Bautista LeRoy Blog

816-221-0382

The Difference In Injury Law Between Economic And Non-Economic Damages

Posted by Bautista Leroy | Nov 15, 2019 | 0 Comments

economic and non-economic damages

Injury law recognizes two main categories of damages for personal injuries: economic and other. Each represents different aspects of how individuals may have been hurt due to an accident, so those seeking recompense for personal injuries must understand both types of losses. Economic and non-economic damages are essential components in getting justice from insurers for personal injuries suffered in accidents.

Economic damages are compensation for direct material losses resulting from an accident, often based on medical bills, receipts, and financial documents. They cover emergency room visits, surgeries, hospital stays, rehabilitation costs, prescription medication, physical therapy bills, and ongoing treatments. These damages also include lost wages and long-term or permanent disability, aiming to prevent future financial hardship. Additional economic damages include repairs and replacement expenses for vehicles involved in the accident and out-of-pocket expenses resulting from the harm.

Non-economic damages, or intangible losses, are non-quantifiable losses resulting from injuries beyond financial costs. They cover physical, emotional, and psychological ramifications, including pain and suffering, anxiety, depression, and other psychological problems caused by accident trauma. PTSD may also fall under this category, as extreme cases of emotional trauma that would fall outside financial costs coverage would be covered as non-economic damage compensation claims.

Injury-induced loss of enjoyment of life is a non-economic damage that can limit enjoyment of activities and alter the dynamics between couples or spouses. Compensation may be applicable for those unable to engage in outdoor or athletic activities due to injury. Loss of consortium damages compensate those close to an injured party for losses related to companionship, emotional support, and intimacy. This is particularly relevant if serious trauma changes the dynamics between intimate partners or spouses involved.

Non-economic damages are subjective and cannot be accurately quantified due to their subjective nature. They are calculated using factors such as injury severity, long-term effects, negligence level, and attorney use of the multiplier method. These damages are often estimated using medical bills, pay stubs, or repair estimates. Courts or insurance companies consider these factors when calculating non-economic damages, which can range from 1.5-5 depending on severity.

Some jurisdictions limit the non-economic damages awards that can be given out. When medical malpractice suits involve state laws that limit how much compensation victims can collect for non-economic losses, caps are sometimes put in place to limit excessive awards that might lead to higher insurance premiums or discourage professionals from working in certain fields. Economic damages do not have caps since these are calculated using actual and documented financial losses suffered by victims.

Economic and non-economic damages are two aspects of compensation under personal injury law that provide injured parties with full and fair compensation for both subjective, emotional, and physical effects of injuries as well as direct measurable financial losses that occur as a result. Understanding their differences helps injured parties and their attorneys negotiate an appropriate and complete settlement or court award settlement or award agreement.

For inquiries related to traffic accident laws or injury laws, or to hire an accident attorney, contact the legal professionals of Bautista LeRoy LLC through this number 816-221-0382 or email them at [email protected]. Serving Kansas City, MO and KS as well as surrounding areas of Benton County and St. Louis.

About the Author

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Bautista LeRoy LLC Is Here for You

At Bautista LeRoy, we focus on Elder and Nursing Home Abuse, Defective Products, Trucking and Auto Collisions, Railroad Crossing Litigation, Wrongful Death, Medical Malpractice, and Civil Rights and we are here to listen to you and help you navigate the legal system. Serving Kansas City, MO and KS, Arkansas, Illinois, as well as surrounding areas of Benton County and St. Louis.

Contact Us Today

Bautista LeRoy is committed to answering your questions about Elder and Nursing Home Abuse, Defective Products, Trucking and Auto Collisions, Railroad Crossing Litigation, Wrongful Death, Medical Malpractice, and Civil Rights law issues in Missouri. Serving Kansas City, MO and KS, Arkansas, Illinois, as well as surrounding areas of Benton County and St. Louis.

We offer a Free Consultation and we'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.

Menu