Economic Damages in Car Accidents

At Kanner & Pintaluga, we recognize that car accidents are unfortunately all too common in the United States. According to NHTSA, the country sees nearly six million crashes reported to police each year. There are more than 42,500 fatalities and almost three million injuries annually as a result of these devastating events. Victims often find themselves facing a significant physical and emotional toll following an accident, and daunting medical bills and related expenses can compound these effects. Our team’s primary goal is to help you secure the compensation you deserve to recover smoothly and with peace of mind.

All types of car crashes have consequences. Some of those are psychological or unquantifiable, like the pain and suffering a person experiences from their injuries or post-traumatic stress from being involved in a car crash. Other costs are more tangible and, in many cases, more pressing for your continuing financial stability.

Car crash attorneys should fight for the totality of compensation you’re entitled to receive – meaning getting the money you need to cover all your medical costs, lost wages and the expense of having your car repaired or replaced. 

Economic damages refer to the wide range of quantifiable financial losses that can result from a car accident. Thankfully, our car crash lawyers are here to guide car crash accident victims through the process of pursuing compensation for these losses.

What Are Economic Damages?

Economic damages refer to the measurable financial losses suffered by a victim due to a car accident. Some of the most common types of economic damages that your Kanner & Pintaluga car crash lawyer can pursue on your behalf include:

Medical Expenses

Economic damages include all current and future medical expenses caused by the car accident. This includes hospital bills, rehabilitation costs, prescription medications, and any necessary medical equipment.

You also shouldn’t have to foot the bill if you require ongoing care, mobility assistance devices or long-term physical therapy or occupational therapy due to your car crash injuries. According to the NHTSA, the average cost of medical treatment following a car accident injury is approximately $15,000. In cases that involve particularly severe injuries, like traumatic brain injuries or spinal cord injuries, medical costs can exceed $100,000. Don’t take on health insurance companies alone–you may be able to seek compensation to cover all of your medical bills.

Our car crash lawyers at Kanner & Pintaluga will aggressively pursue complete compensation to ensure the at-fault party’s insurance company is made to pay all medical-related expenses.

Lost Wages

Victims of car accidents are entitled to compensation for lost wages resulting from missed workdays, decreased earnings or the inability to return to work because of the accident. Wage compensation can extend beyond just the salary or hours of work you missed due to the car crash or your injuries. People who suffer debilitating injuries that prevent them from returning to work in the same capacity, or at all, may have extensive lost future wages.

On average, car crash victims require anywhere from a few days to several months off work to recover. While short-term disability policies may offer a portion of your regular earnings for a short period, many find that this compensation simply isn’t enough to cover the cost of living. That’s where the team at Kanner & Pintaluga comes in to adequately assess how much you may be owed in a settlement package.

The car crash lawyers at Kanner & Pintaluga understand the importance of evaluating the full extent of your income losses to help ensure that another party’s negligent driving doesn’t result in long-term financial hardship to you and your family.

Property Damage

Repair or replacement costs for damaged vehicles and personal property within the vehicle also fall under the umbrella of economic damages. Our experienced car accident attorneys possess the expertise to accurately assess the true value of property damage and will consider both tangible and intangible losses.

Some of the unique variables in the property damage portion of economic damages may include custom vehicle modifications, unique vehicles, or personal property damaged in the crash. Replacing these may be difficult or impossible, and it’s important that your compensation reflects the true value of the property damage losses.

Funeral and Burial Costs

In the tragic event of fatal car accidents, economic damages should also include the expenses associated with funerals and burials. Some people have prepaid funeral expenses to cover these costs in advance, so their family doesn’t have to. Even if this is the case for your family, and the funeral and burial costs are technically already paid for, it doesn’t mean the at-fault party is off the hook for these expenses.

Kanner & Pintaluga approaches wrongful death car crash cases with sensitivity and is committed to helping you seek the total compensation you deserve, including for all end-of-life expenses.

Home Modifications

Economic damages also include home modifications for people who suffer disabling injuries from the accident. This includes expenses related to the installation of ramps, handrails, or other necessary adjustments to accommodate individuals with limited mobility following the accident.

Home modifications are typically only required if a person has suffered catastrophic injuries in a car crash. Although they may appear to be an ancillary cost overshadowed by much bigger and more serious expenses, it’s essential that these renovation costs are not overlooked. The cost of home modifications can add up quickly, and it’s possible that more than one location will need to be appropriately modified to accommodate a person who suffered a disabling injury as a result of a car accident.

Kanner & Pintaluga’s car crash attorneys can work with you to accurately calculate the full potential cost of current and future home modification projects.

Future Financial Considerations

Economic damages aren’t limited to immediate expenses; they also account for future financial considerations. Our car accident attorneys assess potential long-term costs and will advocate for you to receive compensation to cover all ongoing medical treatments, future therapies and any other financial issues resulting from the accident.