Types of Accident Compensation

Typically, this type compensation is used to pay for medical expenses such as prescription drugs and devices as well as physical therapy and surgery. It may also cover the loss of future earnings.

This type of compensation can be described as "general damages." However, determining the value of these damages is difficult as insurers use different methods of calculation.

Economic Damages

Economic damages are the tangible, measurable expenses that result from an accident. These include out-of-pocket expenses like lost wages as well as property damage costs and future financial losses resulting from the disability or injury. Courts and juries typically calculate these costs by using documents like hospital bills, pharmacy receipts and vehicle repair estimates.

These are the direct costs of a crash and are easy to prove. They include medical expenses, such as the first hospitalization and any subsequent treatment and care. These expenses can also include the cost of fixing a damaged car or other items of property, including household and clothing products. The cost of hiring someone to take care of chores around the house or take children to and Vimeo from school or extracurricular activities can be included and more.

Lost wages are another common and significant category of economic damages. This is not just the lost wages due to your injuries but also any lost productivity during your recovery as well as vacation or sick days. In certain cases you can also claim compensation for the loss of your potential earnings when your injury stops you from returning to your former career or prevents you from earning the same amount in the future.

These costs are fairly clear and quantifiable. However, other damages that you could claim are less clear. These damages that are not economic can be more difficult to quantify and could include things like pain and suffering, disfigurement, and loss of enjoyment.

What can you do to prove these damages?

Certain expenses can be established through receipts or paperwork however, some expenses may require expert testimony. For instance, in the event where an accident causes a severe spinal cord injury that leaves the victim partially paralyzed, then it could be necessary to speak with an occupational specialist to determine the full impact of the injury. This will help the court or jury make an accurate determination of the full scope of personal and financial implications will be.

The most complicated kinds of economic losses are those that concern future medical expenses and lost earnings. It is possible to document these expenses using a medical professional's estimate of when you will reach the point of maximum medical improvement or when your recovery will likely come to an end. However, you will need to prove your financial loss by submitting pay stubs, expense receipts and other proof of your current and past income.

Insurance companies try to avoid paying as much damages as they are obligated to. A personal injury lawyer who is skilled will ensure you receive all the compensatory damages you are entitled to. Dennis and King will schedule a no-cost consultation. We can assist you with the full spectrum of your economic and non-economic injuries resulting from a New York car oak brook accident attorney or any other personal injury or accident.