Personal Injury Compensation - How to Get the Compensation You Need
It is normal to be concerned about your finances when in an accident. This is especially true if you're involved in an accident that causes serious injuries.
Fortunately, there are ways to get compensated for your injuries. These include economic damages and non-economic damages such as pain and suffering.
Economic Damages
If you sustain an injury due to negligence by another party you are entitled to financial compensation. The purpose of this compensation is to help you recover from your injuries and return to the standard you had prior to your injury living.
In personal injury cases, there are two types of monetary damages that you could receive: economic and non-economic. The first is to pay for your financial losses from the accident and non-economic damages are intended to compensate for your emotional suffering.
A jury or judge may award economic damages to victims in numerous instances. This can include lost wages and rehabilitation expenses, medical bills and property damage costs like repair and replacement. The damages in this category are concrete in that it can be documented through receipts, bills and pay stubs.
The negligent conduct of a defendant could result in a range of economic losses. These losses include :
Loss in Earning Capacity
A victim could have a reduced earning capacity following an injury. They could be forced to accept a lower-paying job or even permanently disabled.
- Future Earning Capacity
This is a difficult factor to calculate as it depends on the victim's age, the industry and trends at the time of the accident. A person may be young and have a promising career, or they could have a retirement plan.
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This presents a challenge for jurors as it requires a thorough analysis of the victim's history of employment and future earnings. A victim could be a recent college graduate with an engineering career.
- The victim may have lost their earnings as well as other expenses like medical bills, car repairs, or out of pocket expenses for medication and therapy.
In the end, these expenses will total a significant amount of money. Adding up all these expenses to figure out what your economic losses might be will help you get an acceptable settlement.
There are many variables that determine the exact amount of your economic damages, so it is crucial to consult an experienced personal injury lawyer who is aware of how these damages can be calculated and granted. Your attorney will give you a list of all your current and future economic losses and also seek experts who can place a dollar value on these damages for the purpose of the calculation of your compensation.