When you are hurt due to someone else’s conduct, you have a right to recover compensation for your losses. Damages are awarded by the civil court system in the form of financial compensation. Economic damages provide compensation for your financial or monetary losses, while non-economic damages provide compensation for your pain and suffering.
Keep reading below to learn everything you need to know about economic damages in Colorado personal injury claims.
What Are Economic Damages?
An accident can lead to unexpected expenses, including medical bills and car repairs. All of these financial losses become part of the economic damages resulting from your accident. Common types of economic damages include:
Medical Expenses
Medical bills are one of the most common types of economic damages in personal injury claims. If you have been injured, you need to seek medical treatment. That treatment is going to result in medical bills, and you have a right to seek compensation for all your accident-related treatments, including:
- Emergency treatment
- Ambulance transport
- Surgery
- Doctor’s visits
- Physical therapy
- Rehabilitation
In order to get compensation for these expenses, you must be able to prove that they were necessary and were a direct result of your accident.
Lost Income
Many accident victims are unable to work because of their injuries. Your finances can really take a hit when you start missing your paycheck. This is the unfortunate situation in which many injury victims find themselves.
The person who was at fault for your accident may be held responsible for your lost income, such as:
- Lost benefits
- Overtime or bonuses
- Paid time off (PTO) or vacation days used during recovery
- Sick leave used due to the injury
Hourly or salaried employees can usually easily prove the value of these losses. However, proving the value of your lost income can be more challenging for self-employed individuals. In that situation, you might need to rely on tax returns and other financial documentation for proof.
Diminished Earning Capacity
Even though you may be able to return to work, you may be unable to perform the same type of work as you did prior to your accident. In some cases, victims are forced to take less physical and lower-paying jobs after an accident.
When that happens, you can recover compensation for your diminished earning capacity. This means you can get compensation for the difference between what you are now earning and what you would have earned had it not been for your accident.
Calculating the value of your diminished earning capacity can sometimes be challenging. This often requires the help of both vocational and financial experts who can accurately estimate your future earnings and quantify your losses. Having an experienced lawyer on your side is crucial to ensure you are being properly compensated for these losses.
Out-of-Pocket Expenses
Out-of-pocket expenses are often overlooked by accident victims. That could be because these expenses are usually small on an individual basis, but they can quickly add up.
This includes many types of accident-related expenses, such as:
- Over-the-counter or prescription medication
- Medical equipment or devices
- Rideshare or taxi fares to medical appointments
- Parking and reasonable overnight hotel stays for necessary medical visits
- Cost of services you can no longer perform, such as lawn care, house cleaning, or child care
Keeping detailed records and receipts is critical to successfully claiming all your out-of-pocket expenses.
Property Damage
Property damage claims may arise after many types of accidents, including car, truck, and motorcycle accidents. If your vehicle or other property was damaged and another driver was at fault, they are responsible for the repair costs.
When your vehicle is totaled, you may be owed the full fair market value of your car so that you can obtain a replacement. You can even be compensated for any personal property that may have been damaged inside your vehicle.
Proving the Value of Your Economic Damages
Putting a specific value on your economic damages is usually not that difficult. These damages are associated with very specific financial losses, so their value is quite objective.
The value of your economic damages can be proven through:
- Bills
- Receipts
- Invoices
- Bank or credit card statements
- Paystubs
- Tax returns
- Vehicle repair estimates
The total value of your economic damages would be calculated by adding together all the individual financial losses that you suffered. An experienced lawyer can help you determine exactly how to prove your losses and can help you understand which pieces of evidence will be allowed in your case.
Are There Any Caps on Economic Damages in Colorado?
Generally, Colorado does not put a cap on economic damages. This means that you can recover compensation for the full amount of your actual financial losses. However, Colorado has recently increased the caps on non-economic damages. Those limits depend on the specific type of claim you are pursuing.
Contact Ferrell Injury Law to Arrange a Free Consultation With a Boulder Personal Injury Lawyer
If you have been hurt in an accident in Boulder, CO, the experienced team at The Ferrell Law Firm can help. We can identify all your economic damages and calculate their total value. Contact us today at (720) 687-2795 to schedule a free consultation with a Boulder personal injury lawyer and let us put our experience to work for you.
Visit Our Personal Injury Law Office in Boulder, CO
Ferrell Injury Law
2060 Broadway # 360, Boulder, CO 80302
(720) 687-2795
