If you have been hurt in an accident in Lima, Ohio, you may be entitled to compensation for your damages. Accident victims are typically entitled to recover two types of damages in personal injury cases. These include economic damages and non-economic damages.
Economic damages are meant to compensate you for the financial losses you suffered because of your accident, while non-economic damages are known as the pain and suffering damages. Understanding what economic damages are and how to prove them will help you get fully compensated for your monetary losses after an accident.
What Are Economic Damages?
Economic damages are the monetary or financial losses that an accident victim suffers after an accident. These damages have a direct and consequential financial impact on the victim. The purpose of economic damages in a personal injury case is to return the victim to the same financial position they were in prior to the accident.
In essence, economic damages are meant to make the victim financially whole again. There are several types of economic damages that are common in personal injury cases.
Medical Expenses
Medical expenses are one of the most common types of economic damages available after an accident. When you receive medical treatment for your injuries, the at-fault party is generally responsible for the cost of that treatment. Some common medical expenses include:
- Emergency treatment
- Ambulance transport
- Surgery
- Follow-up doctor visits
- Physical therapy
- Home health care
- Rehabilitation expenses
- Diagnostic testing, such as X-rays, MRIs, and CT scans
Remember that you are not only entitled to the medical expenses you have already incurred, but you can also recover for any future medical expenses that will be necessary because of your injury.
Lost Wages
Injuries often cause accident victims to miss time from work, and that leads to smaller paychecks. In addition to the time you miss because you are unable to work, you may also be entitled to recover lost wages for time missed due to doctor appointments and other treatments that are necessary.
Similar to medical expenses, you are also entitled to recover for your future lost wages or reduced earnings capacity. Some injury victims might be able to return to work, but they cannot perform the same type of work they did prior to the accident. If they are unable to earn the same amount of money they did before the accident, the at-fault party may be responsible for making up that difference.
Property Damage
Not only do accidents cause physical injuries, but they also cause damage to property. Property damage expenses are common in car accidents, motorcycle accidents, and other types of accidents involving vehicles or personal property.
If your property has been damaged because of someone else’s negligence, you deserve to recoup the money it costs you to repair that property. In some cases, repairs may not be feasible. In those situations, you may be entitled to the cost of replacement of that property.
Out-of-Pocket Expenses
In addition to the expenses already discussed, you may experience additional “one-off” expenses after your accident. You may not think too much about these items, but they can start to add up quickly. Some examples of these types of damages include:
- Over-the-counter medications
- Travel expenses for medical appointments
- Child care expenses
Make sure that you keep detailed records and documentation of these expenses so that you can include them as part of your economic damages after an accident.
How Much Are My Economic Damages Worth?
Proving the value of your economic damages is usually pretty straightforward. However, the insurance company is not going to just hand over a big check. You will need to provide evidence and documentation that proves the value of your losses.
When it comes to medical bills, keep all your receipts and invoices from your healthcare providers. Each time you visit the doctor and get a new receipt, the value of your medical expenses increases.
Proving the value of your lost wages may require even more documentation. You will want to present items like paystubs or other employment records that show how much money you typically make. You should also document the details of all time you missed from work, including the day, number of hours, and the reason. Lost wages can be recovered by salaried employees, hourly workers, and even gig workers, so make sure you take the time to fully document your time away from work.
Property damage is typically proven by repair bills or estimates. Photos of your damaged property can also be included as part of your evidence. Out-of-pocket expenses should be documented with receipts, bank statements, or other documentation that proves their value. You should also document why those expenses were necessary.
How Long Do I Have to File a Lawsuit for Economic Damages?
Ohio has a two-year statute of limitations for most personal injury claims. This includes both injuries to a person as well as property damage. Under this rule, you have two years from the date of your accident to file a lawsuit for damages.
If you fail to bring a lawsuit before the deadline, you could lose your right to recover damages altogether. Let the Law Office of Michael J. Tremoulis help you understand the full value of your economic damages after an accident. We can also help you make sure that your case is filed before the deadline so that you do not lose your right to compensation. Contact us online or call (419) 404-4444 today to schedule your free consultation and learn how we can help you get compensated for your economic damages.
