Types of Accident Compensation

Typically, this type compensation is used to pay for medical expenses such as prescription devices and drugs as well as physical therapy and surgery. The compensation could include future earnings potential.

This kind of compensation is sometimes referred to "general damages." However, determining the amount of these damages is difficult since insurers employ different methods of calculation.

Economic Damages

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

These costs are relatively easy to prove and are the most immediate expenses that are incurred in a crash. They cover medical expenses such as the first hospitalization and any subsequent care and treatment. These costs can also comprise the cost of repairing damaged vehicles or other items of property including household and clothing items. These expenses can also include the cost of hiring someone else to do housework or drive your children to school or extracurricular activities.

Loss of wages is another common and important type of economic damages. This includes not only the wages you have missed due to your injuries, but also the lost productivity during your recovery and any sick days or vacation leaves. In some cases there is a possibility of recovering compensation in the event of a loss of future earnings capacity. This is the case if you are unable to resume your previous work or earn the same amount.

While these costs are relatively clear and measurable, some of the other damages you may claim are less clear. These damages that are not economic can be more difficult to quantify and may include things like pain and suffering, disfigurement, and loss of enjoyment.

What can you do to show these damages?

While some of the expenses in these categories are fairly easy to prove with paperwork and receipts Certain expenses may require expert testimony. For instance, in situations when an accident lawsuit results in serious spinal cord injuries that leaves a victim partially paralyzed, it might be necessary to speak with an occupational specialist to assess the full impact of the injury. This can assist the court or jury determine the true extent of your personal and financial impact.

The most complex economic losses are those that relate to future medical costs and lost earnings. It is possible to document these costs with the help of a medical professional's estimation of when you'll reach the point of maximum medical improvement or when your recovery is likely to be over. You must prove that you are likely to suffer a future financial loss. This can be done by providing your pay stubs or Accident Law Firms expense receipts.

Insurance companies attempt to avoid paying as much in damages as they are obligated to. A personal injury lawyer with experience will ensure you receive all the compensation you are entitled to. Dennis and King can schedule a no-cost consultation. We can assist you in recovering all of your financial as well as other damages following a New York auto Accident Law Firms or personal injury accident law firm.