Economic Damages

Did someone cause you to be injured in an accident or other incident in Hermosa Beach, CA? If so, you could receive compensation for your injuries and losses. A significant portion of your personal injury settlement will likely consist of your economic damages. 

The court cannot undo the injury that you sustained or the pain and suffering it caused. However, the courts can hold the party who caused your injury liable for damages. Damages are the remedy the court provides for civil claims.

Economic damages represent the expenses, costs, and financial losses associated with your accident, injury, and recovery. They also may include future damages if you sustained a disabling condition or permanent impairment. Examples of economic damages in a personal injury case include, but are not limited to:

Medical Bills and Expenses

Medical Bills and Expenses

Medical treatment and care is expensive. The severity and type of your injuries can impact how much it costs to receive treatment. 

Examples of medical bills included in an economic damage claim include:

Your health insurance may pay a portion of your medical bills after an accident. It is important to tell your personal injury attorney if you have health insurance. The insurance company may be entitled to reimbursement of any bills they paid from your personal injury settlement or trial award.

Out-of-Pocket Costs

Some costs and expenses are not medical bills, but they are necessary to treat your injuries or meet your needs during your recovery. 

Examples of out-of-pocket costs include:

Out-of-pocket expenses can add up very quickly. However, many people forget to track and document these costs. Keep a written list of your out-of-pocket expenses with receipts and other evidence that you paid the expense. 

Lost Wages and Benefits 

You may be out of work for an extended time while you recover from a personal injury or accident. Economic damages include your loss of income and benefits. 

Loss of income includes:

You may also receive compensation for the benefits you lost while you were out of work. For example, you may have used sick/personal time while recovering. You might have lost matching retirement funds from your employer. Our legal team works with you to track loss of income to ensure we include all amounts in a settlement demand.

Future Economic Damages 

Some injuries result in a lifelong impairment or disabling condition, which can result in ongoing expenses and losses. You could be entitled to compensation for these damages. 

Examples of future damages could include:

Calculating the value of future damages can be challenging. It requires estimating expenses and losses for the rest of your life. 

Factors that impact the value of future damages include, but are not limited to:

Our legal team works with medical specialists, economists, financial professionals, vocational specialists, and other experts to determine the value of future economic damages to maximize the value of these damages. 

What Is the Deadline for Filing a Claim for Economic Damages in California?

Economic damages are included in your personal injury claim. California has a two-year statute of limitations for most personal injury cases. Therefore, lawsuits filed after the deadline can be dismissed by the court without considering whether you have a valid claim. 

However, exceptions to the statute of limitations and the facts of your case could change the deadline for filing claims. We strongly recommend meeting with a personal injury lawyer as soon as possible to discuss your case. Waiting to seek legal advice could result in losing your legal right to pursue a court case. 

Learn More During a Free Consultation With Our Hermosa Beach Personal Injury Lawyers

Recovering from an accident or injury can be challenging. Dealing with an insurance claim can add to the stress. Our Hermosa Beach personal injury attorneys at The Simon Law Group can help. Contact us today to schedule a free case evaluation to learn more about economic damages in your personal injury claim at (424) 722-3209.