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If you are injured in an accident in Oregon, you may incur many different expenses. You will likely face medical bills and lost income, at the very least.
Fortunately, Oregon law allows accident victims to recover compensation for their losses after an accident. These damages fall into two broad categories: economic damages and non-economic damages.
In this article, our Portland personal injury lawyers at Tillmann Law discuss the topic of economic damages.
If you were in a car accident or another personal injury incident, you could be entitled to substantial compensation from the at-fault party. You will qualify for two types of damages:
Economic damages will cover your financial losses related to the accident. These are losses that can be substantiated with documentation such as receipts, invoices, bills, etc. In other words, they have a specific monetary value.
Non-economic damages compensate for non-monetary losses that are more personal in nature. Also known as pain and suffering damages, these losses do not have a discreet monetary value. However, they can make up a large portion of your personal injury award.
Economic damages can include virtually any loss with a provable financial value. However, there are some common economic damages that tend to pop up in every case.
Medical expenses are often one of the largest economic damages in personal injury cases. Medical costs might include:
You can recover compensation for your past medical expenses and future expenses that your projected to incur due to your injuries.
Slip and falls and other accidents cause serious injuries that might require months or years of physical therapy and rehabilitation. Economic damages cover the expenses you incur from the rehab process
You may lose significant wages from missed work while you recover from your injuries. Lost income can make up another large portion of your injury award. You can typically prove the amount of your lost wages using pay stubs.
You can also recover compensation for any diminished earning capacity you experience after the accident.
Property damage is another common economic loss. Property damage comes up most often in motor vehicle accidents. However, it extends to any accident that damages or destroys your personal property.
Proving economic damages is a relatively straightforward process. Your lawyer will typically track and record all financial losses related to the accident. They will then calculate the value of the losses to determine how much compensation you should receive.
Your compensation will depend on a number of factors, including:
Accidents that result in severe or permanent injuries typically have the highest value. The best way to determine the economic damages available in your case is to consult an experienced injury lawyer.
Oregon caps non-economic damages at $500,000 in certain cases. However, there are no caps for economic damages.
You will be able to recover full compensation for your financial losses after an accident. However, your choice of attorney can make a difference in the amount of compensation you receive. An experienced injury attorney gives you the best chance of maximizing your personal injury award.
Oregon has statutes of limitations in personal injury claims. Typically, you will have two years to file an injury lawsuit to recover damages related to an accident. Wrongful death claims have a three-year deadline.
If you fail to file your claim by the deadline, you will be barred from pursuing economic (or non-economic) damages. That’s why it’s important to get started on your claim as soon as possible after your accident.
You shouldn’t have to bear the financial costs of an accident you didn’t cause. The at-fault party should compensate you for your damages — and put you in the position you were in before your injuries.
Our Portland personal injury lawyers at Tillmann Law Personal Injury Lawyers can help you recover full compensation for your losses. We have over a decade of experience in personal injury and insurance law. We’ve recovered millions to date.
Contact or call us at (503) 272-8986 to schedule a free consultation to discuss your case.