Economic damages are used to compensate accident victims for their financial losses resulting from their accident. In Colorado, accident victims are entitled to recover both economic and non-economic damages from the at-fault party.
There are many common types of economic damages that may be available, but the specific damages available in your case depend on the facts of your situation. Keep reading below to learn everything you need to know about economic damages in Colorado personal injury claims.
Common Types of Economic Damages in Colorado Personal Injury Claims
Accidents can result in many types of financial losses, and accident victims have a right to be fully compensated for all those losses. Some of the most common types of economic damages are:
Medical Expenses
Medical expenses are one of the most common types of economic damages in personal injury cases. Accident victims often suffer serious injuries, and medical bills can easily rise into the tens of thousands of dollars.
Victims can recover compensation for all their reasonable and necessary medical expenses after an accident, including:
- Emergency treatment
- Ambulance transport
- Diagnostic tests and imaging, like X-rays, CT scans, or MRIs
- Surgery
- Follow-up doctor visits
- Physical therapy
- Rehabilitation
- Chiropractic care
Not only can victims recover compensation for their current medical bills, but they can also recover compensation for their expected future medical care needs. This is one reason why it is important to avoid settling your claim too quickly.
You need to make sure you fully understand your future medical outlook and care needs so you can accurately account for those expenses.
Lost Income
Many accident victims suffer injuries that prevent them from working for some period of time, which usually means going without a paycheck as well. However, the law allows accident victims a chance to recover the value of that lost income.
Lost income damages may include items such as:
- Lost wages
- Lost benefits
- Bonuses
- Commission
- Self-employment income
For salaried and hourly employees, calculating the value of your lost wages is fairly easy. You can simply determine your hourly rate and multiply that by the number of hours of work you had to miss. However, this can be a little more challenging for self-employed individuals. You may need to use tax returns or other documentation to prove the value of your lost income.
Diminished Earning Capacity
Some accident victims are unable to return to the same type of work they performed before their accident, and the difference in pay may be included in their economic damage calculation.
For instance, suppose you work on an assembly line in a manufacturing plant. You are injured in a truck accident that leaves you partially paralyzed. Perhaps you could work a desk job, but you are no longer able to perform physical labor as you did before the accident.
If that desk job pays less than your previous position, you could be entitled to recover the difference in pay you would have earned over the course of your lifetime were it not for your accident.
These types of calculations can be very complex, and it is helpful to have an experienced personal injury lawyer on your side who can protect your rights and help you maximize your recovery.
Property Damage
Not only do accident victims suffer financial losses resulting from their injuries, but they are often left with property damages and repair bills as well.
For example, some items that a victim may be able to recover after a car accident include:
- Car repair bills
- Rental car costs
- Fair market value (when the vehicle is totaled)
While these damages are sometimes lower in value than a victim’s injury-related expenses, they are still an important part of the claims process that should not be overlooked.
Out-of-Pocket Expenses
Out-of-pocket expenses are commonly overlooked during the claims process. This could be because these expenses are fairly small when examined on an individual basis. However, they can add up to a substantial amount when put together.
Some common examples include:
- Rideshare or parking fees for medical appointments
- Overnight travel for necessary medical treatments
- Over-the-counter or prescription medication
- Medical equipment or devices
It is extremely important to keep detailed records and receipts of these expenses to ensure that you can prove them during the claims process. The more documentation you have to support their value, the more likely you are to recover compensation for these items.
Proving Economic Damages After an Accident
Accident and injury claims take place in civil court, so the plaintiff must prove their case by a preponderance of the evidence. This basically means you must have more evidence on your side than your opponents do.
The types of evidence used to prove your case will vary, but some common pieces of evidence can include:
- Witness testimony
- Your own testimony and the defendant’s testimony
- Expert witnesses
- Medical records
- Photos or videos
- Call records, emails, and text messages
- Bills and receipts
The Colorado Rules of Evidence will govern the specific items that will be admissible in your case. Your attorney can also help you gather evidence and determine the items that will be most useful for proving your claim.
Contact the Colorado Springs Personal Injury Lawyers at King & Beaty, LLC for a Free Consultation
After an accident, you may be entitled to recover economic damages to compensate you for your accident-related monetary losses. However, your time to file a claim is limited.
Contact King & Beaty, LLC at (719) 505-9999 today to schedule a free consultation with a Colorado Springs personal injury lawyer. We can help identify all the economic damages that may be available in your case in order to make you financially whole again.
