A car collision can lead to serious financial strain for victims who have suffered serious injuries. Many people are not aware that they could seek compensation for their medical bills and other financial losses.
Two types of compensation are commonly recovered when victims win an auto accident claim. These types of compensation include both economic and non-economic damages. Here is what you should know about each:
Economic damages
Economic damages include any tangible cost caused by an auto accident. Some examples of economic damages include the following:
- Medical bills: Many victims have to stay in a hospital or healthcare facility after an auto accident. They may only be able to recover from their injuries after receiving medication or undergoing surgery or rehabilitation. Even so, victims may require the use of medical equipment and long-term care for the rest of their lives.
- Property damages: Many auto accidents cause severe damage to vehicles. A victim may require a new or rental vehicle.
- Lost wages: A victim may have suffered lost wages or job loss after an auto accident because of injuries they received.
- Funeral expenses: If a person suffered a wrongful death in an accident, survivors may seek damages for burial or cremation and other types of expenses.
Bills, debts and payments made after an auto accident are all typically considered economic damages.
Non-economic damages
Non-economic damages are intangible losses caused by an auto accident. It is not easy to quantify the cost of intangible losses, such as disfigurement, loss of companionship and long-term suffering. The amount of compensation may be awarded based on state laws.
Legal guidance can help car collision victims prepare evidence of financial loss in preparation for an auto accident case. Understanding how a claim is valued is easier when you have professional guidance.
