Economic Damages vs. Non-Economic Damages after a Car Accident

In a car accident insurance claim in Washington, there are two main types of damages that an individual may be entitled to: economic and non-economic damages. While these two types of damages may seem similar, they are actually quite different, and it is important to understand the distinction between the two.

Economic damages are those damages that are quantifiable and can be easily calculated. These include things like medical expenses, lost wages, and property damage. These damages are intended to compensate the individual for the financial losses that they have incurred as a result of the accident.

Non-economic damages, on the other hand, are more difficult to quantify and are not tied to any specific financial loss. These damages are intended to compensate the individual for the intangible losses that they have suffered as a result of the accident. These can include things like pain and suffering, emotional distress, and loss of enjoyment of life.

One key difference between economic and non-economic damages is that economic damages are typically much easier to calculate. For example, if an individual has incurred medical expenses as a result of a car accident, they can simply provide proof of those expenses and they will be compensated for the amount that they have paid. In contrast, non-economic damages are more subjective and can be more difficult to calculate.

Another key difference between economic and non-economic damages is that economic damages are typically awarded in full, while non-economic damages are often subject to negotiation or limitation. In Washington, there are no statutory limits on the amount of non-economic damages that an individual can recover in a car accident insurance claim. But, insurance companies and juries tend to be stingy and may not be willing to make substantial awards without good evidence.

Despite these differences, both economic and non-economic damages are important in a car accident insurance claim. Economic damages help to compensate an individual for the financial losses that they have incurred, while non-economic damages help to compensate them for the intangible losses that they have suffered. Both types of damages are intended to help the individual to recover from the accident and move forward with their life.

If you have been involved in a car accident in Washington, it is important to work with an experienced attorney who can help you to understand the difference between economic and non-economic damages and ensure that you receive the full compensation that you are entitled to. An attorney can help you to gather the necessary evidence to support your claim, negotiate with the insurance company, and represent you in court if necessary. The experienced litigation team at the law offices of Magnuson Lowell, PS are ready to help you answer these important questions. Call today for a free case evaluation.

Share this post!