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Types of Accident Compensation

Typically, this type of compensation covers medical expenses like prescription drugs and devices including physical therapy and surgery. The compensation could include future earnings potential.

This kind of compensation is usually referred to as "general damages." However, determining the value of these damages is complicated because insurers use different calculation methods.

Economic Damages

Economic damages are the tangible and measurable cost of an accident. These include out-of-pocket expenses such as lost wages as well as property damage costs 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, and vehicle repair estimates.

These are the direct costs of a crash, and are easy to prove. They usually include medical costs like the initial hospitalization and all subsequent treatment and care. They could also include the cost of repairing or replacing a damaged vehicle or other property items, such as household and clothing products. These expenses could also include the cost of hiring a third party to do housework or drive your children to school or extracurricular activities.

Loss of wages is another common and important category of economic damages. These include not only your missing wages from the time you were forced to stay home from work due to injuries, but they could also include lost productivity while recovering as well as any vacation or sick leave. In some cases there is a possibility of recovering compensation in the event of a loss of future earnings capacity. This is the case in the event that you cannot return to your former career or earn the same amount.

While these expenses are transparent and quantifiable, some of the other damages you may claim are not as clear. These damages that are not economic can be more difficult to quantify, and include things like pain and discomfort or disfigurement, as well as loss of enjoyment.

How can you prove these damages?

Some expenses can be proved with receipts and paperwork however, some expenses may require expert testimony. For instance, in cases where an accident leads to a severe spinal cord injury which leaves a victim partially paralyzed, then it could be necessary to consult an occupational specialist to determine the full impact of the injury. This can help the court or jury determine with certainty what your total personal and financial impacts will be.

The most complicated economic losses are those that relate to future medical expenses and lost earnings. It may be possible to document these expenses by using a medical professional's assessment of when you'll achieve maximum medical improvement, or when your recovery is likely to be over. But, you'll need to prove your financial loss by submitting pay stubs, expense receipts and other evidence of your current and previous income.

Insurance companies try to avoid paying the total amount of the damages they are legally obliged to pay. A knowledgeable personal injury lawyer can ensure that you receive all compensation damages to which you are entitled. Dennis and King can schedule a no-cost consultation. We can assist you in recovering all of your economic and accident attorneys other damages following an New York auto accident law firms, hyperlink, or personal injury accident.