What Are Economic Damages?

In a personal injury claim, you can seek a wide range of compensatory damages. You may file a claim for compensation with your own insurance company, or another party. Depending on the nature of your personal injury incident, you can seek both forms of compensatory damages, economic and non-economic, as well as punitive damages.

But what steps do you need to take with a New Orleans injury lawyer to get started? Reach out for help determining what your claim is worth as soon as possible. 

Types of Economic Damages

Economic damages are tangible losses that can be calculated so that you can peg a dollar value to them. In other words, they are the material losses you suffer in a bicycle accident, slip-and-fall, dog bite, or any other personal injury case. Below is just a sample of the economic damages you may be eligible for:

Medical Costs

Medical bills and related expenses typically constitute the bulk of the economic damages. This is because the costs from the diagnosis, treatment, and recovery of a personal injury can be steep. The actual costs ultimately depend on the nature of your injuries.

Medical costs may include physician’s fees, hospital bills, costs of diagnostic tests, travel costs, and expenses incurred by surgical procedures. You can also recover damages for physical therapy, special equipment, and any other costs directly related to your injury.

Lost Wages

An injury can leave you bed-ridden for several days, weeks, or even months. This may prevent you from resuming work, resulting in lost wages. You are entitled to damages for the wages lost due to the injury. These include not only the wages you have lost until the date of the claim but also expected future lost wages.

Property Damage

In some personal injury cases, such as car accidents, you may also suffer property damage. In crashes, this incurs the costs of vehicle repairs or replacement. Personal injury laws allow you to recoup compensation for these costs as well.

Other Damages

In addition to the aforementioned types of damages, you can also seek economic damages for:

• Lost earning capacity
• Special household services
• Vocational rehabilitation

What Is the Maximum Amount of Economic Damages?

There is no cap on the maximum amount of economic damages. The actual damages you can claim depend on the amount of material losses caused by the injury. You will need to produce evidence to prove that you have suffered these losses.

Evidence for medical costs may include receipts and bills from the doctor or the hospital. Your last paycheck to substantiate your monthly wages, or bills from the repair shop to show property damage, can also help you prove your claim’s value. 

Let a Lawyer Help Your Accident Claim Succeed

Before you can file a personal injury claim in New Orleans, you need to identify the liable party. If another party’s negligence caused your injuries, your claim will likely be filed with that party’s insurance company. You may also file the claim with your insurer, depending on the terms of your policy.

The attorneys at Manard Law, LLC can help you file the claim, gather the relevant evidence, and negotiate a fair settlement with the insurer. For a free consultation, get in touch with our New Orleans car accident lawyers now by calling 504-585-7777 or complete the following online contact form.