If you or a loved one suffers an injury due to someone else’s negligence, it’s not just the physical pain and emotional trauma that take a toll. A significant financial burden is often associated with personal injuries, from mounting medical bills to lost wages. That’s where the concept of “economic damages” comes into play in personal injury law.
What Are Economic Damages?
Economic damages refer to the tangible financial losses that an injured party incurs due to an accident or injury. These damages are quantifiable, meaning they can be measured in monetary terms and documented through receipts, bills, and other financial records.
Unlike non-economic damages, which address more subjective impacts like pain and suffering, economic damages focus squarely on the direct financial consequences of an injury.
What Types of Economic Damages Are Available To Injury Victims in Illinois?
If you’re involved in a personal injury case, it’s important to understand how economic damages are calculated and what types of expenses can be covered.
Here’s a breakdown of the main types of economic damages:
Medical Expenses
Medical expenses are often the most significant part of an individual’s economic damages. When you’re injured, you may need to pay for hospital stays, surgeries, and visits to the doctor.
These costs also include rehabilitation therapies, like physical therapy or occupational therapy, that help you recover and get back to your usual activities.
Additionally, you may need medication to manage pain or prevent infection. Sometimes, special medical equipment, like crutches or a wheelchair, might be necessary. If your injury leads to long-term or permanent health issues, the cost of future medical care, such as ongoing doctor visits or surgeries, is also considered when calculating economic damages.
Lost Wages
Injuries can significantly disrupt your ability to work. If you’re unable to go to your job because of your injury, you can claim lost income. This compensation covers the money you would have earned during the recovery period. It includes not just regular wages or salary, but also income from self-employment if you run your own business.
Essentially, any income you miss out on because of the injury can be part of your claim for lost wages.
Loss of Earning Capacity
Sometimes, injuries have long-lasting effects that impact your ability to work in the future. For instance, if your injury prevents you from performing the same job tasks as before, or you need to take a different, lower-paying job, you can seek damages for this loss of earning capacity.
Calculating this involves looking at several factors, like your age, your job and skills before the injury, and the severity of your harm. It aims to compensate you for the future income you’re losing due to your reduced ability to work.
Property Damage
If the accident caused damage to your personal property, such as your car or any other belongings, the cost to repair or replace these items can be included in your economic damages.
For example, if your vehicle was damaged in a car accident, the expenses involved in repairing it or, if it’s beyond repair, buying a new one, are considered economic damages.
Out-of-Pocket Expenses
In addition to the direct costs of medical care and lost income, you might face various out-of-pocket expenses due to your injury. These are other costs that directly result from the injury, and they can add up quickly.
For instance, you might need to pay for transportation to get to your medical appointments, especially if you need specialized treatment far from home. If your injury restricts you from doing household chores, like cleaning, cooking, or mowing the lawn, you may need to hire help, and those costs can be claimed as economic damages.
Essentially, any reasonable and necessary expenses that arise because of your injury are considered out-of-pocket costs and can be part of your claim.
Understanding these types of economic damages can help you see the bigger picture of how an injury might affect your finances. It’s important to thoroughly document all of these expenses, as they form the basis for your compensation claim.
Proving the Value of Economic Damages in an Illinois Personal Injury Case
To successfully claim economic damages, it is crucial to maintain detailed and accurate records of all related expenses. This includes keeping copies of all medical bills, pay stubs, tax returns, and other relevant documentation.
Additionally, expert testimonies, such as those from doctors or vocational rehabilitation specialists, may be required to establish the extent of future medical needs or loss of earning capacity.
Common Challenges in Securing Economic Damages
While pursuing economic damages is a vital step to recovery, it’s challenging. Insurance companies often strive to minimize the amount they must pay out, sometimes disputing the severity of the injury or the necessity of specific medical treatments.
Further complications can arise when calculating future expenses or lost earning potential, requiring foresight and expert input. Disputes over these estimates can lead to court battles or lengthy negotiations.
Contact an Illinois Personal Injury Lawyer For a Free Consultation To Discuss Your Compensation Options
Economic damages are a fundamental component of personal injury claims, representing a lifeline for victims seeking to rebuild their lives after an accident. Understanding and proving these damages can be complex.
Still, you can secure the compensation you need with the proper legal support. Contact an experienced Illinois personal injury attorney from Joel E. Brown, P.C. at (309) 673-4357 to help you navigate the path to recovery.