If you have been injured in an accident, you may be eligible for compensation if you file a personal injury claim. The amount of money you may receive in a settlement will depend on the specifics of your case and the severity of your injuries. Still, the way in which this compensation is calculated is similar across different cases.
The settlement you receive may be determined by assessing the amount of damages you suffered in an accident. There are different types of damages that you may be eligible to receive coverage for in your settlement.
Monetary damages cover expenses directly related to an injury or an accident. You can claim monetary and economic damages in a case if you can provide proof of your actual losses after an accident.
We can help you learn more about monetary damages, as well as other common types of damages. To find the right lawyer for your case, please call Schwartzapfel Lawyers at 1-516-342-2200 or visit us online today!
What Are Monetary and Economic Damages?
Monetary damages are one of the first types of damages that are considered in a personal injury case. Monetary damages, otherwise referred to as economic damages, consist of any expenses you incur after an accident occurs.
Monetary and economic damages can include but are not limited to the following:
- Medical expenses related to your injury after an accident. This includes bills for treatments, procedures, hospital stays, doctor visits, rehabilitation, physical therapy, as well as any assistive devices or medication.
- Lost wages or income if you are unable to work after an accident. While you may not be compensated for your full wages while out of work for treatment, you may receive special damages in the percentage of any income you miss out on if your employer does not keep paying you during the time you are injured as monetary compensation.
- Expenses for repairing or replacing property that was damaged during an accident. If you suffered losses to any property because of an accident, you may be able to receive coverage for those losses.
- Other financial losses related to an accident. Any expenses that are the result of an accident are considered monetary damage and can be claimed when filing a lawsuit or starting a case.
With regard to medical expenses and lost income, you may also be able to receive coverage for future expenses or wages if you remain in treatment for your injuries and cannot return to work right away.
Monetary damages are just what they sound like they are. They are related to money and cover any financial losses after an accident.
How Do You Claim Monetary Damages?
Claiming the monetary damages you are entitled to can help you maximize your personal injury settlement. You can claim monetary damages by providing documentation for financial losses due to an accident.
This includes medical bills, property damage reports, income information, as well as receipts for other expenses. Your lawyer can help you gather evidence to strengthen your case and determine what monetary damages you can claim.
In certain types of personal injury cases, such as car accident cases or workers’ compensation cases, economic damages may be covered by insurance. They would most likely be paid out through the insurance company of the at-fault party or your employer’s workers’ compensation insurance company if you were injured at work or while in the performance of job-related duties.
In some cases, you may also receive monetary damages before you receive a settlement. For example, in some workers’ compensation cases, you may start getting lost income payments as soon as two (2) to three (3) weeksafter your last day of work. You may also receive medical expenses covered while you are in treatment before your case is settled.
Note: Much of this depends on the type of claim you file as well as the details and complexities of your case.
Other Types of Damages in Personal Injury Cases
Monetary and economic damages are not the only type of damages you may receive coverage for in a personal injury settlement. A whole host of factors go into calculating compensation or settlement packages.
The two (2) main types of damages are compensatory and exemplary damages. While economic damages are a part of compensatory damages, other compensatory damages are taken into account.
Compensatory damages, referred to as actual damages, are damage awards granted to claimants in accordance with the losses they suffered as a result of an accident. They are claimed by the afflicted party when starting a personal injury case.
Monetary damages fall under the umbrella of compensatory damages. However, non-economic damages are also considered when compensatory damages are calculated.
Non-economic damages, otherwise referred to as general damages, go beyond financial losses after an accident. They take into consideration how an individual’s injuries and losses impact them.
The following are just a few items that may be categorized as non-economic damages:
- Disability or long-term impairment after an accident, such as physical injury or disfigurement.
- Long-term health problems or pain that interfere with normal tasks or daily life.
- Short-term impairment, such as needing an assistive device until fully healed.
- Mental or emotional distress due to an accident.
- Loss of enjoyment of life, emotional distress, and loss of consortium.
Non-economic damages are calculated based on the extent of the losses an individual suffers in an accident, as well as whether their injuries significantly impact their lives.
For an idea of how much non-economic damages you may be able to claim in your lawsuit, one of our lawyers at Schwartzapfel Lawyers can help. Give us a call at 1-516-342-2200 for more information now!
Exemplary damages, unlike compensatory damages, are not based on a claimant’s losses due to an accident. Instead, they are awarded in accordance with the severity of an accident, namely the actions of the at-fault party.
Moreover, they are not claimed by the injured party but are instead awarded by the court if the actions of the at-fault party are deemed especially harmful or malicious.
Exemplary damages are often referred to as “punitive damages” because they exist to hold an at-fault party accountable for their actions.
While exemplary damages are assessed via the details of a particular case, there are some instances in which they are commonly awarded. To wit, medical malpractice and product liability cases are two (2) types of cases in which exemplary damages are often applied.
While exemplary damages are not as commonly awarded as compensatory damages, an experienced personal injury lawyer can help you determine if they apply to your case.
For more on exemplary damages and situations in which they may be awarded, contact Schwartzapfel Lawyers now at 1-516-342-2200!
There are a few types of damages that don’t qualify as either monetary, compensatory, or exemplary. For example, nominal damages are damages awarded to the injured party in instances where the court recognizes that there was a wrongdoer but that the damages caused were minimal. In the event of nominal damages, a very small monetary award might be given symbolically (e.g., $1).
Consequential damages, then, are damages that occur indirectly from an accident. For instance, damages that occur naturally as a result of a loss or injury may qualify as consequential damages.
How Much Will My Personal Injury Settlement Be?
When filing a personal injury claim, most people would like to know how much compensation they can expect to receive. As every case is unique in itself, however, there is no set amount that can be guaranteed before a settlement is finalized.
That said, it’s generally true that the more severe an accident is, the more compensation an individual can expect to receive.
Note, too, that monetary damages can increase depending on the medical expenses and other financial losses an individual has after an accident. If an individual is left physically and/or mentally impaired because of an accident, they may be able to recover more in non-economic damages than someone who did not suffer such debilitating injuries.
Then, with regard to exemplary damages, you should remember that it is up to the court to decide if an at-fault party’s actions were sufficiently malicious or harmful to award you with extra compensation.
Understanding the different types of damage can help you get a better idea of what may apply to your case, and what you may be eligible to receive coverage for as the injured party.
The best way to determine what to expect from a settlement or compensation package is by going over your case with a skilled law firm.
At Schwartzapfel Lawyers, our knowledgeable attorneys have 150+ years of combined experience in successfully handling personal injury cases. With this, we can help you maximize your settlement amount and fight for your rights. To find the right lawyer for you and your case, give us a call today at 1-516-342-2200!
DISCLAIMER: Nothing on this page should be considered legal advice. You should seek the appropriate counsel your situation requires. For more information, call 1-516-342-2200 now!