Economic Damages vs. Non-Economic Damages
Daytona Beach, FL—There are two categories of damages an individual may be able to recover if they were involved in an accident that was caused by someone else’s carelessness or recklessness. Damages refer to the financial relief that is awarded to an individual and the two types a person may be able to collect are economic and non-economic damages.
Economic damages: What are they?
Economic damages refer to the monetary losses a person suffers after a car accident, slip and fall incident, medical error, or any other type of incident caused by another person’s negligent actions. Because these damages are measurable, they are often easier to calculate.
Some examples of the economic damages a person might pursue another party for include:
- Past and future medical expenses.
Whether an individual had to be transported to an area hospital for emergency medical treatment or admitted themselves to the hospital sometime after their incident, a price tag is attached to the care they had rendered. While health insurance may be used to help cover some or all of these medical costs, not all individuals carry this type of insurance or are able to afford the outstanding balance they are left with once their insurance carrier has paid its portion of the bill.
With that said, if an individual underwent medical treatment and/or needs care in the future to treat the injuries they suffered in an accident, they can request that the liable party provide them with compensationto cover these costs.
- Lost wages.
The condition in which a person is left in after an accident often prevents them from working for a short or long period of time. Most people today rely on a steady paycheck to cover their day-to-day expenses and monthly financial obligations. If an individual cannot work, they may not be able to provide their loved ones with essential items such as food and a comfortable place to live.
To make up for lost wages, an accident victim might also pursue the liable party for past and future lost wages.
Non-economic damages
Non-economic damages refer to non-monetary losses and are much more difficult to calculate. Some examples of the non-economic damages an accident victim might be entitled to recover include:
- Pain and suffering
- Mental anguish. Anxiety and post-traumatic stress disorder (PTSD) are two examples of the conditions an individual can seek compensation for after an accident.
- Loss of enjoyment of life. If an individual suffered a physical or cognitive impairment, this could take a toll on their ability to enjoy life the way they did prior to their accident.
If an individual or a loved one of theirs was harmed in any type of accident that was caused by another person or entity’s negligence, they may be entitled to economic and non-economic damages. A Daytona Beach, FL personal injury lawyer at Pappas and Russell, P.A. can determine if an individual has a valid case that entitles them to monetary relief as well as provide them with an estimate for what their case is worth.
Pappas and Russell, P.A. is located at:
213 Silver Beach Avenue
Daytona Beach, FL 32118
Phone: 386-254-2941
Website: www.pappasrussell.com
