Damages is the word the law uses to represent the losses a person suffers when they are injured in an accident. There are two main types of damages: Economic and noneconomic. If you have been injured in any type of accident then your best bet for maximum compensation for your damages is to contact a personal injury attorney. Keep reading to find out more about economic and noneconomic damages and then reach out to Law Offices of Fernando D. Vargas at 909-982-0707 for a free legal consultation.
Economic losses negatively affect your wealth
The basic thing to know about economic losses is that they are actual monetary losses that affect your personal wealth. For example, if you are involved in a car accident, the immediate economic damages would include damage to the vehicles, damage to possessions within the vehicle, and even things like the clothing of the victim.
As time goes on, there are additional economic loses that can take place. Some examples include:
- Medical costs. Even if you have insurance and they paid for your injuries, medical costs are still considered economic losses.
- Lost earnings. If you were unable to work after an accident, whether for a few days or permanently, you could be eligible for lost wages. If you are able to work in the future but not at your current position and with your current wage, then you could get damages for your loss in future earning potential.
- Lost benefits. If the accident required you to take paid time off, then you can be compensated for that, even though your employer paid you.
- Rehabilitation costs. This includes both physical and occupational therapy. It can also include any equipment required.
- Home-care expenses. Even if the family of the victim provides at-home care, these costs can be counted as economic losses.
Note that there may be other economic damages you are eligible for. Your personal injury attorney can give you a full assessment.
Noneconomic damages are harder to assess
Noneconomic damages can be hard to assess in dollars and cents because they are not directly associated with monetary loss. Examples include:
- Pain and suffering.
- Loss of consortium.
- Loss of enjoyment of life.
- Loss of quality of life.
There are ways to calculate these damages and there are generally accepted formulas that can be used.
Call us today to find out more about your economic and noneconomic damages
Have you been injured? Then now is the time to contact Law Offices of Fernando D. Vargas at 909-982-0707 for a free legal consultation. We can provide you with comprehensive assistance as you assess your options. If your injury was caused by someone else acting negligently or recklessly, then there is no reason you should be stuck with the cost. If your case has legal merit, then we will take it on without upfront cost to you. Our fee comes from your recovery – if we do not recover then you do not owe us a penny.
