A serious car collision can upend your life in the blink of an eye. Before accepting a settlement from an insurance company, it is important to maximize your compensation. Such compensation should cover all of your damages, both economic and non-economic. What is the difference?
Economic damages can be calculated with a dollar figure and supported by hard evidence. There is no cap on recovery of economic damages in Ohio. Examples include:
- Medical bills
- Lost wages
- Lost earning potential
Non-economic damages are more difficult to quantify. There is not typically a hard dollar figure that can be directly assigned to such a loss. Further, Ohio has a statutory limit on the amount of non-economic damages an injured party can receive. Examples include:
- Pain and suffering
- Mental anguish
- Loss of family relations (also known as loss of consortium)
- Physical impairments
- Loss of quality of life
It is difficult to predict the value of a particular claim without knowing all of the information, including all economic and non-economic damage losses. If you have been injured by the negligence of another driver, contact McCarthy Law Office for a free consultation to discuss your clam.