The Difference Between Economic and Non-Economic Damages

What Are Economic Damages?

Economic damages include tangible losses a person has incurred or will incur because of their accident. Economic damages are generally much more concrete because they can be readily established and more easily calculated. Some examples of economic damages include:

• Medical bills
• Rehabilitation costs
• Lost wages while you were off work
• Lost earning capacity if you cannot return to your previous occupation
• Out-of-pocket expenses, such as childcare
• Damages to your property

There are other expenses you may incur because of your accident. You will need proof of the amount of damages you are claiming. Make sure to keep all of your receipts and keep records.

What Are Non-Economic Damages?

Non-economic damages are difficult to quantify because they are intangible losses that are more subjective. They relate to types of damage that do not come with a receipt, invoice, or other objective documentation. Some examples of non-economic damages include:

• Mental anguish
• Pain and suffering
• Loss of the use of a limb
• Loss of consortium
• Psychological aspects of physical disfigurement
• Loss of enjoyment of life

The amount of non-economic damages you receive is based on several factors. For instance, the amount of time the victim has to endure pain and suffering maybe months, years, or the rest of their life. This will affect how non-economic damages are calculated.

While no amount of money can provide compensation for these types of losses, all the judicial system can provide to repay a victim for such suffering is financial compensation.

Process for Claiming Damages

When you have been involved in an accident, your lawyer will conduct an independent investigation to determine all damages applicable to your case. In some cases, the insurance company will immediately start negotiating a settlement. However, the initial settlement offer will typically be insufficient to cover all your damages. Your lawyer will negotiate on your behalf to seek a full and fair settlement.

Bronx Accident Lawyer & Personal Injury Attorney

We are passionate about seeking all available compensation to help people deal with medical expenses, lost wages, pain and suffering, and other damages. If you or your loved one has been involved in an accident, contact Apicella & Schlesinger Attorneys at Law today.