After an accident in North Carolina, you may find yourself struggling financially. Accident victims often have many medical bills, and some victims are unable to work because of their injuries. The financial strain of an accident can really take a toll on both your wallet and your emotional state.
Economic damages are used to compensate accident victims for their financial losses resulting from the accident. These are just one part of the overall damages you may be able to recover after your accident. Dive into all the details below to learn more about economic damages and how to prove them.
Common Examples of Economic Damages
You may experience several types of financial losses after an accident. If someone else’s negligence caused your accident, you may be entitled to recover compensation for all those losses.
Some common examples include:
Medical Bills
Some of the most common types of economic damages in personal injury cases are medical bills. Victims are entitled to recover the cost of all reasonable and necessary medical expenses incurred because of their injuries.
Some medical bills that victims often incur are:
- Emergency treatment
- Ambulance transport
- Surgery
- Diagnostic imaging, such as X-rays, CT scans, and MRIs
- Physical therapy
- Rehabilitation
- Prescription medication
- Over-the-counter medication
Not only are you entitled to the amount of your current medical bills, but you can also get compensation for future medical bills. If you have expected future medical care needs resulting from your accident, then the estimated cost of that care should be included as part of your economic damages.
Lost Wages
If you are unable to work because of your injuries, you may be entitled to recover your lost wages. This amount is typically calculated by determining your average earnings before the accident. Even missing short periods of work, such as for doctor’s appointments, can allow you to recover lost wages.
Future Lost Earnings Capacity
Unfortunately, some accident victims are never able to return to work. Others may only be able to go back to work in a limited capacity. In both of these situations, the victim will not be able to earn the same amount of money they did prior to the accident. The at-fault party could be on the hook for this difference.
For instance, imagine that a person earns $75,000 per year at their job. They are injured in an accident and can only return to work in a limited capacity. After the accident, they can only earn $40,000 per year. They could have a claim for their lost earnings capacity of $35,000 per year for the rest of their working life.
Property Damage
Property damage claims are quite common, especially after car accidents, motorcycle accidents, and other accidents involving a vehicle. These damages entitle victims to recover the cost of their vehicle repairs. If the insurance company decides to total your vehicle, then you will likely be owed the cost of getting a new one.
Travel Expenses
In some cases, you may have to travel to receive medical care for your injuries. You could be entitled to compensation for mileage and even hotel stays if these expenses were reasonable and necessary for your medical care. Remember to keep detailed records of these expenses, such as a log book that shows the date, mileage, and other details about your travel.
Proving the Value of Economic Damages
Before the insurance company writes you a check for your economic damages, they must know the value of these damages. Thankfully, proving the value of economic damages is usually pretty straightforward. Evidence is typically readily available that shows the specific amount of these losses.
Some common types of evidence used to prove the value of these damages are:
- Receipts
- Invoices
- Bank statements
- Credit card statements
- Car repair bills or estimates
- Vehicle valuation reports
The more evidence you have to support your case, the better. Keep all the records you can after your accident, as these items can prove to be extremely important when trying to prove the value of your damages.
Other Damages Available in Personal Injury Cases
Not only are accident victims entitled to recover economic damages after an accident, but they may also recover non-economic damages.
Some common examples of these damages include:
- Pain and suffering
- Emotional distress
- Anxiety
- Depression
- PTSD
- Loss of enjoyment of life
- Loss of consortium
- Scarring
These damages are much more subjective, and it can be more difficult to put a specific dollar figure on their value. They can be worth anywhere from 1.5 to 5 times the value of the economic damages associated with the case, depending on the severity of the injuries involved.
Contact Our North Carolina Personal Injury Lawyers for a Free Consultation
After an accident, it is important to get help from an experienced lawyer who can help you through the claims process. At Riddle & Riddle Injury Lawyers, we can answer all your questions and help identify all the damages to which you may be entitled. We can use our more than 190 years of combined experience to put an accurate value on your case. Call 800-525-7111 or contact us today to schedule a free consultation.