Types of Accident Compensation

Typically, this type of compensation covers medical expenses like prescription devices and drugs, physical therapy and surgery. It may also cover loss of future earnings.

This type of compensation is often called "general damages." However, determining the value of these damages is difficult because insurers employ different calculation methods.

Economic Damages

Economic damages are the tangible and measurable costs associated with an accident. These include out-of pocket expenses, lost wages damages to property, and future financial losses resulting from the disability or injury. These costs are figured by juries and courts using documents such as hospital bills, pharmacy receipts, as well as estimates for vehicle repairs.

They are fairly easy to prove and accident are the most immediate expenses incurred by an accident. They cover medical expenses, for example, the first hospitalization and any subsequent treatment and care. They can also include the cost to repair a damaged car or other items of property, such as clothes and household goods. The cost of hiring someone to perform chores around the house or take children to and from school or extracurricular activities can be included also.

Loss of wages is another common and 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, accident but they can also take into account the loss of productivity during recovery and any vacation or sick leave. In some cases there is a possibility of recovering compensation for the loss of future earnings capacity. This is the situation in the event that you are not able to resume your previous work or earn the equivalent amount.

Although these costs are transparent and quantifiable, some of the other damages you may claim are less so. These damages that are not economic can be more difficult to quantify and include things like discomfort and pain disfigurement, loss of enjoyment.

What can you prove to prove these Damages?

While some of the costs in these categories are simple and can be proved by receipts and paperwork, other expenses may require expert testimony. For instance, in situations where an accident leads to serious spinal cord injuries which leaves a victim partially paralyzed, it might be necessary to consult with an occupational expert to determine the full impact of the injury. This will help the court or jury to make a precise determination of what your total personal and financial impacts will be.

The most complicated forms of economic damages are those that concern future medical expenses and lost earnings. It is possible to document these costs with the help of a medical professional's estimation of when you will achieve maximum medical improvement, or when your recovery is likely be over. You'll need to show that you'll suffer future financial loss. This can be accomplished by making a submission of your pay stubs and expense receipts.

Insurance companies will try to avoid paying the total amount of the damages they are legally required to pay. A personal injury lawyer who is skilled can ensure you receive all of the compensatory damages you are entitled to. Dennis and King will be able to schedule a free consultation. We can help you seek the full spectrum of your economic and non-economic damage resulting from a New York car accident lawyers or other personal injury accident.