Personal Injury Compensation - How to Get the Compensation You Need
If you're involved in an accident it is normal to be concerned about your financial situation. This is especially true if the injuries you sustained are severe.
Fortunately, there are ways to receive compensation for your injuries. This includes economic and non-economic damages like pain and suffering.
Economic Damages
If you sustain an injury as the result of negligence by another party You are entitled to financial compensation. This compensation is intended to aid you in returning to the lifestyle you had prior to your injury.
There are two types of monetary damages that can be granted in personal injury cases which are economic damages and non-economic damages. The former is meant to compensate you for financial damages resulting from the accident, while the latter is designed to pay for the emotional burdens your injury has caused.
In many instances a judge or jury will award a victim damages to pay for their lost wages, medical expenses and rehabilitative care along with the cost of property damage, like repair and replacement. This category of damages is concrete in that it can be documented through receipts and pay stubs.
A defendant's negligent behavior can cause different economic losses. These losses include :
- Loss in Earning Capacity
A person who is injured may be less able to earn after being injured. They could be forced to take a lower paying job or even be permanently disabled.
Future earning capacity
This is a difficult factor to estimate because it depends on the victim's age, their industry, and trend at the moment of the incident. A person might be young and their career that is on the rise or they may be 58 years old and have a complete retirement plan ahead of them.
- Past Earning Capacity
This is also jurors facing a difficult task, as it requires an in-depth analysis of the victim's previous job and the possibility for future earnings. For instance, a person could be a recent grad with a promising career path in engineering.
In addition, to the loss of wages, the victim could be facing other expenses like medical bills, car repairs, or even out-of pocket expenses for therapy or medication.
In the end, these costs can total a significant amount of money. Add all of these costs to determine what your financial damages could be will allow you to get an equitable settlement.
There are personal injury lawyer edmond that go into determining the exact amount of your financial damage, which is why it's important to consult with an experienced personal injury lawyer who is aware of how these damages are calculated and determined. Your lawyer can provide you with a comprehensive list of all your present and future economic losses, and also solicit the assistance of experts who can assign the value of these damages in the process of making your compensation.