Economic vs. Non-Economic losses in a car accident lawsuit

Many people across the country drive a car on a daily basis to get to school, work, or complete errands and other tasks. In general, driving a car is a safe activity but accidents do happen from time to time. If you are involved in an accident that was due to the mistake or negligence of another person, you should be entitled to compensation to cover your losses. While many of these situations are covered through a quick settlement, others will require you to file a lawsuit. Recoverable losses in a car accident lawsuit can include both economic and non-economic losses.

Economic Losses

Overall, economic losses are considered losses you incur that are easily identifiable and can be quickly calculated. There are several examples of economic losses that can be recoverable through a car accident lawsuit.

Vehicle Damage

The most common economic loss that will be included in any car accident lawsuit is vehicle damages. Even a seemingly minor accident can cause a lot of damage to the body and major mechanicals of your vehicle. In some cases, a bad accident can even result in the vehicle being irreparable. If your vehicle is damaged due to the accident, the at-fault party should be responsible for covering these costs and they should be included in your car accident lawsuit.

Medical and Therapy Bills

One of the scariest parts of being in a car accident is the chance of being injured. If you are hurt during any type of accident, you should receive medical attention as soon as you can. Unfortunately, medical attention and care can come with steep medical bills. If you are seriously injured, you may also need a procedure, extended care, or therapy, all of which come with additional costs. Your car accident lawsuit should always include these economic costs as you should be entitled to reimbursement.

Lost Wages

Following a bad accident, you may not have the ability to work for a period of time. This could be due to your physical injury, mental stress, or simply not having a way to get to your job. If you have lost earnings because of this, you should include your lost wages as part of your economic losses.

Additional Costs Incurred

If you have been involved in an auto accident, there are other miscellaneous costs that you can incur. As you will likely be without a vehicle for a period of time, this can include the costs of renting a car, taking cabs, or using public transportation. Any additional costs that you incur as a result of the accident are recoverable economic losses.

Non-Economic Losses

While car accident lawsuits almost always include economic losses, you may also be entitled to non-economic losses, which can be more difficult to value. There are several examples of non-economic losses that can be picked up in a lawsuit.

Pain and Suffering

If you are involved in a car accident and are injured, you could be left with pain and discomfort that can last for a long time. Even after receiving care, people can continue to feel back, knee, neck, or other body pains that can last for a very long time. When filing any type of lawsuit, you will need to detail your pain and suffering. A fair amount of reimbursement for this can typically be settled between various parties.

Mental Anguish and Quality of Life Impact

While physical pain and suffering are difficult to manage, mental anguish and impact on your quality of life are also challenging and are a recoverable non-economic loss. Examples of mental anguish can include stress, depression, anxiety, and fear to drive a vehicle again. Your quality of life can be impacted by mental anguish, loss of mobility, physical disfigurement, or a variety of other challenges that can have a major impact on your life. Due to this, it is always fair to pursue reimbursement for these non-economic damages.

If you are involved in any type of auto accident and incur damages, it is important that you receive the reimbursement and support that you need. To ensure you receive fair reimbursement for both economic and non-economic losses, you should hire a Buffalo car accident lawyer, such as the team with Feroleto Law. These attorneys can provide you with a variety of services to ensure you are properly represented. This can include a consultation on your case, negotiations and deliberations with other parties, and even preparation and presentations of your case if they need to go to court. Ultimately, this will help ensure you receive a fair settlement and reimbursement for the losses which you incur.