Filing a personal injury claim is often the next step after an accident caused by another party’s negligence. However, before you can do so, learning the types of compensation you may recover can be helpful. This knowledge could assist you in planning your finances and exploring possible legal strategies to get the payout you deserve.
Economic damages
Economic damages are tangible financial losses, such as medical bills, lost wages and lost earning capacity. Depending on the severity of your injury, you may also seek compensation for ongoing or future medical costs.
The key characteristic of this type of damage is its quantifiability. You can recover financial compensation by providing detailed records, such as medical receipts, pay stubs or estimated invoices.
Non-economic damages
Beyond financial losses, an accident can also lead you to suffer from non-economic damages, such as emotional distress, loss of enjoyment of life, inconvenience and chronic pain. Although these losses are subjective, the suffering they bring can negatively affect your quality of life.
Calculating the value of non-economic damages can be challenging. Insurance companies often use the multiplier method and the per diem approach to quantify the value of these losses.
Punitive damages
Punitive damages are different from economic and non-economic damages. Instead of acting as compensation for the victim, these are intended to punish the at-fault party and prevent others from engaging in similar adverse actions.
In Virginia, courts can only award punitive damages when specific circumstances are present. For instance, victims of a drunk driving accidents may receive punitive damages given that offenders meets the following criterion:
- Defendant has a blood alcohol content of 0.15% or higher.
- Defendant believes they have an impaired driving ability when they started drinking.
- The defendant’s intoxication is a proximate cause of the victim’s injury or death.
Statutes have set a cap on the amount of punitive damages that can be awarded. Currently, it is only up to $350,000.
Preparing to file a claim
The type of damages you may be eligible to receive will depend on the specifics of your injury. While you may normally receive one type, it is possible to receive two or all three forms of compensation.
Having a full grasp of the types of personal injury damages allows you to explore strategies for maximizing the compensation you may receive. Consider seeking legal advice from a personal injury attorney to learn more about the filing process. They can also assist in pursuing insurance companies and evaluating the merits to check your case’s probable success.
