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

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

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.

Cincinnati Personal Injury Attorney