Types of Accident Compensation

Typically, this form of compensation is used to pay for medical expenses such as prescription devices and drugs such as physical therapy, surgery and so on. This type of compensation can also cover future earnings potential.

This type of compensation is commonly referred to as "general damages." However, determining the value of these damages can be difficult because insurers employ different methods of calculation.

Economic Damages

Economic damages are the tangible, quantifiable costs that result from an accident. These include out-of-pocket expenses such as lost wages and property damage costs and future financial losses resulting from the disability or injury. Juries and courts usually calculate these costs by using documents like hospital bills, pharmacy receipts and estimates for vehicle repairs.

These costs are fairly simple to prove and are the most immediate expenses associated with an accident attorneys. They cover medical expenses such as the first hospital stay and all subsequent treatment and care. They can also include the cost of repairing or replacing a damaged vehicle or other property items such as household and clothing goods. These costs can also include the cost of hiring a person to do housework or drive your children to school or other extracurricular events.

Loss of wages is another important aspect of economic damages. This includes not only the wages you have missed due to your injuries but also the lost productivity while you recover, and any sick days or vacation leaves. In some instances, compensation can be recovered for accident Law firms the loss of future earnings capacity. This is the situation if you are unable to resume your previous work or earn the same amount.

While these costs are relatively easy to quantify, some of the other damages you may assert are less clear. These non-economic damages are sometimes more difficult to quantify and could include things like pain and suffering, disfigurement and loss of enjoyment.

What can you do to demonstrate these damages?

Certain expenses can be proven by means of receipts and papers, but others may require expert testimony. For example, in cases where an accident causes an extremely severe spinal cord injury that leaves the victim partially paralyzed, then it could be necessary to consult with an occupational specialist to determine the full impact of the injury. This will assist the jury or court to determine the full scope of personal and financial impacts will be.

The most complicated economic damages are those related to future medical expenses and loss of earnings. It is possible to record these expenses using a medical professional’s estimate of your maximum improvement in your medical condition or when your recovery is expected to come to an end. However, you'll have to prove your financial loss by providing pay statements, expense receipts, as well as other proof of your current and previous income.

Insurance companies are trying to keep from paying as much damages as they are obligated to. A personal injury lawyer who has the right experience will ensure that you receive all the compensation you are entitled to. Dennis and King can schedule a no-cost consultation. We can help you recover all of your economic and other damages resulting from the occurrence of a New York auto Accident Law firms or personal injury accident.