Economic damages may be claimed and recovered in various civil lawsuits. They are a part of a plaintiff’s compensatory damages and must be accurately calculated by your attorney.

Economic damages may be any losses, injuries, or other damages that cost plaintiffs money. If you lost money or had to spend money because of your accident or injuries, you may claim that money as part of your economic damages. Some common examples of economic damages include medical bills, the value of destroyed property, and lost income from missing work. Calculating economic damages correctly is crucial, as overlooking certain losses or incorrectly tallying things up might cost you compensation. Although there are no statutory limitations on economic damages, you should discuss other possible limitations with your attorney. You should also talk about what kind of evidence you need to prove your claims and get compensation for your damages.

If you are considering filing a personal injury lawsuit, our New Jersey personal injury attorneys can help you determine your economic damages. Call Legal Care New Jersey at (732) 838-9769 to schedule a free case evaluation.

Claims for Economic Damages in New Jersey Civil Lawsuits

There are uncountable possible economic damages a plaintiff might claim. Economic damages vary from case to case, and almost any financial loss might be considered part of your economic damages. It is very important that you speak to an attorney about your situation so you can fully understand the extent of your economic damages. Our Jersey City personal injury lawyers can help you get to the bottom of your economic losses.

Medical bills are common economic losses in personal injury cases. Even with health insurance, medical bills may be very expensive, and costly deductibles can be counted among your economic damages. Suppose medical treatment is ongoing or expected to last for a while. In that case, we can help you determine the value of your future medical expenses, such as future surgeries, therapies, medications, and more.

Property damage is another significant source of economic damages in civil lawsuits. Property damage may be quite high in some cases, like car accidents, fires, or flooding. For example, the cost to replace a totaled vehicle or make repairs to your home after a fire or severe water damage may be astronomical. You can claim these costs as part of your economic damages.

People who are seriously injured might have trouble returning to work. In particularly severe cases, injured plaintiffs cannot return to work at all. If you miss work or lose your job because of your injuries, we can help you claim any income you have lost in addition to lost future income.

Calculating Economic Damages in New Jersey

Knowing what economic damages you can claim is only half the battle. Next, you must make sure your damages are calculated accurately. The amount of money spent or lost because of your injuries can be difficult to keep track of, especially in cases where injuries have long-term consequences. Our Paterson personal injury attorneys can help you make sure no losses or damages are overlooked.

Calculating economic damages involves adding up the total costs of all your expenses related to your injuries. The trick is to make sure you have identified all these expenses and have accurate records of how much money you spent or lost. Calculating economic damages is easy once you have receipts and records for all your expenses. If you are unsure of your exact costs or did not keep records, talk to a lawyer for help.

You should speak to an attorney about your case to determine what is and is not considered an economic loss. People are often surprised at how many economic damages they overlook. For example, many people know to include medical expenses as part of their economic damages, but they overlook the possibilities of future medical expenses if their injuries are long-term and require ongoing treatment.

Possible Limitations on Economic Damages in New Jersey Civil Cases

In New Jersey, there are no statutory limitations on economic damages. The state cannot cap your damages, which may be as high as necessary. The only limit on economic damages is the amount of money you actually lost or spent. Essentially, you cannot claim greater economic losses than you experienced. If you spent $10,000 on medical bills, you could only claim up to $10,000. However, you might be able to tack on future medical expenses if they are reasonably calculated.

If you are pursuing insurance claims for your injuries, you must be mindful of any limits insurance companies impose. In many cases, insurance companies promise coverage up to certain amounts. Even if your economic damages exceed the limits of your policy, the insurance company will not pay additional money. In such cases, plaintiffs often file lawsuits to claim additional damages.

Although there are no statutory limits on economic damages, your compensation might be limited or reduced based on contributory negligence. According to N.J.S.A. § 2A:15-5.1, you may still recover for your economic and other damages even if you are deemed contributorily negligent. However, you must be less negligent than the defendant. You cannot recover anything if you are more than 50% responsible for your injuries. Additionally, your damages may be reduced in proportion to your negligence. This means that if you are 25% responsible, your economic and other damages are reduced by 25%.

How to Prove Your Claims for Economic Damages in New Jersey Civil Lawsuits

Once we know what your economic damages look like and are worth, we must prove them in court or to an insurance company. To do so, we must have strong evidence. Evidence takes various forms. Anything that tends to prove your claims, even a little bit, may be useful evidence. Our Newark personal injury attorneys can help you determine what evidence you need for your case and how to get it.

The evidence in your case will depend on how you were injured. For example, if you were injured in a car accident, we may need evidence of the damage to your vehicle, like photos, videos, or invoices from a mechanic. If you experienced any bodily harm, we need your medical records as evidence of the extent and severity of your injuries. Even where physical evidence is lacking, we can use witness testimony to support your claims for economic damages.

Call Our New Jersey Personal Injury Attorneys for a Case Review Free of Charge

If you are thinking about filing a civil lawsuit, talk to our Elizabeth personal injury lawyers about how to determine your economic damages. For a free case assessment, call Legal Care New Jersey at (732) 838-9769.