When it comes to personal injury claims, one of the most crucial aspects that victims need to understand is the differentiation between economic and non-economic damages. Both types of personal injury damages are recoverable and play a significant role in the compensation you may receive. However, they cover distinct aspects of your injury and losses. This blog aims to guide you through the intricacies of economic and non-economic damages in the realm of personal injury claims, helping you gain a clearer understanding of what each type encompasses and how they could affect your claim.
Personal Injury Claim Damages
What are Economic Damages?
Economic damages (also known as compensatory or special damages) refer to the monetary losses you have suffered due to your injury or illness. These types of damages take into account tangible costs such as medical bills, lost wages from missed work, and even future income loss in cases where the victim has become permanently disabled and unable to continue their career. In essence, economic damages are designed to restore you financially to the same position you would have been in had your injury or illness not occurred.
What are Non-Economic Damages?
Non-economic damages (also known as non-compensatory or general damages) refer to the intangible losses that you have experienced due to your injury or illness, such as pain and suffering, emotional distress, loss of companionship, and decreased quality of life. It can be difficult to calculate the exact compensation needed for these losses as they are more subjective in nature; however, non-economic damages are designed to provide you with a sense of justice and recognition for your pain and suffering.
How Do Economic and Non-Economic Damages Relate to Personal Injury Claims?
In personal injury cases, economic and non-economic damages are important in determining the value of a claim. Indeed, non-economic damages are even more important. While economic damages provide victims with financial compensation for their losses, non-economic damages serve to recognize the pain and suffering they have endured as a result of their injury or illness.
Additional Types of Damages in a Personal Injury Case
In addition to general and special damages, there are other types of damages that may be awarded in a personal injury claim. These include punitive damages that are meant to punish the at-fault party for their reckless behavior. It is important to note that this type of damages are more difficult to obtain and may require a higher burden of proof than economic or non-economic damages.
Should Personal Injury Claimants Know These Terms?
The key to navigating damages in personal injury claims is understanding the differences between them, as well as the impact they could have on your claim. By familiarizing yourself with these terms, you will be better prepared to evaluate your case and seek the compensation you deserve for your losses. Even if you feel confident about understanding the distinctions between such damages, it is still highly recommended that you seek legal advice from a qualified personal injury litigator. An experienced lawyer can provide invaluable guidance on how best to proceed with your claim and maximize the chances of a successful outcome.
In conclusion, economic and non-economic damages are two distinct components of personal injury claims that must be considered when calculating compensation. Victims need to understand the differences between these two types of damages and how they could affect their claims. Additionally, seeking legal advice from an experienced personal injury attorney is highly recommended for anyone who is considering filing a personal injury claim. Doing so can ensure that your rights are fully protected and that you achieve the best possible outcome for your case.
Are you ready to take the next step toward collecting compensation for your personal injury damages and losses? Contact the Law Office of Craven, Hoover, and Blazek P.C. at 317-881-2700 to schedule a free case evaluation with a seasoned personal injury attorney in Indianapolis. We represent victims all throughout the state of Indiana, including Indiana residents injured in other states and residents of other states injured in Indiana.