Types of Accident Compensation

Typically, this kind of compensation is used to pay for medical expenses such as prescription devices and drugs as well as physical therapy and surgery. It may also cover the loss of future earning potential.

This type of compensation can be referred to as "general damages." It can be challenging to determine the value of these damages as insurers use different methods for calculation.

Economic Damages

Economic damages are the tangible and measurable costs associated with an accident. These include out-of-pocket expenses for lost wages due to missed work as well as property damage costs. the potential for future financial losses due to the disability or injury. Courts and juries usually calculate these costs using documents such as hospital bills, pharmacy receipts and estimates for vehicle repairs.

These costs are fairly simple to prove and are the most immediate costs associated with an accident. They include medical expenses, for example, the first hospital stay and all subsequent care and treatment. These expenses may also include the cost to repair damaged vehicles or other items of property like clothes and household items. These expenses can also include the cost of hiring a person to take care of household chores or driving your children to school or extracurricular events.

Lost wages are a different and important type of economic damages. These include not only your missed earnings from the time you were required to stay home from work because of your injuries, but they may also take into account lost productivity while recovering and any use of vacation or sick days. In some cases you may even be able to claim compensation for the loss of your potential earnings in the event that your injury prevents you from returning to your former career or prevents you from earning the same amount in the future.

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

How can you prove these Damages?

Certain expenses can be proven through receipts or paperwork However, others might require expert testimony. For instance, in cases where an accident leads to a severe spinal cord injury that renders a person partially paralyzed, then it could be necessary to consult an occupational expert to determine the full impact of the injury. This will help the jury or court to make a precise assessment of your financial and personal impact.

The most complicated economic damages are those that involve future medical expenses as well as lost earnings. You might be able to prove these expenses by using a medical professional’s estimate of your maximum medical improvement or when your recovery is expected to be over. However, you'll have to prove your future financial loss by submitting pay statements, expense receipts, and other proof of your current and previous income.

Insurance companies are often trying to avoid paying the total amount of the damages they are legally obliged to pay. A competent 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 help you pursue the full spectrum of economic and non-economic injuries resulting from an New York car accident law firm or other personal injury accident.