When you have been seriously injured in an accident and are looking into filing a civil lawsuit against the liable party, you will more than likely be taking a closer look at your losses.
You may be aware that you can seek repayment for certain losses that cost you money, as would be the case for medical bills and lost wages, for example; but you might not know that there are other damages, non-economic damages, that can be recovered in Kentucky personal injury claims. Continue reading to learn more about what non-economic damages are and how they are quantified.
Economic damages, or those that directly affect your finances, are more frequently thought of than your non-economic losses. This is partially due to the fact that many injury victims are simply unaware that they can recover compensation for losses that don’t involve money. Some of the most commonly sought after types of non-economic damages in a Kentucky personal injury claim include:
As can be seen, the contrast between nonfinancial losses and economic damages, such as loss of income, healthcare costs, property damage, and damage to your earning capacity, is great. Though non-economic damages are more of a challenge to quantify, theses losses are often far more impactful than economic losses can be, and they should therefore be considered just as carefully.
Economic damages are easier to calculate because they already have a corresponding monetary value. The same cannot be said for non-economic losses. When calculating the value of an injury claim’s nonfinancial losses, there are a couple of different options your attorney can use to get the most out of your claim.
First, they can choose to assign your total non-economic damages a per-diem monetary figure that can then be multiplied by the total number of days you were impacted by the accident you were involved in.
The other way attorneys can determine how much your non-economic damages are worth is to assign them a number, usually one through five, with five being the most severe, and then multiply this number by your total combined economic losses.
Many attorneys will review both figures and go with whichever option is most likely to yield a favorable result in your case. If you have questions about any of the losses that will be sought after in your personal injury case and how much they are worth, you can speak with your attorney.
If you have questions about how much your personal injury claim is worth, or if you would like to know more about how you can get justice for your losses, reach out to a qualified Louisville personal injury lawyer at Wilt & Klausing, PLLC. To schedule your free, no-obligation case review, visit our website or contact us by phone at 502-253-9110.
