When you have been injured, it’s easy to dismiss it as just an accident. However, if your losses were due to another party’s negligence, you could be eligible for monetary compensation. Understanding the distinctions between economic and non-economic damages is crucial to securing the funds you deserve. Please continue reading as we explore the key differences and why having our skilled Queens Personal Injury Attorneys is vital for effective representation.
What Are Punitive and Compensatory Damages?
First and foremost, when you are injured due to someone else’s negligence in New York, you are entitled to pursue legal action to seek compensation for the losses you have incurred. However, it’s important to understand the distinctions between the damages you can seek: compensatory and punitive.
Compensatory damages are designed to make a person whole again, reimbursing them for the actual losses like medical bills, lost income, emotional distress, pain and suffering, and property damage. Punitive damages, on the other hand, are intended to punish the defendant and deter others from engaging in similar behavior in the future. Punitive damages are only awarded in cases of gross negligence or intentional wrongdoing.
How Do Economic and Non-Economic Damages Differ?
Economic and non-economic damages are both types of compensatory damages awarded in personal injury cases. As mentioned, these damages are intended to make the injured party whole.
Economic damages represent quantifiable financial losses that are directly from the injury. This may include medical expenses, lost wages, property damage, and any other out-of-pocket expenses. Non-economic damages, on the other hand, represent non-monetary losses, such as pain and suffering, mental anguish, inconvenience, disfigurement, and loss of enjoyment of life. These losses don’t have a clear dollar value, as they reflect the subjective experiences of the injured party, making them much more difficult to calculate. Non-economic damages are typically more significant in cases involving severe or long-term injuries.
How Do I Recover Damages in a Personal Injury Lawsuit?
When you have been injured due to another party’s negligence or intentional misconduct, knowing your legal rights and options is crucial. Many people are unaware they can seek compensation for their damages, and as a result, miss out on the justice they deserve. The statute of limitations for most personal injury cases is three years from the date of the injury.
If you attempt to settle directly with the insurance company, they might offer a lowball settlement that is far below the actual worth of your claim. A lack of understanding regarding the factors that determine fair compensation can lead many to accept such offers, unaware they are entitled to much more.
At The Law Offices of George Poulos, we are prepared to fight for the compensation you need to get your life back on track. Connect with our firm today to learn how we can support you during these difficult times.