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What Are Economic Damages?

What Are Economic Damages?

Seeking out the funds you need after an injury can be tough. You’re hurt, and your damages are based on the suffering you experienced. But what counts toward your economic damages, and how do you know what they’re worth? 

If you’re struggling to calculate these damages, reach out to the Oklahoma City injury lawyers at AMA Law to handle the details for you. We have the resources you need to get the funds you’re due. 

How Are Economic Damages Calculated?

To recover compensation for your economic losses, you may need to seek a personal injury settlement or a lawsuit. Settlements outside of court are common, but if the insurance company refuses to provide a settlement that fully compensates you for your losses, you must file a lawsuit. Consult with an attorney to determine which legal path is best for you.

Your economic damages are based on the current and future costs of your injury. For example, your car may have been totaled in an Oklahoma City car crash. Your lawyer can help you calculate the costs to replace your car, among other expenses. 

Economic Damages Now and in the Future

Direct economic losses include bills and receipts for expenses incurred shortly after the accident. In the weeks and months following the accident, you may have incurred healthcare costs, lost work hours, and property repairs. Even if you don’t know how much the losses are currently worth, they are still current financial losses.

But other financial setbacks can occur in the future. A traumatic brain injury, for example, can change the trajectory of your career. You may be on the hook for medical bills for the rest of your life. As a result, when calculating the amount of your claim, you must account for potential losses.

Determining the Value of Your Economic Damages 

If you’ve been in an accident, your lawyer can conduct an unbiased investigation to determine how much compensation you’re due. If you are unable to work due to a personal injury, you may be out of work for months or even years. It is also possible that you will not be able to continue working indefinitely.

If you have to change jobs or decline a promotion, your income may suffer. You may need the help of an employment legal expert to determine the exact amount of this financial loss. In such cases, the insurance company may begin negotiating compensation right away. Typically, the initial settlement offer is insufficient to compensate you for all of your losses.

Speak with a Lawyer about Your Damages 

Even if you’ve determined what your economic damages are worth, you may be due other damages. If you’re not sure what your claim is worth, you may need help calculating your economic, non-economic, and punitive damages. 

If you or a loved one has suffered after an Oklahoma City accident, you should not be afraid to seek legal help. The lawyers at AMA Law can assist you with every aspect of your case, from calculating your damages to representing you in court. To take advantage of our free consultations on the subject, call 405-708-7789 or complete the following online contact form.