When someone is injured in an accident or any personal injury case, they have to face lots of struggles like physical injuries, emotional trauma, and also the financial strains caused by the injuries. You can file a personal injury lawsuit and get compensation for all your losses. A fair personal injury settlement should compensate you for all the damages you have suffered due to the incident.
Still, it is important to know the components of a fair settlement. Personal injury settlements are typically divided into two main categories: economic and non-economic losses. Understanding these categories can help you better know what you deserve.
Economic Losses
Economic losses are the measurable financial losses you incur due to the accident. These losses can be quantified easily with documentation or records, bills, etc., making it easy to claim them in a personal injury lawsuit. Some examples of recoverable economic losses are listed below.
1. Medical Expenses
Medical expenses are usually one of the largest parts of a settlement in a personal injury claim. It can compensate for hospital stays, surgeries, medications, and costs of ongoing care.
If your injury requires long-term care, rehabilitation, or treatment, the settlement should also consider future costs. Economic losses related to medical expenses are typically easy to verify through receipts, medical bills, and statements from healthcare providers.
2. Lost Income
When you suffer an injury, especially a severe one, it may prevent you from working, leading to lost income. If your injury causes you to miss work, you can recover compensation for those lost wages. It includes current and future lost income.
Current lost wages cover the income you missed while unable to work, while future lost wages cover the income you may continue to lose if your injury affects your long-term ability to work. You can claim lost wages easily with pay stubs, work records, and testimony from your employer.
3. Property Damage
Property damages are another component of economic loss common in personal injury claims. If you own a vehicle or any personal property like mobile phones and laptops, you can recover the cost of repairing or replacing those items. It is also easily verifiable with receipts.
4. Future Medical Care
Injuries may sometimes require long-term rehabilitation, specialized care, or assistive devices. Whether it is physical therapy, mobility aids, or home modifications, you can include these future medical expenses in your settlement. Medical reports and testimonies from healthcare professionals will be required to show the need for future medical care.
Non-Economic Losses
Non-economic losses are intangible losses that are more difficult to quantify. These losses do not have any monetary value, but still, they are essential in a settlement process. Some examples of recoverable non-economic losses are listed below.
1. Pain and Suffering
Pain and suffering are one of the primary non-economic losses in a personal injury settlement. It refers to chronic physical pain caused by your injuries. It may also lead to anxiety, depression, and post-traumatic stress disorder. Calculating the compensation for pain and suffering can be complex, but it is an important aspect of a fair settlement.
2. Loss of Consortium
Loss of consortium refers to the loss of companionship, intimacy, or support suffered by the spouse or family members of the injured person. If your injury has significantly impacted your relationship or your spouse’s ability to enjoy your company, you are eligible to claim compensation for this loss.
3. Loss of Enjoyment of Life
When a person gets injured in an accident, they may struggle to enjoy activities they usually enjoy. For example, they once enjoyed dancing, but now, due to a knee fracture, they may be unable to dance and enjoy life. If an injury limits you from doing your favorite activities, such as playing sports, traveling, or spending time with loved ones, you can seek compensation for this loss.
Punitive Damages
These damages are not awarded to the victim; rather, the court grants punitive damages to the defendant when their actions are intentional or malicious. The purpose is to punish the defendant and deter similar actions in the future.
Conclusion
The goal of a settlement is to compensate you for the full impact of your injury. Contact an experienced personal injury attorney to handle the complex process and secure a fair settlement that compensates you for your financial and personal losses.
