Types of Accident Compensation

Typically, this type of compensation covers medical bills including prescription drugs and devices as well as physical therapy and surgery. The compensation could also be used to cover future earnings.

This kind of compensation could be described as "general damages." It can be difficult to determine the value of these damages because insurers have different methods of calculation.

Economic Damages

Economic damages are the tangible and measurable costs resulting from an accident. These include expenses out of pocket and losses resulting from the absence of work cost for property damage, and future financial losses that are expected due to disability or injury. These costs are determined by juries and courts using documents like hospital bills, pharmacy receipts, as well as estimates for repairs to vehicles.

They are fairly easy to prove and are among the most immediate expenses that are incurred in an accident. They include medical costs, like the initial hospital stay and all subsequent treatment and care. These expenses may also include the cost of repairing a damaged car or other items of property, such as clothing and household products. The cost of hiring someone to do chores around the home or transport children to and from school or extracurricular activities can be included in these costs, as well.

Loss of earnings is another important type of economic loss. This includes not only the wages you missed because of your injuries but also the lost productivity during your recovery as well as vacation or sick days. In certain cases you may even be able to claim compensation for the loss of your future earning capacity If your injury hinders you from returning to your previous career or prevents you from earning the same amount in the future.

These costs are quite clear and quantifiable. However, other damages that you could claim are less clear. These non-economic damages are often more difficult to quantify and can include things like pain and suffering, disfigurement, and loss of enjoyment.

What can you do to prove these damages?

Certain expenses can be proven with receipts and paperwork, but others may require expert testimony. For instance, in the event where an accident leads to a severe spinal cord injury which leaves a victim partially paralyzed or disabled, it could be necessary to consult with an occupational specialist to assess the full impact of the injury. This can help the jury or court make an accurate assessment of your financial and personal impact.

The most complicated forms of economic losses are those that concern future medical expenses and lost earnings. It may be possible to document these expenses by utilizing a medical professional's estimate of when you will achieve maximum medical improvement, or when your recovery is likely be over. However, you'll need to prove your future financial loss by providing pay statements, expense receipts, and other evidence of your present and previous income.

Insurance companies will attempt to avoid paying the entire amount of damages they have to pay legally. A knowledgeable personal injury lawyer can make sure that you get all compensation to which you are entitled. Dennis and King can set up a free consultation. We can assist you in pursuing the full spectrum of economic and non-economic damages after an New York car accident or other personal injury accident.