Economic Damages in Illinois Car Accident Claims
The goal of a personal injury claim in Illinois is to make an injured accident victim whole again. This is done by providing the victim with damages, or financial compensation, from the defendant (at-fault party) for various losses suffered. Economic damages in a car accident claim are those that can be measured economically or financially, based on monetary losses.
What Are Economic Damages?
Car accident victims tend to incur significant expenses as a result of a crash. If a car insurance claim or personal injury lawsuit is successful, it can pay the crash victim damages to make up for these monetary losses.
The amount of financial compensation granted for these expenses is referred to as an “economic damage award.” Non-economic damages are also available in a car accident claim to pay for the victim’s intangible losses, such as pain and suffering.
Examples of Economic Damages in a Car Accident Claim
Economic damages can encompass any expenses paid for by the victim or money lost because of the car accident. This includes medical bills and property damage, but can also cover various other costs. As the plaintiff or person wishing to file a claim, you should keep track of all related costs for your case.
Economic damages may include:
- Medical costs: health care expenses for treating crash injuries, such as ambulance fees, surgeries, prescription medications, therapy, rehabilitation, and around-the-clock care.
- Lost wages: money lost in wages you couldn’t earn due to your injuries, either temporarily during the healing process or permanently in the case of a long-term disability.
- Property repairs: the price to repair your damaged vehicle or replace a car that gets totaled, or is too damaged to be worth repairing.
- Out-of-pocket costs: any other costs associated with the car accident, such as travel, transportation, legal fees and court costs, home or vehicle modifications, hired help, and business losses.
It is important to make sure you claim all of your economic damages during a car accident case in Illinois. Otherwise, you could settle for less than you need and deserve for the full extent of your losses. Work with a Chicago car accident attorney for a comprehensive evaluation of your past and future damages.
What Is the Average Economic Damage Award in a Chicago Car Accident Case?
There is no “average” economic damage award, as every car accident case is unique. The value of a claim will vary based on the specific facts, such as how severely the victim was injured and the cost of past and future medical care. Some car accident settlements result in several thousand dollars in economic damages, while others exceed $1 million.
Economic damages are calculated by adding up all of the victim’s provable monetary losses in association with the car accident. Future foreseeable costs will also be estimated, potentially using expert analysts and life-care planners.
If the victim was partially responsible for the crash, the damage award may be reduced by an equivalent amount under Illinois’s comparative negligence law. The award could also be capped, or reach a maximum limit, based on the limits of the car insurance policy used.
Tips for Maximizing Your Economic Damage Award
Keep detailed records and documentation of the financial losses you endure in the aftermath of a car accident. You will need to provide these as evidence to a car insurance company. Get professional evaluations of your injuries and future medical costs so that you do not underestimate how much you will have to spend later in life.
Most importantly, hire a car accident attorney in Chicago to help you prove your economic damages, collect evidence, and use compelling storytelling to achieve the highest possible settlement. An attorney will know how to handle your claim effectively in the pursuit of full economic and non-economic damages.