Economic damages refer to tangible expenses and financial losses related to an accident that caused you injury. These are awarded as part of a personal injury lawsuit. The monetary recovery you receive is provided due to a defendant’s wrongful or careless acts. Covering direct financial losses, economic damages are intended to restore your financial state as it was prior to the accident or otherwise make you whole again.
Here, we’ll explain some examples to help you better understand how this works.
An accident-related injury can leave you unable to work for an extended period of time, or permanently. You’ll need time off to recover, attend doctor’s appointments, or even undergo surgery and rehabilitation. If your income is eliminated or reduced, economic damages can cover the wages you would have received if still on the job. Both past and future losses can be accounted for. If you were entitled to a bonus check or missed 401K contributions due to an injury, your attorney can fight to win you compensation for those benefits as well.
Ambulance, emergency room, imaging, and testing costs as well as the costs of surgery, rehabilitation, appointments, and hiring a caregiver can add up considerably. Most people can’t cover all these expenses out-of-pocket. Future medical expenses are something to consider as well when calculating total losses. Your lawyer will calculate what your medical needs are now and later in determining a value for your claim. They will fight for the compensation that will fully meet your needs, so you receive proper care and have the appropriate financial backing.
If your car or home was damaged, the responsible party should be held liable for covering the costs of repairs. Being awarded economic damages can give you the power to cover these expenses. If an injury has long-term consequences, you may need in-home care and to make modifications such as widening doorways and installing rails, stair lifts, and emergency alarms. The cost of medical equipment in your home may need to be covered as well.
Travel costs can be a burden if you’re not receiving income. The cost of transportation to and from medical appointments, law offices, courthouses, and other destinations can add up. Your attorney can add these expenses to the total value of your case. Claiming these costs can lead to compensation for the hardship that a defendant has caused you.
Proving Economic Damages
To prove you suffered the losses you’re claiming, you must show the defendant more likely than not is responsible for your compensable losses. You’ll want to show evidence including medical bills, photographs/videos, witness statements, repair estimates, and receipts. Pay stubs can help determine income losses. Other helpful evidence may also include letters from your employer, invoices, and tax documents.
Once your lawyer has all relevant evidence, they can present it to the insurance company, the plaintiff’s legal team, or the court. To calculate economic damages, the court will add up the monetary costs, while your attorney will estimate future damages if your injury is permanent or long-lasting. The damages you are entitled to depend on the facts of your case, the severity of your injuries, and your insurance coverage.
Is There a Cap on the Damages I Can Receive?
In California, there is a cap on non-economic damages in medical malpractice cases. In 2022, Governor Gavin Newsom increased this cap. However, there is no cap for economic damages regardless of the type of case you have. In addition to the circumstances of the case and your injuries, your age, whether you have financial dependents, and your level of need are factors that will be considered in calculating damages.
Contact The Law Offices of Jacob Emrani
Our legal team has recovered millions of dollars in economic damages for clients with personal injuries such as whiplash, broken bones, internal bleeding, paralysis, spinal cord injuries, and brain injuries. We provide free consultations and charge no fees until we win. Taking on the insurance companies and fighting for the compensation you need is what we do. To get started, call 888-952-2952 today.