Types of Accident Compensation
Typically, this type of compensation covers medical expenses like prescription devices and drugs such as physical therapy, surgery and so on. It may also cover the loss of future earnings potential.
This kind of compensation is often called "general damages." However, determining the value of these damages is difficult as insurers use different methods of calculation.
Economic Damages
Economic damages are the tangible and quantifiable costs associated with an
accident law firm. These are expenses that are out of pocket, lost wages and property damage costs and future financial losses resulting from the disability or injury. Courts and juries usually calculate these costs based on documentation such as hospital bills, pharmacy receipts and estimates for repairs to vehicles.
They are fairly easy to prove and are the most immediate expenses associated with an accident. They often include medical expenses, such as the initial hospital stay, and all follow-up care and treatment. These expenses can also comprise the cost of repairing damaged vehicles and other items of property such as clothing and household goods. These expenses could also include the cost of hiring a third party to assist with household chores or transport your children to school or any other extracurricular events.
The loss of wages is an additional important category of economic damages. These include not only your missing wages from the time you had to stay home from work due to injuries, but they can also take into account the loss of productivity during recovery and any vacation or sick days. In some instances, you can even recover compensation for the loss of your future earning potential when your injury stops you from returning to your previous job or prevents you from earning the same amount in the future.
These costs are easily identifiable and quantifiable. However other damages you could claim are less clear. These damages that are not economic can be more difficult to quantify, and include things like discomfort and pain or disfigurement, as well as the loss of enjoyment.
What can you prove to prove these Damages?
Certain expenses can be substantiated by submitting receipts and documents Some expenses can be proven with receipts and paperwork, while others require expert testimony. For instance, in situations where an
accident leads to a severe spinal cord injury which leaves a victim partially paralyzed, it may be necessary to consult with an occupational expert to determine the full impact of the injury. This can aid the jury or the court to make a precise assessment of your financial and personal impact.
The most complicated kinds of economic losses are those relating to future medical expenses and lost earnings. It may be possible to document these expenses with the help of a medical professional's estimation of when you will achieve the point of maximum medical improvement or when your recovery will likely be over. You must prove that you will suffer a future financial loss. This can be done by providing your pay stubs or expense receipts.
Insurance companies are often trying to avoid paying the total amount of damages they must legally pay. A skilled personal injury lawyer can make sure that you get all compensatory damages to which you are entitled. Dennis and King can set up a free consultation. We can help you seek the full range of your economic and non-economic injuries resulting from an New York car accident or other personal injury accident.