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Types of Accident Compensation

This type of compensation typically covers medical expenses, including prescription drugs as well as devices, physical therapy and surgeries. The compensation could also cover future earnings potential.

This kind of compensation is commonly referred to as "general damages." However, determining the value of these damages can be difficult since insurers employ different calculation methods.

Economic Damages

Economic damages are the tangible and quantifiable costs associated with an accident. These include out-of-pocket expenses, losses from missed work, property damage costs and future anticipated financial losses due to the disability or injury. These costs are calculated by juries and courts using documents like hospital bills, pharmacy receipts and estimates for repairs to vehicles.

These costs are relatively easy to prove and are the most immediate expenses incurred by an accident lawsuit. They usually include medical expenses for the initial hospital stay, and all follow-up care and treatment. They may also include the cost of repairing a damaged vehicle or other property items such as household and clothing goods. The cost of hiring a person to do chores around the house or drive children to and from school, or extracurricular activities could be included as well.

Lost wages are a different and important type of economic damages. This includes not only the income you lost because of your injuries but also the lost productivity while you recover, and any vacation or sick days. In some cases you can also claim compensation for the loss of your future earning potential in the event that your injury prevents you from returning to your previous job or hinders you from earning the same amount in the future.

While these expenses are transparent and quantifiable, some of the other damages you can claim are less so. These non-economic damages can be more difficult to quantify and include things like pain and discomfort or disfigurement, as well as the loss of enjoyment.

How do you prove the damage?

Certain expenses can be established by submitting receipts and documents, but others may require expert testimony. For example, Accident attorney in cases where an accident leads to an extensive spinal cord injury which leaves a victim partially paralyzed, it might be necessary to consult with an occupational specialist to assess the full impact of the injury. This will assist the court or jury to make a precise assessment of your financial and personal impact.

The most complicated economic losses are those relating to future medical expenses as well as lost earnings. You may be able to document these costs using a medical professional’s estimate of your greatest medical improvement or when your recovery is expected to end. You must prove that you will suffer a future financial loss. This can be done by making a submission of your pay stubs and expense receipts.

Insurance companies try to avoid paying the total amount of the damages they must legally pay. A seasoned personal injury lawyer can make sure that you receive all the compensation to which you are entitled. Dennis and King will be able to schedule a free consultation. We can assist you with all of non-economic and financial damage resulting from a New York car accident or other personal injury accident.