What Are Noneconomic Damages?
Evaluating your personal injury claim means assessing both economic and noneconomic damages. But, what exactly are noneconomic damages? Here, we offer the complete explainer.
Have you recently been injured? Was that injury caused by a third-party or entity – through negligence, recklessness or intent? At Nehora Law Firm, we help clients throughout Orange County recover compensation as a direct result of personal injury.
The compensation one receives, however, depends upon a wide variety of circumstances, many of which we explore below. Compensation is calculated as the sum of economic and noneconomic damages. But, what are noneconomic damages?
What Are Economic Damages?
Economic damages refer to direct financial loss. Loss of wages and medical expenses are, for example, the most common type of economic damage. In other words, economic damages are associated with their own financial value.
You can directly calculate the precise loss of wages and the precise cost of your medical treatment. In cases where this isn’t quite so clear, you can at least estimate your future loss of income based on past expenditure and/or loss.
This isn’t the case with these damages, though. Below, we list many of the common sources of what are considered noneconomic loss.