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What Is the Difference Between Economic vs. Non-Economic Damages?

Economic damages and non-economic damages are both forms of compensatory damages that compensate personal injury victims for their losses. The difference is that economic damages compensate for financial losses, while non-economic damages compensate for more subjective losses. Here is what you need to know about these two critical forms of damages in personal injury cases.

Economic Damages

Economic damages refer to losses that have a direct link to the accident and monetary value. These damages can be verified with objective evidence, such as bills, receipts, invoices, and estimates. In some cases, economists, vocational rehabilitation experts, and other expert witnesses may need to help estimate the cost of projected economic losses.

Examples of Economic Damages

Economic damages in Oklahoma can include various tangible losses, such as:

  • Medical bills
  • Ongoing medical care
  • Future medical expenses
  • Loss of past and future earnings
  • Property damage
  • Diminished value of your vehicle
  • Costs to repair or replace your damaged vehicle
  • Replacement services, such as childcare or housekeeping

Non-Economic Damages

Non-economic damages refer to subjective and non-monetary losses. While these damages are more subjective in nature, they are just as real and affect accident victims just as seriously as those with a direct economic impact.

Examples of Non-Economic Damages

Common examples of non-economic damages include the following:

  • Physical pain and suffering
  • Discomfort
  • Emotional distress
  • Mental anguish
  • Inconvenience
  • Loss of enjoyment of life
  • Loss of society and companionship
  • Loss of consortium

When Are Economic and Non-Economic Damages Available?

Economic and non-economic damages are generally available in personal injury cases. However, you must prove that the other party was negligent. You will need evidence to prove the following:

  • The defendant owed you a duty of care.
  • The defendant breached the duty of care.
  • The defendant’s breach caused your injury.
  • You suffered damages as a result of the accident.

Keep all evidence in your case, including accident reports, photos and videos of the accident.

Evidence that can help prove your damages include receipts for out-of-pocket expenses, medical bills, insurance documentation, wage loss statements, check stubs, and repair estimates. Because non-economic damages do not have an intrinsic monetary value, you may need evidence such as pain journals, witness statements regarding how the accident has affected you, and your own testimony to support the existence and seriousness of these losses.

How Much Compensation Can I Recover in a Personal Injury Case?

Oklahoma does not limit the amount of compensation that you can recover for economic damages, but you must prove the value of the damages you incurred or are reasonably expected to incur. Oklahoma previously had a cap of $350,000 on non-economic damages, but the Oklahoma Supreme Court struck this law does as unconstitutional in 2019.

The potential value of your case depends on various factors, such as the nature and severity of your injuries, the party responsible for your injuries and their insurance coverage, and the extent of your pain and suffering. An experienced Oklahoma City personal injury lawyer can review your case and fight to recover maximum compensation.

Contact an Experienced Lawyer for Help Seeking Economic and Non-Economic Damages

At Oklahoma Injury Law Firm, we focus on obtaining maximum compensation for our clients for their economic and non-economic losses. Learn more about how we can help by calling us today at (405) 310-8800 for a free consultation.

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