Getting into an accident can completely turn your life upside down, especially when it comes to finances. Some of the damages you can recover include economic and non-economic damages. Most people assume economic damages are all about lost wages.
However, to obtain maximum compensation for your damages, you must consider everything, including unexpected costs and minor property damages like a broken phone that can easily be overlooked. This is where consulting an attorney comes in handy. A good lawyer can guide you on what to include in your claim.
Keep reading to discover more about what exactly you can recover from lost wages and other types of economic damages you are entitled to.
Lost Wages
As mentioned, one of the most common economic losses accident victims sustain is lost wages. If you had to take time off work to heal from your injuries, you can recover the money you lost, or rather, what you could have earned. Some examples are:
- Your regular hourly pay or salary
- Overtime opportunities you missed
- Bonuses or commissions
- Paid time off you were obligated to take, like sick leave or vacation time
To clearly calculate lost wages and ensure you don’t miss out on any payment, it is important to have the right documentation. Pay stubs, tax returns, and a letter from your employer showing that you were out of work can all be used to support your claim.
Loss of Earning Capacity
Sometimes, an injury impacts your current employment and your future in a similar job. In worse cases, one may never be able to work again. This is referred to as a loss of earning capacity.
For example, if you’re forced to take a job that offers less salary due to your injury or due to your inability to work full-time, you may be able to recover from the loss of your future earnings.
To determine and evaluate this kind of loss requires an expert opinion. Your lawyer will work with an expert witness to approximate the amount of money you would have earned throughout your lifetime in case you were not injured.
Medical Charges
Medical bills can quickly pile up after an accident. Fortunately, you can claim compensation for your current and future anticipated medical charges that include:
- Emergency room visits
- Surgery and hospital stay
- Physical therapy and rehabilitation
- Medicines prescribed by your doctor
- Medical equipment like wheelchairs or braces
If your doctor says you’ll need treatment well into the future, those estimated costs can also be included in your claim.
Property Damage
If your accident damaged your vehicle or personal belongings, those costs are also considered economic damages. This can be car repairs or the value of a totaled vehicle. Things like damaged electronics, clothing, and other personal items can also be included in the claim.
In the case of property damage, ensure you save the receipts, repair estimates, and photos of the damage to substantiate your claim.
Out-of-Pocket Expenses
There are a few little expenses that can catch you by surprise after an accident. They might not seem so much at the time, but they will pile up over time. You may be able to recover money for items like rides to doctor visits, or hiring help for household work.
Even these minor expenses need to be documented. Keep receipts for everything and write down when and why you had to pay for something regarding your injury.
Conclusion
After an accident, every dollar matters. Knowing how much economic damage you can recover can make a big difference in how you fund your recovery. If you were injured in an accident, don’t try to do it yourself when making claims. A personal injury attorney will help you gather the necessary evidence, calculate your total losses, and fight for the compensation you deserve.
