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Economic vs. Non-Economic Damages

  • If you’re considering hiring a personal injury lawyer, then you probably know about the benefit of filing a personal injury claim against the responsible parties in your accident in order to recover a settlement. 

    But do you know exactly what the various components of a personal injury settlement represent? 

    Read on to learn more about economic versus non-economic damages—and don’t forget to contact a Dallas personal injury lawyer for help with your claim. 

    Economic Damages: The Basics

    In a personal injury settlement or lawsuit, the two main types of damages that you can receive to compensate you are economic and non-economic. 

    Economic damages are the main portion of your claim and represent specific losses you suffered as the result of a personal injury. 

    For example, one of the most significant economic damages after an injury are your medical bills. Any sort of medical- or treatment-related expense could be reimbursed to you in a lawsuit. Examples include:

    • Doctors copays
    • Emergency room bills
    • Ambulance fees
    • Therapy bills
    • Rx costs
    • And many others

    The other main economic damage is related to your income. All the time you miss out on working and collecting a paycheck could be compensated, as well as your lost future income if your injuries lead to a reduction in earning potential. There are other economic damages you can be awarded, as well.

    Non-Economic Damages in a Personal Injury Settlement

    Non-economic damages are also sometimes called emotional damages. That’s because they usually focus on compensating you for the less-tangible damages you can suffer as the result of an accident. 

    Some examples of these include:

    • Emotional trauma 
    • Loss of enjoyment of life
    • Reduction in quality of life
    • Pain and suffering 
    • Loss of spousal consortium 

    If you’ve been injured in an accident, an experienced attorney can help you recover the maximum amount available to you in a personal injury claim. 

    Negotiating a Fair Settlement with the Insurance Company

    In a personal injury claim, it’s not always necessary to go to court to receive compensation. 

    In fact, it’s often possible for the plaintiff and the at-fault party to strike a settlement deal outside of court that compensates you for your economic and non-economic damages. 

    However, receiving a fair settlement is often harder than it ought to be. This is because settlements are paid out by the insurance company representing the at-fault party, and it’s common for the insurance adjusters to devalue your personal injury damages in order to save their employers money. 

    However, it doesn’t have to be this way. With the help of an experienced personal injury lawyer who can negotiate on your behalf, you could increase the size of your potential settlement offer and ensure that you’re receiving fair compensation for all of the damages you’ve suffered in your accident. 

    Injured? Get a Lawyer on Your Side

    The personal injury lawyers at Chris Lewis & Associates P.C. are here to help. 

    Why not schedule a free consultation? Call us at 214-984-3113 or fill out the form on our website to learn more.