What Are Economic Damages?June 03, 2020
Personal injury accidents cause a lot of problems in the victims’ lives. You could be dealing with a lot of issues after your accident that makes the accident itself seem not so bad. For example, your physical pain could be making it difficult to get through the day. There are many negative issues that result from a car accident.
When you file a personal injury claim after an accident, you are doing so for a reason. You probably want to get money to pay for all of the problems that have come up in your life because of your accident and injuries. Your claim could result in financial compensation to pay for your damages. First, you need to know what damages are.
Two Types of Compensatory Damages
Two main types of compensatory damages are paid out in injury claims: economic damages and non-economic damages. Let’s discuss the difference between these types of damages.
Economic damages are all of the losses you are dealing with of a financial nature. So lost income would be a financial loss. The cost of medical bills is a financial loss because you are losing money paying your medical bills. Another financial loss would be property damage because you must pay to repair your property.
Non-economic damages are all the losses you are dealing with that don’t have anything to do with money. For instance, the physical pain you’re dealing with because of your accident is a non-economic loss. You are suffering because of your accident. Other non-economic losses include scarring, disfigurement, permanent injury, lost life enjoyment, and mental distress.
Why Do You Need to Know What Damages Are?
You need to know what these damages are because you can be compensated for them through a personal injury claim. If you don’t know what your damages are after an accident, you might not know you’re owed money for them.
For instance, you could be compensated for lost income or future lost income through your claim. You might not think to add this loss to your claim.
Personal injury claims should account for all of your losses. If you are dealing with something negative because of your injury accident, you should be compensated for those issues. You will have to prove your case, though, if you hope to obtain a settlement. You can get legal help with your claim, which could make it easier to prove your case.
Get Ahold of a Personal Injury Lawyer in Pensacola
If your injury took place in or around Pensacola, you can reach out to our law firm for help with your claim. A lawyer at our firm can look at your case to see how many damages you have and how much you could be owed for those damages. You are under no obligation to file a claim by yourself.