Economic vs. Non-Economic Damages: Understanding the Differences in Personal Injury Cases
Posted in Personal Injury on February 27, 2025
If you’ve been in an accident, you’re probably concerned about how you will cover the damages you suffered. Most people think of their lost wages, property damage, and medical debts, but you can also seek compensation for the pain and suffering you experience. This is where the differences in economic and non-economic damages come into play. Understanding these distinctions and how a personal injury attorney can help you pursue the compensation you deserve is essential in setting yourself up for success in your personal injury case.
At Soofer Law Group, we focus on achieving results that truly reflect the impact of your injury. With a success rate exceeding 98%, we’ve helped clients recover substantial compensation, including millions in cases where initial offers were significantly lower. Our approach ensures every case receives personalized attention and thorough preparation, giving you the best opportunity to recover both economic and non-economic damages.
What Are Economic Damages?
Economic damages include the tangible losses you suffered from your accident. These damages have a quantifiable amount attached to them and are much more concrete, as they can be easily documented using bills, receipts, and pay stubs. Some examples of economic damages you may be awarded in your personal injury claim include:
- Medical bills
- Lost wages
- Lost future earning potential
- Property damage
- Out-of-pocket expenses
It is vital you keep careful records of your lost wages, medical debts, and any other monetary expenses you pay to support your personal injury claim and prove your accident’s financial impact on your life. Thankfully, you don’t have to do this alone. Hiring a personal injury lawyer can help ensure you heal and get back to living your life without the stress of financial hardship.
Understanding Non-Economic Damages
Non-economic damages are more difficult to allocate a monetary value to, as they encompass your intangible losses and are more subjective than economic damages. These damages account for changes in your quality of life as a result of your accident. Some common non-economic damages you might receive in your personal injury claim include:
- Pain and suffering
- Emotional distress
- Loss of enjoyment of life and hobbies
- Loss of consortium or companionship
While the value of your economic damages can be calculated based on your actual monetary losses, non-economic damages require more consideration to assign a value. Some common factors used to determine compensation for non-economic damages include:
- The severity of your injuries
- The time it takes you to recover
- How your injuries impact your daily life and relationships
- The evidence you have to support your losses
It’s important you not let an insurance company tell you what your pain and suffering is worth, as they will try to offer you a settlement that typically doesn’t consider your best interests. Hiring a knowledgeable personal injury lawyer is vital in protecting your rights and negotiating with insurance companies to ensure you get the true compensation you deserve.
If you have any questions about the types of non-economic damages you have experienced and if you can seek compensation for them, please contact us to discuss your options and get started on your personal injury case.
How Can Soofer Law Group Help Maximize Your Damages?
At Soofer Law Group, we understand the intricacies of personal injury cases and the importance of seeking damages for both economic and non-economic losses. Our team takes a hands-on approach to every case, meticulously analyzing your situation and ensuring no detail is overlooked. From gathering medical records and documenting your expenses to presenting evidence of your pain and suffering, we work to build a comprehensive claim that reflects the full impact of your injuries.
With our history of securing millions for clients and an exemplary success rate, we know how to negotiate with insurance companies that may undervalue your losses. You deserve compensation that truly accounts for your financial burdens and emotional distress. Call us at (310) 861-4058 or visit our contact form to schedule your consultation.