Economic Damages

If you were injured in an accident in Utica, NY, due to another person’s negligence, you could be entitled to financial compensation, including economic damages. A personal injury lawyer can help you pursue a personal injury claim to address losses caused by your accident. 

Economic damages are the financial costs connected to an accident. Medical bills, lost wages due to missed work, property damage, out-of-pocket expenses, and other losses can be included in a personal injury claim. These costs are distinct from non-economic damages such as pain and suffering. 

What Are Damages in a Personal Injury Case? 

Damages are a legally recognized way to compensate accident victims who are harmed by another person’s negligence. 

Damages in a personal injury claim address three main concerns: 

• Bodily injuries: After an accident, victims can experience injuries ranging from minor to catastrophic. Typically, this leads to medical treatment, follow-up care, and unexpected medical bills. Injured victims might face surgery, physical therapy, ongoing rehabilitation, prescription costs, and other damages connected to their bodily injuries. 
• Mental and emotional injuries: Emotional trauma usually goes hand in hand with physical injuries. As a victim copes and recovers from a serious accident, they can face mental anguish, depression, anxiety, post-traumatic stress disorder, and other psychological damages. These types of trauma can be addressed as non-economic damages in a personal injury claim. 
• Financial injuries: An unexpected accident usually has financial consequences for those hurt. After a car accident, for example, the victim will have vehicle damage on top of their physical and emotional injuries. Other accidents can result in property damages, missed work, medical costs, and other pocketbook consequences. 

Damages typically fall into two categories: economic and non-economic. The rest of this article will cover economic damages. 

What Are Economic Damages? 

Economic damages in New York are specific, tangible costs that directly affect the injured victim. 

Economic damages often include: 

• Medical expenses: Costs associated with medical treatment, follow-up medical care, prescription costs, rehabilitation costs, home medical equipment, and other necessary medical expenses can be included as economic damages. 
• Out-of-pocket expenses: Injured victims frequently must travel to and from appointments, sometimes paying for food and lodging as they travel to see providers. These costs can be reimbursed as part of a personal injury claim if you can itemize what was spent related to your recovery. 
• Property damage: Damage to a vehicle or other property is often covered as economic damages if connected to the negligent party’s actions. 
• Lost wages: After an accident, it is common to miss work due to unexpected injuries and recovery. Missed work can range from days to weeks, if not longer. 
• Reduced earning capacity: In addition to missed time at work, an accident can have long-term effects on your future earnings. If an accident causes long-term or permanent injuries that prevent you from continuing in your career, diminished future earnings can also be included as economic damages. 

Accident victims should not have to bear these costs alone when someone else’s negligence causes their losses. A New York personal injury attorney can help you calculate the economic damages associated with your accident and recover financially for your losses. 

Calculating Economic Damages in New York 

Whether your personal injury case stems from a vehicle accident, slip and fall accident, construction accident, or other incident, you must prove economic damages as part of an insurance claim or lawsuit. 

To maximize your potential compensation for economic damages, you should: 

• Keep copies of invoices and bills you receive from doctors, therapists, pharmacies, and other healthcare providers. 
• Keep track of your pay stubs and missed time at work. If you are self-employed or a business owner, keep detailed records of any lost income or missed work opportunities due to the accident. Save doctor’s letters if you are medically limited from working in any way. Your tax records can also show your loss of earnings compared to previous years if an accident keeps you from working for an extended period. 
• Keep copies of repair estimates and bills if your vehicle or any other property was damaged in an accident. 

An experienced New York personal injury lawyer can advise you on steps you should take to show a clear record of your economic damages. Using these records as evidence, your lawyer can fight against insurance companies and defense attorneys seeking to minimize your financial claims. 

What Is the Deadline to File a Claim for Economic Damages in a New York Personal Injury Case? 

The New York statute of limitations for most personal injury claims is typically three years from the date of an accident. 

Missing this deadline could cause you to permanently lose your chance to recover economic damages. Your New York personal injury attorney will work with you to ensure no deadlines are missed and your claim is as strong as possible. 

Contact a Utica Personal Injury Lawyer for a Free Consultation 

If you were injured in an accident in Utica, NY, you can pursue economic damages from the negligent party that caused the accident. The experienced Utica personal injury attorneys at Passalacqua & Associates, LLC, are here to help you start your claim. 

If you have questions about economic damages, we can help. Contact our legal team today at (315) 500-6425 to schedule your free consultation.