If you get hurt in an accident, you may have a lot of costs that you didn’t expect. These costs are called economic damages. They are the money losses caused by an accident (e.g., a car accident or medical malpractice) and can add up quickly. Economic damages help cover things like doctor bills, lost paychecks, car repairs, and any other financial costs related to the accident. Without this compensation, injury victims may struggle to afford medical treatment and other necessary expenses.
If you were injured because of someone else’s actions, you should not have to pay these costs on your own. The person or company responsible for your accident should be held accountable.
Types of Economic Damages
Economic damages cover any money lost because of an accident. They help make sure that victims are not left struggling with bills and financial hardship.
Some of the most common types of economic damages include:
Medical Bills
Medical expenses often make up the largest part of economic damages in a personal injury case. This includes:
- Doctor visits, hospital stays, and surgeries
- Emergency room treatment and ambulance fees
- Medicine and prescription drugs needed for recovery
- Physical therapy and rehabilitation to restore mobility and function
- Medical equipment, such as wheelchairs or braces
- Future medical costs for long-term care and ongoing treatment
These expenses can be overwhelming, and in serious cases, medical bills can continue for years. A personal injury claim can help ensure victims receive compensation for current and future medical costs.
Lost Wages
Many people cannot work after a serious injury, which results in lost income. Lost wages include:
- Money lost from missing work due to an injury
- Loss of bonuses, commissions, or other work-related earnings
- Lost income if you cannot return to work permanently
- Loss of earning ability if the injury prevents you from doing the same job as before
In some cases, an injury may be so severe that a victim is forced to switch careers or take a lower-paying job. This can have a long-term financial impact, and compensation for lost future income can be essential to economic damages.
Property Damage
Property damage compensation covers the costs of repairing or replacing items that were damaged in an accident. This can include:
- Car repairs or replacement if the vehicle was totaled
- Damaged personal belongings, such as cell phones, clothing, or laptops
- Damage to homes, fences, or other personal property
After a car accident, for example, vehicle repairs can be expensive. Without compensation, an injured person may struggle to replace their car or pay for necessary repairs to get back on the road.
Other Costs
Serious injuries often come with additional costs that people do not always think about at first. Some other types of economic damages include:
- Travel expenses for medical treatments, such as gas, parking, or flights to see specialists
- The cost of hiring help for household tasks, like cooking, cleaning, or childcare, if the victim cannot do them on their own
- Home modifications, such as wheelchair ramps or stairlifts for people with mobility issues
- Any other financial losses directly linked to the accident
These costs may seem small at first, but they add up quickly. It’s important to track all expenses related to an accident so they can be included in the injury claim.
How Do You Prove Economic Damages?
To get money for economic damages, you must prove your financial losses. This means gathering evidence and keeping detailed records. Some ways to prove economic damages include:
- Medical bills and invoices that show the cost of treatment
- Pay stubs, tax returns, or employment records to prove lost wages
- Expert testimony from doctors or economists about future medical costs or lost earning potential
- Receipts for out-of-pocket expenses, such as travel costs or medical supplies
It is crucial to keep all records and receipts related to the accident. The more proof you have, the stronger your case will be. Without clear evidence, insurance companies may try to reduce or deny the compensation you deserve.
Florida Laws on Economic Damages
Florida law allows personal injury victims to recover full economic damages, meaning there is no limit on how much compensation can be awarded for financial losses. However, there are some important legal rules to consider:
- Florida has a two-year statute of limitations for personal injury lawsuits. This means you must file your lawsuit within two years of the accident (Florida Statutes §95.11).
- If the victim is partially at fault for the accident, Florida follows a comparative negligence rule, which means their compensation will be reduced based on their percentage of fault.
Florida courts may award punitive damages in cases of extreme negligence, but these are separate from economic damages and are meant to punish reckless behavior.
Economic vs. Non-Economic Damages
It’s important to understand the difference between economic and non-economic damages. While economic damages cover financial losses, non-economic damages include things like pain and suffering.
While economic damages are easy to calculate based on bills and receipts, non-economic damages are more subjective. A lawyer can help determine the full value of a case by considering both types of damages.
Why Hire a Lawyer for Economic Damages?
Filing a personal injury claim can be complicated, especially when dealing with large insurance companies. A lawyer at Coker Law Personal Injury Lawyers can help by:
- Collecting strong evidence to prove financial losses
- Negotiating with insurance companies for a fair settlement
- Working with experts to determine the full value of future losses
- Filing a lawsuit if necessary to secure rightful compensation
Insurance companies often try to lowball victims by offering settlements that do not fully cover their costs. Having an experienced lawyer on your side ensures you get the compensation you truly deserve.
Get Help With Economic Damages in Jacksonville, FL
If you were hurt in an accident, a Jacksonville personal injury lawyer can help you recover economic damages. Reach out to Coker Law Personal Injury Lawyer a free consultation today. You can contact us online or call (904) 356-6071