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Economic vs. Non-Economic Damages in New York

Accidents can leave a trail of physical and emotional damage, impacting your life significantly. If you’re in an accident that wasn’t your fault, you can seek compensation for your losses through personal injury claims. In New York, damages fall into two main types: economic and non-economic.

Our experienced New York personal injury lawyers explain the distinctions between economic and non-economic damages and how to claim them here.

What Are Economic Damages?

Economic damages refer to the tangible monetary losses you have suffered or will suffer due to an accident. These damages are relatively easy to calculate because they involve actual expenses and financial losses. Some examples include:

Medical expenses: Costs for treatments, surgeries, medications, rehabilitation, and other healthcare services related to your injuries.
Lost wages: Compensation for income you would have earned if your injuries led to time off work or loss of earning capacity.
Property damage: Reimbursement for repairing or replacing damaged property, such as a vehicle in a car accident.
Other out-of-pocket expenses: Additional costs like transportation for medical appointments, home modifications, and childcare due to your injuries.

How to Calculate Economic Damages?

To calculate economic damages, gather evidence like medical bills, pay stubs, and receipts. The goal is to restore your financial condition to what it was before the accident.

What Are Non-Economic Damages?

Unlike economic damages, non-economic damages are intangible losses that don’t come with a specific monetary value. They’re meant to compensate you for the emotional and psychological impact of the accident. Examples of non-economic damages include:

Pain & Suffering: Physical pain, emotional distress, and mental anguish caused by the accident and injuries.
Loss of enjoyment of life: Compensation for the diminished ability to participate in once-enjoyed activities due to injuries.
Loss of consortium: Impact on relationships with a spouse or family members due to your injures.
Emotional distress: Compensation for significant emotional trauma like anxiety, depression, or post-traumatic stress disorder (PTSD) resulting from the accident.

How to Calculate Non-Economic Damages

Proving non-economic damages is often more challenging because you don’t have the same tangible documentation as economic damages. However, personal accounts of the accident and its aftermath, along with medical records or therapist notes, can help establish the extent of these damages.

When Are Economic and Non-Economic Damages Available?

Both economic and non-economic damages are available to victims who have suffered injuries or losses due to someone else’s negligence or wrongful actions. To qualify for these damages, you must show that the other party was at fault, directly causing your damages.

In New York, the comparative fault rule applies. This means you can still get compensation for an accident even if you’re partly at fault. However, your payment is reduced based on your percentage of fault. For example, if you’re 20% at fault and awarded $100,000, you’d receive $80,000.

What Is the Process for Claiming Damages?

To claim damages, start by gathering evidence. For economic damages, collect medical bills, pay stubs, and receipts. Personal accounts, medical records, or therapist notes are valuable for non-economic damages.

In some cases, insurance companies may offer settlements, but they might not cover all your losses. It’s crucial to have a personal injury lawyer review any offers to ensure you’re receiving fair compensation. If a settlement can’t be reached, your attorney can help file a lawsuit.

Does New York Have a Cap on Damages?

Unlike some other states, New York doesn’t impose a cap on economic or non-economic damages in personal injury cases. Victims can potentially recover total compensation for their financial and emotional losses. However, the actual amount awarded depends on the details of your care and the strength of the evidence presented.

When Should I Contact a Lawyer?

If you’re injured and seeking economic and non-economic damages, contact a personal injury attorney right away. They’ll handle all aspects of your case, from gathering evidence to negotiating with insurance companies and representing you in court if necessary.

Key Takeaways

Economic damages cover tangible financial losses like medical bills and lost wages.

Non-economic damages compensate for pain, suffering, and emotional distress.

A personal injury lawyer can help maximize your compensation and guide you through the process.

Contact Our New York Personal Injury Firm Today!

If you’ve been injured in a New York accident and need help with your claim, reach out to Field Law Group today! Our dedicated team will fight for your rights and help you recover the damages you deserve.

If you have experienced an injury due to someone else's negligence or recklessness, don't wait – contact us today for a free consultation with one of our experienced personal injury lawyers.

About the Firm: With over a decade of experience, Field Law Group has been helping personal injury victims across New York since 2013. We’re dedicated to protecting the rights of accident victims and fighting to get them the compensation they deserve.

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