When you suffer a personal injury through someone else’s misconduct, you may be entitled to both economic and non-economic damages.
Economic damages are relatively easy to calculate, but non-economic damages typically require professional guidance.
Contact us online or call (850) 444-4878 today for a free consultation. Our Pensacola, Florida personal injury lawyers are here to answer any questions you may have about economic and non-economic compensation.
Economic damages are easier to calculate because they are direct monetary losses that can be assessed by simply adding up invoices and receipts.
The following are some examples of economic damages:
You can also include other readily countable expenses arising from your accident. Be sure to keep all of your records and receipts because you will need proof of the amount of damages you are claiming.
Non-economic damages are difficult to quantify because they are intangible losses that are largely subjective. Unlike economic damages, there won’t be any invoices or receipts for non-economic damages.
Some examples include:
Of course, no amount of money can compensate for these types of losses. No one can give you back your enjoyment of life or magically take away your mental pain.
But financial compensation is all the judicial system has available to compensate a victim for such suffering. The non-economic damages a court awards can sometimes greatly exceed the value of economic damages.
There is generally no formal cap on economic damages. Normally, there is also no limit on the amount of non-economic damages you can receive. One exception is non-economic damages in medical malpractice claims.
In medical malpractice claims, non-economic damages are generally limited to $500,000, although the limit is increased to $1,000,000 under certain conditions (2021 Florida Statutes 766.118 (2)).
Florida is a “no-fault” auto insurance state. Generally, this means that if you suffer an injury in an auto accident, you can look to your own Personal Injury Protection (PIP) insurance for coverage, regardless of whose fault the accident was.
When it comes to economic damages vs. non-economic damages, the problem with PIP insurance is that it covers only a portion of your economic damages and none of your non-economic damages.
But even under Florida’s “no-fault” system, you can claim against the at-fault driver’s policy for economic and non-economic damages.
How do you place a monetary value on pain and suffering?
Well, there are certain factors a court looks to when attempting to put a price tag on your pain and suffering.
The amount of non-economic damages you receive takes into account the following factors:
Once the severity is determined, there are two main methods of placing a specific dollar value on your loss:
Although it is up to the court to decide which method to use, a persuasive lawyer can help greatly.
Many people may have a pretty good idea of the value of their economic damages unless they are suffering from long-term injuries with high anticipated future medical expenses. Fewer people have any idea of the amount of their non-economic damages.
We can help you calculate your economic and non-economic damages and obtain the appropriate compensation from the defendant or their insurance company.
To schedule a free consultation, call Emmanuel Sheppard & Condon any time at (850) 444-4878, or simply visit our online contact page. And rememberーyou won’t owe us a dime unless we win.