After an accident, you are likely to suffer many types of damages stemming from the accident. Some of those losses will be financial in nature, while others are a result of your physical or emotional pain and suffering.
Economic damages are the financial or monetary losses that you suffer because of someone else’s negligence, carelessness, or intentional conduct. When someone else causes these losses, you can recover compensation from the at-fault party to reimburse you for your losses.
Common Types of Economic Damages
There are several different types of economic damages that may be available after an accident. The specific damages available in your personal injury claim will depend on the specifics of your circumstances.
Common types of economic damages include:
Medical Expenses
If you are hurt in an accident, you can quickly accumulate thousands of dollars in medical bills. Your economic damages would include all reasonable and necessary medical expenses resulting from the treatment of your injuries.
Some examples are:
- Ambulance transport
- Emergency treatment
- Diagnostic testing, such as X-rays or CT scans
- Surgery
- Follow-up doctor visits
- Prescription medications
- Physical therapy
- Rehabilitation
- Home health care expenses
You should also know that you can seek compensation for your future medical bills as well.
Property Damage
In addition to physical injuries, you might also sustain damage to your property after an accident. This is especially common in car accidents. More than likely, your vehicle will sustain damage that needs to be repaired.
Insurance companies usually attempt to settle property damage claims much faster than personal injury claims. However, always be careful when settling a property damage claim. You could be signing away your right to pursue additional compensation as part of an injury claim.
Lost Income
Many victims who are hurt in an accident are unable to work for some period of time because of their injuries. As part of your economic damages, you may seek compensation for your lost income.
Some common examples include:
- Lost wages
- Lost benefits
- Bonuses and overtime pay
- Self-employment income
Additionally, you can seek compensation for any future reduced earning capacity. Imagine you perform manual labor and earn $150,000 per year. However, your injuries prevent you from doing that type of work anymore, so you are forced to move to a desk job that only pays $75,000 per year. You may be able to recover the difference in your lifetime earnings had you not suffered those injuries versus your expected earnings after your accident.
Out-of-Pocket Expenses
Out-of-pocket expenses are overlooked by many injury victims when filing a claim, but they can really add up after an accident.
This can include a number of different types of things, such as:
- Reasonable travel expenses for medical treatments
- Childcare expenses, if your injury prevents you from taking care of your child
- Expenses for household services that you are unable to perform, such as cleaning or lawn care
- Bandages or other medical supplies
- Medical equipment
- Over-the-counter medication
Insurance companies will be quick to dispute these expenses. They may argue that many of your out-of-pocket expenses were not necessary. It is important that you keep detailed records and receipts to prove the value of these losses. Keeping a journal or logbook of these expenses can also be beneficial later during the claims process.
Is There a Cap on Economic Damages in Texas?
Generally, no, there is no cap on economic damages in Texas. This allows you to recover the full amount of your financial losses after an accident. However, from a practical perspective, insurance policy limits may play a role in how much compensation you are able to recover. Although you may be legally entitled to recover more than the limits of the insurance policy involved in the claim, getting additional compensation beyond those limits may be challenging.
How Long Do I Have to File a Personal Injury Lawsuit in Texas?
Texas law allows most accident victims two years from the date of their accident to file a lawsuit for damages. Failure to file your lawsuit before the deadline may completely bar you from recovering any compensation for your losses.
However, there are certain circumstances that may change the deadline. This is why it is important to seek help from an experienced personal injury lawyer as soon after your accident as possible. The team at Trial Tribe Injury Lawyers can help you determine the deadline to file your case so that you do not miss your chance to obtain a financial recovery.
Contact Trial Tribe Injury Lawyers for a Free Consultation With a Fort Worth Personal Injury Lawyer
If you have been hurt in an accident, navigating the legal complexities of the claims process on your own can be difficult and confusing. At Trial Tribe Injury Lawyers, we can help you through every detail of your claim. Our experienced team can help gather evidence to prove your case and identify all the damages that may be available. Contact us today at (817) 400-5000 to schedule a free consultation with a Fort Worth personal injury attorney.