these categories is essential because they directly reflect the financial burden the accident has caused you.
How Are Economic Damages Calculated?
The calculation of economic damages is typically straightforward because these are based on verifiable financial records. However, some factors can affect the exact amount you may receive.
Medical Bills
For medical expenses, you’ll need to provide receipts and bills showing your treatment’s total cost. Medical professionals can estimate future medical expenses if your injury requires ongoing care.
Lost Wages
To claim lost wages, you will need to show proof of the wages you would have earned if you had not been injured. This can include pay stubs, tax returns, or employment records. If your injury affects your future ability to work, your attorney may consult experts to calculate the potential future wage loss.
Property Damage
Property damage is usually easy to calculate. You can provide repair or replacement estimates for your damaged property, including vehicles or personal items.
The more detailed your documentation, the stronger your case will be for economic damages.
What Makes Economic Damages Different From Non-Economic Damages?
While economic damages are based on actual financial losses, non-economic damages are more subjective.
Non-economic damages, such as pain and suffering, emotional distress, or loss of enjoyment of life, are harder to quantify and don’t have direct financial records to back them up. These are designed to compensate you for the intangible harm you’ve experienced due to your injury.
In many cases, economic damages are easier to prove because they rely on clear financial evidence. However, both types of damages can play an important role in the outcome of a personal injury case.
How Do Economic Damages Affect My Personal Injury Claim?
Florida law allows individuals who have been injured to pursue economic damages as part of their claim. By proving the financial losses caused by the injury, you are putting together the evidence needed to seek full compensation for the costs of your recovery. Your attorney will help you gather the necessary documents and evidence to support your claim, ensuring you don’t miss any important financial losses that should be compensated.
Can I Receive Economic Damages if I Am Partially at Fault for My Accident?
Florida follows a modified comparative fault rule. This means that if you were partially at fault for the accident, your damages may be reduced based on your percentage of fault.
For example, if you are found to be 20% at fault for the accident, your total economic damages could be reduced by 20%. However, if your percentage of fault is 51% or more, you will be barred from recovering any compensation.
Contact Our Delray Beach Personal Injury Attorneys for a Free Consultation
If you’ve been injured in an accident, it’s essential to have a skilled attorney by your side to help you recover the economic damages you deserve. At The Injury Law Firm, PA, our experienced Delray Beach personal injury lawyers are dedicated to protecting your rights and ensuring you get the compensation you need to move forward with your life.
Contact us for free consultation to review the details of your case and provide expert legal advice. Call us today at (561) 800-4357.
