One of the most significant issues with accidents is not just the physical recovery but how you will pay for the expenses you incur in dealing with the aftermath. You can file a claim to collect financial compensation for your damages. And you can collect damages either by negotiating a settlement directly with the insurance company or in court. Most importantly, you need to consider several types of damages in your calculations.
Our law firm has experienced lawyers who can help you assess your damages and get you the best settlement possible. We will not hesitate to negotiate with tough insurance companies, and we will take your claim to trial if necessary. For a free consultation, call us today at 877-746-4275.
A Lawyer Can Help You Classify Your Damages
When it comes to damages you can collect compensation for, there are two main types: economic and non-economic. Talking with a lawyer is a good idea to determine which damages apply to your case. You definitely don’t want to miss out on damages you otherwise could have claimed, else you risk eating the costs associated with those damages.
Economic Damages
Types of economic damages include:
- Lost wages or reduced earning capacity
- Vehicle repairs or replacements
- Damages to personal property
- Hospital or emergency room visits
- Medical equipment, prescriptions, or other costs associated with your care
What Goes into Calculating Damages?
When it comes to assessing your settlement’s value, we need to calculate your economic and non-economic damages.
Economic Damages
These damages consist of:
- Lost wages or reduced earning capacity
- Property damages, vehicle repairs or replacement, etc.
- Medical expenses, assisted living expenses, medications, etc.
These damages are calculated based on your financial documents, such as bills, receipts, and invoices. Economic damages have a fixed monetary value and rarely fluctuate in price. These damages are the easiest to prove and to calculate.
Non-Economic Damages
Non-economic damages are trickier to calculate because they lack a fixed monetary value. Instead, you need to evaluate their impact on your life and decide on a fair amount in context. Non-economic damages can include:
- Loss of enjoyment of life
- Loss of consortium
- Pain and suffering
- Mental anguish
Since these damages are hard to quantify, it is best to seek a lawyer’s assistance. We can identify all of your non-economic damages and put a fair value on them to get you properly compensated. Non-economic damages are just as important as economic damages, and we will not neglect to factor them into your settlement amount.
You May Also Be Entitled to Punitive Damages
Many states allow for the plaintiff to be awarded punitive damages after an accident. According to Cornell Law School, punitive damages act as a form of punishment if the defendant’s actions in causing the accident were particularly egregious. These actions can include:
- Driving with the intent to cause an accident
- Extreme negligence
- Acting with malice
If the court finds the defendant’s actions fit the above circumstances, they will have to pay a fine, which is included in the award you receive. Each state’s rules on punitive damages are different. Some states will take a partial reward, while others will not. Some states have caps on punitive damages, others don’t.
Our lawyers can help you figure out if your case qualifies for punitive damages and can inform you of both state and local laws and how they apply to your case.
The Statute of Limitations on Collecting Compensation for Your Damages
States like Georgia mandate two years to file a claim, while others like Maine allow you up to 6 years, depending on the type of injury and accident.
While you should not rush blindly into pursuing compensation, you should not wait too long either. Enlisting the help of a lawyer to guide you through the process should speed up the time it takes to receive your settlement. We can also ensure you do not get bullied by the insurance company into accepting a lower settlement than you deserve.
Contact Our Accident Lawyers Today for a Free Consultation
While you can choose to file and negotiate for a claim on your own, it is best to retain an attorney to help you. Without legal representation, you could end up losing more than you would ultimately pay for an attorney. For a free consultation, call us today at 877-746-4275 at no risk or obligation to you.
