Economic vs. Non-Economic Damages
Personal injury lawsuits are complex, but one thing is always certain: victims of negligence deserve the right to seek compensation. This means holding the negligent party responsible for their actions and seeking the financial compensation needed to recover without concern.
What many people don’t recognize, though, is that there are different types of damages that may be recovered as a result of the injuries. In settlement or in trial, a victim may be able to seek both economic and non-economic damages. Here’s what they are and how they differ.
Economic Damages: What They Cover
Economic damages are just what they seem to be: damages that are used to cover anything that has an economic impact on the victim. This means anything that costs the victim money as a result of negligence.
For example, economic damages can be used to cover medical expenses associated with the injury, lost wages from the inability to work, and property damage caused by the other accident. Any loss that has monetary value may be claimed under economic damages.
Non-Economic Damages: What They Cover
The complete opposite of economic damages, when non-economic damages are awarded to a plaintiff, it’s meant to cover the effects of a negligence-related accident that do not have any kind of monetary value.
This means the pain and suffering that the victim experienced, any emotional trauma that may persist, or loss of enjoyment in life. These are all taken into consideration by the court to combine with economic damages to determine the total award to which the plaintiff is entitled.
Depending on the situation and the court overseeing the case, punitive damages are a third type of damage that may be awarded. This is a specific amount ordered by the courts with the sole purpose of punishing the wrongdoer further for their negligence.
Our Kansas City personal injury attorneys at Peterson & Associates, P.C. work hard to help you in your time of need. You can count on us to focus on your best interests at every turn so you can feel peace of mind regarding your personal injury lawsuit.