A serious car accident can be devastating, both medically and financially. You may face intense financial losses, including medical bills and wage loss associated with your recovery time. Will a car accident claim even provide enough to fairly compensate you?
To understand the value of your car accident claim, it can help to learn about the factors that affect the way the value of a claim is established. There are two types of damages you could potentially recover from a successful car accident claim: economic and non-economic damages. Here is what you should know:
Economic and non-economic damages are different — but connected
Economic damages are tangible monetary losses that you may have experienced after a car accident. Medical bills are a common type of economic damage. You may have many medical bills for hospital stays, surgery, medication, medical equipment and long-term medicare care. Another type of economic damage includes vehicle damage. Your vehicle probably needs to be repaired — or even replaced — after a car accident. Lost wages are another issue, and even if you had sick leave or vacation time that you used during your recovery, you can ask to be compensated for that time.
Non-economic damages, in comparison, are intangible losses that do not have a clear monetary value. Often, these losses are long-term and can impact victims in different ways. For example, depression, constant pain and loss of enjoyment of life are considered non-economic damages that are often associated with car accidents. “Pain and suffering” is generally considered to be directly related to the severity of one’s injuries and economic losses. The more significant the tangible, economic losses you suffer, the more your non-economic losses are likely to be.
You can learn more about the damages you can recover from a car accident by reaching out for legal guidance.
