Types of Accident Compensation

This type of compensation typically covers medical costs, including prescription drugs and devices, physical therapy, and surgery. It can also cover the loss of future earnings potential.

This kind of compensation could be described as "general damages." However, determining the amount of these damages can be difficult as insurers use different methods of calculation.

Economic Damages

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

These are the immediate expenses of a crash and are easy to prove. They include medical expenses, such as the first hospital stay and all subsequent care and treatment. They could also include the cost of a damaged vehicle or other property items, such as clothing and household products. The cost of hiring someone to take care of chores around the home or take children to and from school, or extracurricular activities could be included in these expenses also.

The loss of wages is a different important type of economic loss. These include not only your lost wages due to the fact that you were forced to stay home from work because of injuries, but they may be a factor in lost productivity while recovering and any vacation or sick days. In certain cases there is a possibility of recovering compensation for the loss of future earnings capacity. This is the situation when you are unable to return to your previous career or earn the same amount.

While these costs are easy to quantify, some of the other damages you could claim are less clear. These damages that are not economic can be more difficult to quantify and can include things like pain and suffering, disfigurement or loss of enjoyment of life.

How do you demonstrate these damages?

While some of the expenses in these categories are easy to prove with paperwork and accidents receipts Other expenses might require expert testimony. For instance, in cases that an accident Law firm causes an extremely severe spinal cord injury that leaves the victim partially paralyzed or disabled, it could be necessary to consult an occupational specialist to determine the full impact of the injury. This will assist the jury or court to determine what your total personal and financial impacts will be.

The most complex economic damages are those related to future medical expenses and lost earnings. It may be possible to document these costs by using a medical professional's assessment of when you will achieve the point of maximum medical improvement or when your recovery is likely to come to an end. But, you'll need to prove your future financial loss by providing pay stubs, expense receipts and other evidence of your past and present income.

Insurance companies try to not pay as much damages as they are legally required to. A knowledgeable personal injury lawyer can make sure that you receive all the compensation to which you are entitled. Dennis and King will be able to schedule a free consultation. We can assist you with the full range of non-economic and financial damages after a New York car accident or any other personal injury or accident attorneys.