Types of Accident Compensation

This type of compensation usually covers medical expenses, such as prescription medications and devices, accident physical therapy and even surgery. The compensation could also cover future earnings potential.

This type of compensation may be described as "general damages." It isn't always easy to determine the value of these damages since insurers use different methods of calculation.

Economic Damages

Economic damages are the tangible, quantifiable costs that result from an accident (Our Site). These include out-of pocket expenses, losses from missed work damages to property and future financial losses attributed to the disability or injury. These costs are figured by juries and courts using documents like hospital bills, pharmacy receipts, as well as estimates of repairs to the vehicle.

These are the direct costs of a crash, and are simple to prove. They usually include medical costs for the initial hospital stay, and all follow-up care and treatment. They could also include the cost of repairing or replacing a damaged vehicle or other property items, such as clothing and household items. 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 costs and more.

The loss of wages is a different important type of economic damage. This includes not only the wages you missed because of your injuries but also the lost productivity during your recovery and any sick days or vacation leaves. In some instances you can also claim compensation for the loss of your earning potential in the future in the event that your injury prevents you from returning to your former job or stops you from earning the same amount in the future.

The costs are pretty clear and quantifiable. However, other damages that you could claim are less obvious. These non-economic damages are often more difficult to quantify and can include things like pain and suffering, disfigurement, and loss of enjoyment of life.

How can you demonstrate these damages?

While a few of the expenses in these categories are fairly straightforward and can be proven with receipts and documents However, some expenses will require expert testimony. In the event that an accident law firm causes a severe spinal injury that leaves the victim partially paralyzed, it might be necessary to consult an occupational specialist to determine the impact of the injury on the victim. This will aid the jury or the court to determine what your total personal and financial impacts will be.

The most complicated types of economic losses are those relating to future medical expenses and lost earnings. It is possible to document these costs by using a medical professional’s estimate of your maximum improvement in your medical condition or when your recovery is likely to come to an end. You'll need to show that you will suffer a future financial loss. This can be accomplished by making a submission of your pay stubs and expense receipts.

Insurance companies are often trying to avoid paying the full amount of damages that they are legally required to pay. A knowledgeable personal injury lawyer will ensure that you receive all compensation to which you are entitled. Contact Dennis and King today to set up an appointment for a no-cost consultation. We can help you recover all of your economic as well as other damages following an New York auto accident or personal injury accident.