What Are the Main Types of Car Accident-Related Losses?

January 24, 2022
Chester County Car Accident Lawyers at Eckell Sparks Can Help You Uncover Your Losses After a Severe Collision.

After being involved in a car accident, you could experience a combination of losses. Knowing more about each kind of loss can help you understand how to proceed, including whether or not you need to seek legal counsel from a car accident lawyer.

Economic Losses

Your economic losses are those that you can easily calculate. These may include medical bills, lost wages, and property damage. As long as you can provide proof of an economic loss and show that it happened as a direct result of the accident, it may be covered.

Be aware that many insurance companies offer settlements based solely on economic losses; this allows them to quickly settle cases. However, you may have non-economic losses after your accident as well. Non-economic losses are more difficult to prove but are essential to consider in terms of calculating potential damages.

Non-Economic Losses

You have probably heard of the legal term “pain and suffering.” Pain and suffering is a legal phrase that describes both the physical and emotional injuries following a car accident, and pain and suffering losses are noneconomic. Many people who have been involved in car accidents have emotional trauma, even if they were not physically injured.

Post-traumatic stress disorder (PTSD) can affect a driver after a car accident. To deal with PTSD, the person may require counseling or medications. In more severe cases, they may be unable to continue working. Yet, insurance companies are often reluctant to pay for visits to a psychologist or underwrite the cost of medication. Instead, an insurance representative may suggest that the PTSD did not occur because of the accident.

There are other types of non-economic losses aside from emotional trauma. The breakdown of a romantic relationship can have serious ramifications on a person’s quality of life. However, it may be difficult to calculate these damages.

Ultimately, it can be challenging to put a price tag on non-economic losses. Lawyers tend to use special methods to calculate these types of damages. They also may seek out help from experts.

Punitive Damages

Punitive damages are handed out by the courts as a punishment for wrongdoing. It is unusual to see punitive damages in a car accident case. Typically, punitive damages are reserved for egregious car accidents that were caused by intoxicated drivers. Punitive damages can be set at very high amounts to serve as deterrents.

What if an Insurance Company Offers a Settlement?

If you were involved in a serious car accident and suffered both economic and non-economic losses, you may want to set up a consultation with a lawyer. The lawyer can help you figure out if the settlement offer you have been given by the insurance company is fair. Remember, you cannot ask for more after agreeing to a settlement. For this reason, you should always make sure that you are properly compensated for your losses.

Chester County Car Accident Lawyers at Eckell Sparks Can Help You Uncover Your Losses After a Severe Collision

If you have losses from a car accident, it is advisable to explore your legal options. Our Chester County car accident lawyers at Eckell, Sparks, Levy, Auerbach, Monte, Sloane, Matthews & Auslander, P.C. can help. Call us at 610-565-3701 or fill out our online form for an initial consultation. Located in Media and West Chester, Pennsylvania, we serve clients throughout Delaware County, Chester County, and Montgomery County.