Determining the value of your personal injury claim is a complex process that revolves around various factors, including medical expenses, lost wages, pain and suffering, and the extent of your injuries. In some cases, punitive damages are awarded. Taken together, such damages represent the value of your case. Let’s look at this more closely.
What Are Economic Damages in a Personal Injury Claim
Economic losses in the context of personal injury law refer to the quantifiable financial expenditures directly stemming from an injury. These losses are tangible and can be calculated with relative accuracy. Key components of economic losses include:
- Medical expenses: These encompass both present and future costs of treatments in the hospital, surgeries, medications, and any necessary medical equipment such as wheelchairs, prosthetics and a home hospital bed.
- Lost wages: These account for the income the injured person misses out on due to their inability to work during the recovery period. Additionally, if the injury results in long-term disability or diminished earning capacity, the future lost earnings and costs associated with vocational rehabilitation are also considered.
- Property damage: This category includes vehicle repairs in the case of automobile accidents, and any other out-of-pocket expenses directly related to the injury fall under economic losses as well.
Documenting these losses meticulously through bills, receipts, and employment records is crucial for accurately calculating the compensation owed to the injured party.
Non-Economic Losses
Non-economic losses in personal injury law encompass damages that aren’t easily quantified in financial terms but significantly impact the injured party’s quality of life. These losses relate to the emotional, psychological, and physical suffering that a person endures as a result of their injury.
Pain and suffering, loss of enjoyment of life, emotional distress, and loss of consortium. Pain and suffering account for the physical discomfort and emotional anguish one experiences, while emotional distress covers conditions like anxiety, depression, and PTSD that may follow the trauma of an injury.
Loss of enjoyment of life refers to the diminished ability to enjoy day-to-day activities and hobbies. Loss of consortium, on the other hand, recognizes the impact of injuries on the relationship between the injured party and their spouse or partner, often covering loss of companionship, support, and intimacy.
Valuing non-economic losses requires a nuanced understanding of the injured individual’s personal circumstances and the overall impact the injury has had on their life.
Punitive Award in a Personal Injury Case
Punitive awards in personal injury cases are distinct from compensatory damages, as they are not intended to compensate the victim for losses. Instead, punitive damages serve as a penalty to the at-fault party for particularly egregious or reckless behavior.
These awards aim to punish the defendant and act as a deterrent against similar misconduct in the future. Given their nature, punitive damages are not awarded in every case and are subject to specific legal criteria that vary. The decision to pursue punitive damages requires careful consideration of the circumstances surrounding the injury and the defendant’s conduct, underscored by the principle of delivering justice and promoting societal safety.
The Diaz Law Firm
At the Diaz Law Firm, our experienced personal injury lawyers help numerous clients obtain the compensation they deserve in injury accidents. Take advantage of our free case evaluation offer to explore your legal options and uncover possible compensation pathways. For a no-cost consultation, simply contact our law firm online or by dialing (601) 607-3456.