Injury victims in Florida have a right to be compensated for their injuries. If someone else’s negligence was to blame for the injury, they are entitled to recover damages for all their losses. Damages in Florida personal injury cases are typically separated into two main categories: economic and non-economic. Keep reading below to learn the basics of economic damages. Contact us at Gross & Schuster Injury Lawyers today at (850) 434-3333 for legal assistance.
What Are Economic Damages?
When someone is injured in a car accident, motorcycle accident, or other type of accident, they have a right to be compensated for their injuries by the responsible party. Economic damages are designed to compensate the victim for their direct financial losses.
Economic damages are typically easy to calculate because of the receipts or bills associated with them. In most cases, these bills and receipts are used as documentation to prove the value of these damages as part of the claims process.
On the other hand, non-economic damages do not have a specific financial value. These damages are harder to calculate because they compensate the victim for the “pain and suffering damages” associated with their case. Non-economic damages are often worth more than the economic damages associated with personal injury cases.
Common Types of Economic Damages
After an accident, the victim may suffer a financial loss due to several things associated with the accident. Here are some of the most common types of economic damages that are awarded in personal injury cases.
Medical Bills
Medical bills are one of the most common types of economic damages for which victims are compensated. After an accident, it is not uncommon for a victim to incur thousands of dollars in medical bills treating their injuries. Some medical bills for which they may receive compensation include:
- Doctors’ visits
- X-rays
- MRI
- CT Scan
- Surgery
- Chiropractor sessions
- Physical therapy
Victims who are injured by another person’s negligence have a right to be compensated for all the expenses they incurred while receiving medical treatment. If you have health insurance that pays for part of your medical expenses, your insurance company may have a right to recover some of those payments through subrogation. An experienced attorney can often negotiate on your behalf to minimize the amount of your recovery that will be paid back to your health insurance company.
Lost Wages
People involved in accidents often miss time from work due to various reasons. Medical appointments, recovery periods, and other activities related to the accident may cause the victim to miss substantial time from work in some cases. You have a right to be compensated for your lost wages due to the time you missed work.
Reduced Earnings Capacity
Certain people miss time from work due to injuries, and some are prevented from ever working again. Others who are able to return to work cannot do the same job they performed prior to the accident. If you cannot earn as much money after an accident due to your injuries, you may have a claim to recover the difference in what you could have earned prior to the accident versus your earnings capacity after the accident.
Rehabilitation Costs
Many accident victims require months or even years of rehabilitation. Physical therapy, occupational therapy, and other types of rehab expenses are recoverable. The bills associated with these services can be used as evidence of your economic damages.
Property Damage
Not only do accident victims suffer financial losses related to their injuries, but they often have expenses related to property damage as well. Vehicle repair bills can be very expensive and are considered part of the economic damages of a car accident case.
Is There a Limit on Economic Damages in Florida?
Florida does not place a limit on the amount of economic damages you may recover. You are entitled to compensation for all the economic losses you sustained because of someone else’s conduct. Similarly, there is no limit on non-economic damages in Florida. However, Florida law does place some limits on the amount of punitive damages that may be awarded.
Calculating The Value of Your Economic Damages
Whether you have been injured in a big truck wreck or a slip and fall accident, the value of your economic damages depends on the severity of your injuries. The insurance company will consider many factors, like the cost of your medical treatments, the amount of time you missed from work, and the length of time it takes for you to reach maximum physical recovery. The more severe your injuries, the higher your economic damages are likely to be.
An experienced Pensacola personal injury attorney can help you calculate the value of your damages and ensure the insurance company does not take advantage of you. Schedule a free case evaluation with an attorney today to learn more about the potential value of your claim.