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Personal injury lawsuits come with a lot of potential for financial compensation. Depending on whether the personal injury case is handled via a settlement or goes to trial, the injured party may be awarded economic damages.
What Are Economic Damages?
Economic damages are intended to reimburse the injured party for quantifiable financial losses that resulted from the accident or injury. They are also meant to compensate the plaintiff for any future financial losses that can be reasonably attributed to the accident or injury. Economic damages can include:
- Medical expenses related to the accident or injury
- Lost wages and income as a result of the accident or injury
- Future lost wages and income as a result of the accident or injury
- Property damage caused by the accident or injury
- Costs associated with rehabilitative care related to the accident or injury
Calculating Economic Damages
When calculating economic damages, it is essential to compile a thorough and accurate record of all financial losses that have been incurred as a result of the accident or injury. This includes medical expenses, lost wages, and property damage.
Financial claims specialists will estimate future lost wages by looking at past income and factoring in inflation rates. It may be necessary to hire a third-party financial expert to help calculate economic damages in some cases.
If you go to trial, the jury will ultimately decide on the amount of economic damages to award. However, if you settle out of court, you and the defendant’s insurance company will negotiate a fair settlement amount for economic damages.
If you are having trouble figuring out if you are entitled to economic damages, your best option is to get help from personal injury lawyers here. Personal injury lawyers are experts at navigating the often complicated logistics of economic damages in personal injury claims and will be your best chance of getting fair compensation for quantifiable financial losses.
Receiving Financial Compensation
Once the economic damages have been calculated, the next step is to seek financial compensation from the responsible party. If the case settles out of court, the plaintiff’s lawyer will negotiate with the insurance company on behalf of their client to try and reach a fair settlement.
If the case goes to trial, it will be up to the jury to decide how much financial compensation the plaintiff should receive. This can be a complicated process, and it is important to have an experienced personal injury lawyer by your side to help you through it.
It is important to remember that most personal injury lawsuits have a statute of limitations, which means that you have a limited time to file a lawsuit and receive any potential economic damage compensation.
A Complex Process That is Worth the Hassle
Filing a personal injury lawsuit can be a complex process, but it is often worth the hassle. Economic damages can provide much-needed financial relief for the injured party and can help to cover some of the costs associated with the accident or injury.
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