It can be difficult to understand the concept of economic damages, especially if you’ve never had to deal with them before. Simply put, economic damages are the losses you suffer due to an accident or injury. This may include medical expenses, lost wages, and other quantifiable costs associated with the accident.
If you’re injured, it’s important to understand your legal rights and options, including whether you can seek compensation for economic damages. Our California personal injury attorneys talk more about economic damages here.
What Are Economic Damages in California Personal Injury Cases And What Do They Include?
Economic damages are a broad category of damages that may be available to an injured plaintiff in a personal injury lawsuit. Economic damages are intended to compensate the victim for quantifiable economic losses that have arisen due to the defendant’s negligence or wrongful conduct. They are intended to put the victim back in the position they would have been in if the accident had never occurred.
In California, economic damages are defined as “losses that have a monetary value.” This includes things like lost wages, medical bills, and property damage. economic damages are typically easy to calculate because each item has a set monetary value. For example, you can easily calculate how much you’ve lost in wages by looking at your pay stubs.
Similarly, you can calculate how much you’ve spent on medical bills by looking at your receipts. economic damages also include things like the cost of future medical care and the loss of future earning potential. While these items may not have an exact monetary value, they can still be calculated using certain formulas.
How Are Economic Damages Calculated in a Personal Injury Case in California?
Economic damages are intended to compensate an injured victim for economic losses resulting from the accident. To calculate economic damages, victims should keep records of all relevant expenses. This will give their attorney a clear picture of the economic impact of the accident.
Additionally, economic damages are not intended to punish the at-fault party; they are only meant to make the victim whole again. As a result, economic damages are often calculated based on objective factors such as medical bills and lost wages.
Why Are Economic Damages an Important Part of a California Personal Injury Case?
Both economic and non-economic damages are important in personal injury cases because they are intended to make an injured party whole again. While no amount of money can ever truly do that, economic damages can at least compensate you for objective financial injuries. If you have been injured in an accident, contact our office today for a free consultation. Our team of experienced personal injury attorneys will work with you to help ensure that you receive the compensation you deserve for your injuries. Economic damages are an important part of any personal injury case in California, and we will ensure that they are taken into account in your case.