What Are Economic Damages In A Personal Injury Claim?

The resulting costs can be significant when an accident occurs in New Jersey, whether on the Garden State Parkway or in cities like Cherry Hill, Newark, or Jersey City. The financial losses and expenses incurred due to another party’s negligence or wrongdoing are known as economic damages.

These direct expenses, such as medical bills, lost wages, and property damage, are the responsibility of the party who caused the accident. Their insurer often pays the victim’s claim, aiming to compensate the injured person for their monetary losses and restore them to their pre-accident financial state. 

Economic damages are vital to personal injury claims in New Jersey. They ensure that victims receive fair compensation for their financial hardships, allowing them to recover and return to their home state.

Economic Damages: What Should You Know

Economic damages are the quantifiable financial losses you’ve experienced due to your injury. These losses can range from medical expenses and lost wages to property damage and out-of-pocket costs. Economic damages aim to make you “whole” again financially, restoring you to the position you would have been in had the injury never occurred.

Some common examples of economic damages in personal injury claims include:

• Medical bills (past and future)
• Lost wages and income
• Loss of future earning capacity
• Rehabilitation and therapy costs
• In-home nursing care expenses
• Property damage or repair costs
• Costs of household services (e.g., cleaning, childcare)
• Transportation expenses related to medical treatment

A 2023 American Bar Association (ABA) study found that medical expenses account for the largest portion of economic damages awarded in personal injury cases, constituting roughly 60% of total compensation.

It’s important to note that economic damages are separate from non-economic damages, which compensate for non-monetary losses like pain and suffering, emotional distress, and loss of enjoyment of life.

How Are Economic Damages Calculated in Personal Injury Cases in New Jersey

In New Jersey, the calculation of economic damages in personal injury cases is based on a combination of evidence and expert analysis. Here’s a general overview of the process:

Gather Documentation: 

Your personal injury attorney will work with you to collect all relevant documentation, including medical bills, pay stubs, receipts, and invoices related to your injury and its resulting expenses.

Expert Testimony: 

In cases involving significant economic damages, such as long-term medical care or loss of future earning capacity, your attorney may enlist the help of expert witnesses. These experts can provide testimony and analysis to accurately calculate the projected costs of your future needs and losses.

Present the Evidence: 

Once all the necessary evidence and expert analyses are compiled, your attorney will present this information to the insurance company or the court to support your claim for economic damages.

It’s important to note that New Jersey follows the principle of comparative negligence. Your economic damages award can be reduced if you’re partially responsible for the incident that caused your injury.

The court assigns a percentage of fault to each party involved in the accident, including you (the injured party) and the at-fault party. Your assigned percentage of the fault then reduces your economic damage award.

Which Types of Evidence Should I Use to Claim Economic Damages in New Jersey?

To successfully claim economic damages in a personal injury case in New Jersey, it’s crucial to have strong and well-documented evidence. Some of the most common types of evidence used include:

• Medical bills and records
• Pay stubs and tax returns (to demonstrate lost income)
• Receipts for out-of-pocket expenses (e.g., transportation, household services)
• Expert testimony and reports (e.g., vocational experts, life care planners)
• Photographs or videos of property damage
• Invoices for repairs or replacements

It’s essential to keep accurate records and documentation from the outset, as this will strengthen your case and increase the likelihood of receiving fair compensation for your economic damages.

Statute of Limitations about Economic Damages in New Jersey

In New Jersey, the statute of limitations, specifically the New Jersey Statute Annotated 2A:14-1, dictates the deadline for filing a personal injury claim.

The statute of limitations is typically two years from the date of the incident or injury. However, there are exceptions to this rule, so it’s essential to consult with an experienced personal injury attorney to understand these exceptions and avoid missing the deadline.

If you miss the statute of limitations, your claim may be barred, and you won’t be able to receive any compensation, including economic damages. An attorney will help ensure your claim is filed within the necessary timeframe and protect your rights to seek compensation.

Insurance Companies Statements about Economic Damages in NJ

Insurance companies are often motivated to minimize their compensation, which can lead to disputes over calculating economic damages. Insurance adjusters often challenge or downplay certain expenses’ validity or argue for lower estimates of future costs.

Having an experienced personal injury attorney on your side can greatly help. Your attorney will carefully review statements or offers from insurance companies to ensure your economic damages are accurately represented.

Economic Damages Expert Witness in New Jersey

In cases involving significant or complicated economic damages, such as those involving long-term medical care or loss of future earning capacity, your attorney may enlist the help of expert witnesses. These experts can provide critical testimony and analysis to support your claim for economic damages.

Some common types of expert witnesses used in personal injury cases include:

• Medical experts (e.g., doctors, nurses, therapists)
• Vocational experts (to assess earning capacity and job prospects)
• Life care planners (to estimate future medical and care costs)
• Economists (to calculate present and future financial losses)

These experts can lend credibility and weight to your claim for economic damages, increasing the likelihood of receiving fair compensation.

Taking Legal Guidance In Personal Injury Cases In New Jersey

After an accident, expert legal representation is crucial to protect your rights and secure fair compensation. If you or a loved one has suffered a serious personal injury, the attorneys at Rosengard Law Group are here to help. We will thoroughly examine the evidence and consult medical experts to determine your case’s best action.

Contact us online or call 856-284-6446 for a free, no-obligation consultation. Let us help you understand your rights and options for recovering economic damages after a personal injury in Newark, Cherry Hill, or Jersey City. Our knowledgeable attorneys will answer your questions and advise you on the most effective legal options.

FAQs

What is Economic Damage in Pest Control in NJ?

In pest control, economic damages refer to the financial losses incurred due to pest infestations or ineffective pest control services. This can include costs for additional treatments, property damage, lost revenue (for businesses), and other quantifiable expenses directly resulting from the pest control issue.

How Can I Prove Economic Damage in New Jersey Court Without Evidence?

You are unlikely to successfully prove economic damages in a New Jersey court without adequate evidence. Courts require clear and well-documented proof of financial losses, such as medical bills, pay stubs, receipts, and expert testimony. Without this evidence, it will be extremely difficult to substantiate your claim for economic damages.

Conclusion

Economic damages play an important role in personal injury claims, as they aim to compensate you for the actual financial losses you’ve suffered due to your injury. Accurately calculating and proving these damages is essential to ensure you receive the full and fair compensation you deserve.

Remember, the key to a successful personal injury claim is thorough documentation and a deep understanding of the legal system. Seek a skilled NJ personal injury attorney to increase your chances of fair compensation and focus on recovery.