Economic damages are financial losses that result directly from an injury caused by someone else’s negligence, like in a car accident or truck accident. Unlike non-economic damages, such as pain and suffering, these losses are quantifiable and backed by documentation like receipts, bills, and pay stubs.
Economic damages aim to make the injured party financially whole by reimbursing them for the expenses and losses tied to their injury.
These damages are often the foundation of personal injury claims, as they are easier to calculate and prove compared to other types of compensation.
Types of Economic Damages
The types of economic damages you can recover will depend on the specifics of your case. Here are some of the most common categories:
Medical Expenses
Medical bills are typically the largest portion of economic damages in personal injury cases. These expenses cover both the immediate and long-term costs of medical care. They may include:
- Hospital stays
- Emergency room visits
- Surgeries
- Doctor consultations
- Prescription medications
- Rehabilitation and physical therapy
- Medical equipment such as crutch
- es, wheelchairs, or prosthetics
Documenting every medical expense is critical, as these records are used to prove your financial losses.
Lost Wages
If your injuries prevent you from working, you can seek compensation for your lost income. Lost wages cover the time you missed due to recovery or treatment.
Additionally, if your injury impacts your ability to work in the future, you may be entitled to damages for diminished earning capacity. This type of compensation accounts for reduced income potential if you can no longer perform your job at the same level as before.
Property Damage
Economic damages can cover repair or replacement costs if personal property was damaged or destroyed in the incident. For example, in a car accident, these damages could include the cost of fixing or replacing your vehicle.
Out-of-Pocket Expenses
Injuries often lead to unexpected expenses beyond medical bills and lost wages. These out-of-pocket costs may include:
- Transportation to medical appointments
- Hiring home care or childcare
- Home modifications to accommodate disabilities
- Costs for temporary lodging or meals if your injury disrupts your living situation
Any reasonable expense directly related to the injury can be included as economic damages, so it is important to save all relevant receipts and records.
How Are Economic Damages Calculated?
Calculating economic damages involves totaling all documented financial losses related to your injury. This requires careful tracking of the following:
- Medical bills
- Pay stubs
- Receipts for expenses
- Property damage estimates
Expert testimony may be necessary for future costs, such as ongoing medical care or lost earning potential. Economists or vocational specialists can help project the financial impact of your injury over time, ensuring that your compensation covers all anticipated expenses.
Proving Economic Damages
Solid evidence is essential to recover economic damages. Courts will carefully evaluate the documentation provided to confirm the extent of your financial losses. Common evidence includes:
- Medical records and bills that detail your treatment
- Pay stubs or income tax returns to show lost wages
- Repair estimates for damaged property
- Receipts for out-of-pocket expenses like travel or home care
The more detailed and organized your records are, the stronger your case will be.
How a Lawyer Can Help With Your Claim Involving Economic Damages
While you can handle a claim on your own, hiring a lawyer can significantly improve your chances of recovering full compensation. An experienced personal injury attorney can:
- Collect evidence
- Work with experts
- Negotiate with insurers
- Represent you in court
A personal injury attorney can navigate the complexities of your case while you focus on recovery. Even once attorney’s fees are removed, you will likely receive more compensation than you would without hiring a lawyer.
A Dallas Personal Injury Lawyer Can Help You
An experienced Dallas personal injury attorney can help you in all kinds of unexpected ways, like finding a second defendant or arranging a medical lien to cover your medical expenses until your personal injury compensation arrives. Contact Benton Accident and Injury Lawyers at (214) 556-8321 for a free consultation.