Posted on Tuesday, August 13th, 2024 at 11:54 am
When it comes to damages after a car accident, they’re typically categorized into two main types: economic and non-economic. Tiemann Law Firm is here to break down the differences between these categories to help you better understand what you might be able to claim in your accident case.
What Are Economic Damages?
Definition: Compensation for tangible financial losses incurred as a result of a car accident. They are usually the first type of damages considered because they can be precisely documented and are quantifiable.
Common Examples:
- Medical Expenses: Costs for hospital stays, surgeries, medications, physical therapy, and other medical treatments.
- Lost Wages: Compensation for income lost due to time off work for recovery or medical appointments.
- Property Damage: Repair or replacement costs for your vehicle and any personal property damaged in the accident.
- Out-of-Pocket Expenses: Other expenses directly related to the accident, such as transportation costs for medical appointments or home modifications needed due to injuries.
What Are Non-Economic Damages?
Definition: Non-economic damages address the intangible, emotional, and psychological impact of the accident. These are not easily quantified and involve assessing the victim’s pain and suffering.
Common Examples:
- Emotional Distress: Compensation for anxiety, depression, or other emotional struggles stemming from the accident. This can also cover mental health counseling or therapy required due to the accident’s impact.
- Loss of Enjoyment of Life: Compensation for the loss of ability to enjoy daily activities or hobbies.
- Loss of Consortium: Compensation awarded to the spouse or family member of the injured party for the loss of companionship, affection, and support due to the injuries.
Why They Matter: Non-economic damages are crucial for addressing the broader impact of the accident on your quality of life and recognizing its emotional and psychological toll.
Understanding the difference between economic and non-economic damages is crucial in ensuring that you receive full compensation for the impact of your accident. If you or a loved one has been involved in an accident, the personal injury attorneys of Tiemann Law Firm are here to help with your case and ensure you get the compensation you deserve. Contact us today for a free, same-day consultation by calling (916) 999-9000 or toll-free: (800) 712-2000.
