Economic Damages

When another party intentionally or negligently causes you an injury in New Jersey, you can pursue a personal injury claim for damages. The damages you receive compensate you for your injuries and losses. You can receive damages by filing an insurance claim with the at-fault party’s insurance company or filing a lawsuit.

Economic damages are a category of damages in a personal injury case. This category of damages reimburses you for financial losses and expenses. You may also receive compensation for future economic damages if you sustain a permanent disability or impairment. Economic damages are available for all types of personal injury cases, including dog bites, car accidents, slip and fall accidents, product liability, and workplace accidents. 

Our New Jersey personal injury lawyers can help you seek economic damages to help you recover from the financial harm caused by a negligent party. 

Economic Damages in a New Jersey Personal Injury Case 

The circumstances and facts of your case determine the economic damages you can receive for a personal injury claim. While each case is different, injured victims can seek compensation for economic damages, including:

  • Out-of-pocket expenses
  • Past and future medical bills 
  • Property damage
  • Rehabilitative therapies
  • Past and future lost wages
  • Personal and/or nursing care
  • Diminished earning capacity

Our lawyers work with top-rated experts when necessary to ensure the value of future economic damages is accurate. Experts we might work with include medical specialists, financial professionals, vocational experts, and long-term care experts. 

How Valuable Is My Economic Damages Claim?

The value of your economic damages is the total of your actual monetary losses and expenses. Therefore, careful documentation of all expenses and bills increases the value of your economic damages. In some cases, it can require expert assistance to properly evaluate your damages – especially if you need to calculate things like future lost wages and medical bills.

Out-of-pocket expenses is a category that many people overlook. They pay for over-the-counter medications, personal care, travel expenses, help with household chores, and medical supplies out of their pocket. However, they forget to track these costs for their claim.

Tracking out-of-pocket expenses could significantly add to your economic damages, especially if you need to modify your home or car because of a disability or impairment. Keep copies of all bills and invoices showing the amount of the expense and proof of payment. 

Even though your attorney will confirm your medical bills, you need to provide a list of all medical providers to your lawyer. You may also need to gather information about your income to give to your lawyer, including pay stubs, tax returns, and income statements. Providing as much information as possible to your lawyer helps ensure that your demand for economic damages is the total of all financial losses you experienced. 

How Does Contributory Fault Impact Economic Damages in New Jersey?

New Jersey has a modified comparative negligence standard for personal injury cases. The law prohibits you from collecting any damages from the other party if you were 51% or more at fault for the cause of your injuries. However, if you are less than 51% to blame for the accident, you may receive a portion of your damages. 

Under the contributory fault law, the court decreases your compensation by your level of fault. For example, suppose the jury decides your actions contributed to the cause of your accident by 20 percent. The judge can reduce your compensation by 20 percent.

The insurance company might accuse you of contributing to the cause of your injuries even though you were not at fault. The tactic is used to reduce the amount the company must pay to resolve the claim.

Remember that any statements you make to an insurance adjuster or other representative for the company could be used against you. Sometimes, the company intentionally misrepresents what you say to allege fault. Therefore, allowing your attorney to handle all communication with the insurance company could avoid a problem. 

What Is the Statute of Limitations for Filing Economic Damage Claims in New Jersey?

A statute of limitations sets a deadline for filing a lawsuit. The court can dismiss your lawsuit if you miss the deadline, even if you have a valid claim for damages.

Your economic damages are included in your personal injury claim. Therefore, the deadline for filing a claim for economic damages will be the deadline for filing a personal injury lawsuit. 

New Jersey has a two-year statute of limitations for most personal injury cases. However, exceptions to the rule or factors in your case could lengthen or shorten the statute of limitations. Therefore, talk with an attorney as soon as possible to avoid losing your right to pursue damages through the court. 

Schedule a Free Consultation With Our New Jersey Personal Injury Lawyers 

Our New Jersey personal injury attorneys aggressively pursue all sources of compensation to maximize the amount you receive for economic damages. Contact our law firm to schedule a free case evaluation with an attorney to discuss your case. We are here to help you seek the compensation you deserve after an accident or personal injury.