Many people are confused by the types of damages that may be available as financial compensation in a personal injury case. Barber and Associates, LLC, a personal injury attorney firm in Anchorage, is happy to work with you to help you understand the law regarding your particular personal injury accident and the types of monetary damage awards you might receive if you file a personal injury lawsuit against the person or company responsible for your injuries.
Economic vs. Non-Economic Damages
The law recognizes that there are two different types of damages suffered by victims of personal injury accidents: economic and non-economic damages. As the names imply, economic damages are exact amounts that can be calculated to the penny while non-economic damages are harder to quantify.
Economic damages consist of monies actually spent or paid on behalf of the victim. Examples of non-economic damages would be medical bills, costs of transportation, physical therapy and drug costs and the cost of hiring someone to care for the victim as he or she recovers. These damages are relatively easy to calculate as there is a definite cost for them.
However, non-economic damages are more difficult to calculate. Non-economic damages consist of things like pain and suffering, emotional distress, loss of consortium and other relationship losses. Non-economic damages could also include something like the loss of an opportunity for a promotion at work or the loss of benefit from continuing education that is interrupted by an accident.
It is harder, but not impossible, to come up with a fair amount for non-economic damage. However, because most victims have no idea what these types of damages are worth, insurance companies will try to get victims to settle quickly without addressing the issue of non-economic damages. A favorite trick of insurance companies is to add up economic damages and add a small percentage to that amount so that the victim sees what looks like a large figure. In reality, however, that settlement amount is usually not representative of the actual value of the case.
What Should I Do If I Am Injured?
For years, Alaskans have been trusting Barber and Associates, LLC to help them recover money from injuries they sustained in accidents caused by someone else’s negligence. Call Barber and Associates, LLC today for a consultation on your accident and information on how to recover damages for your injuries. You may be entitled to payment for your medical expenses, lost wages, pain and suffering and other expenses related to your accident.