Monetary, or Economic Damages
Monetary or economic damages are a category of compensation in personal injury cases that cover tangible and quantifiable financial losses incurred as a result of an accident or injury. These damages aim to reimburse the injured party for specific financial costs they have suffered or will likely incur due to the incident. Here are common examples of monetary or economic damages:
- Medical Expenses: This includes the costs of medical treatment, such as hospitalization, surgeries, doctor's visits, medications, rehabilitation, and therapy.
- Property Damage: If your vehicle or other property was damaged in the accident, you may be entitled to compensation for repair or replacement costs.
- Lost Wages: If the injury prevented you from working and resulted in lost income, you can seek compensation for the wages you would have earned during that time.
- Loss of Future Earnings: In cases where the injury leads to a long-term or permanent disability that affects your ability to work and earn income in the future, you may be eligible for compensation for these projected losses.
- Home Modifications: If the injury necessitates modifications to your home to accommodate disability, such as wheelchair ramps or bathroom modifications, these costs can be included as economic damages.
- Transportation Costs: Expenses related to transportation for medical appointments, such as ambulance fees or mileage for traveling to and from treatment centers, can be considered economic damages.
- Assistive Devices: Costs for mobility aids, prosthetic limbs, or other assistive devices required due to the injury may be recoverable.
- Funeral and Burial Expenses: In cases of wrongful death, the family of the deceased may seek compensation for funeral and burial costs.
Monetary damages are typically easier to calculate than non-economic damages because they involve concrete financial figures. Receipts, bills, pay stubs, and other documentation can be used to support your claim for economic damages in a personal injury case.
