What Are Economic Damages?

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What Are Economic Damages?

The trauma of a serious injury can take its toll in more ways than one. If you are thinking about filing a personal injury claim against the person or persons who are responsible for what’s happened to you, you’ll want to be sure that your effort is going to be worthwhile. 

One of the best ways your Atlanta personal injury lawyer can help you make that decision is by helping you understand how much you could be awarded if you win. In order to figure out what your claim is worth, your lawyer needs to know all of the ways your life has been affected by your injuries. 

Quantifying your economic damages is likely the best place to start the process of calculating the value of your personal injury claim. You can learn more about what economic damages are and the other ways you could be compensated if you win your case.

The Financial Impact of Your Injury or Accident

More often than not, money troubles become the biggest issue for any injury victim. This is because the majority of people live paycheck to paycheck. When they suffer traumatic injuries, they don’t have the savings to cover all of the various expenses that now fall on them, such as medical expenses, costs of property damage, unexpected household costs, and more. 

These can quickly consume their lives and for people who have been seriously injured, this is too much to bear. Thankfully they can be recouped if you win your injury claim.

These financial losses are also known as economic damages and are some of the first to be taken into consideration when calculating the value of your claim. This is in part because these losses are easily quantifiable. The same cannot be said for non-economic damages. 

Other Ways Your Life Has Been Affected 

Non-economic damages consist of every way your life has been affected by your injuries that does not have anything to do with money. Some of these could include:

  • Damaged relationships 
  • Loss of society and support
  • Pain and suffering
  • Scarring 
  • Disfigurement
  • Inconvenience
  • Diminished quality of life
  • Loss of household services
  • Reputational damage

Although these do not have a set monetary value on their own, your lawyer may use your economic damages to determine what your non-economic damages should be valued at, based on how long it took you to recuperate and get back to life somewhat normally. 

Contact a Personal Injury Lawyer

To learn more about how much you could be awarded if you make the decision to move forward with your civil claim, schedule a free case evaluation with a respected personal injury lawyer at Monge & Associates. 

Call our office at 800-421-0174 or fill out the online contact form we have included at the bottom of this page when you are ready to pursue the compensation and justice you deserve. 

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