There’s no getting around it, accidents can be expensive. Suddenly, you’re being hit with unexpected expenses and wondering how you’re going to cover the costs. Nevada lets accident victims seek compensation for their damages.
While this is great news, it can leave you a little confused. What can you list on an accident claim and how in the world do you figure out the value? Determining the value of economic damages in a Nevada accident claim can be surprisingly easy. However, this is often only the first step in the process.
What Are Economic Damages?
You’re probably going to hear this term a lot throughout the claim process. Between your attorney and the insurance adjuster, you’re probably going to be a little tired of hearing about economic damages. So, what are they?
Economic damages are a part of every personal injury claim. If you don’t have any economic losses there probably isn’t a reason to start the claim process. Your economic damages are your tangible losses. This includes your medical expenses, property damage costs, and possibly even lost wages.
Potentially Covered Medical Expenses
Obviously, the severity of your injuries is going to affect your medical costs. Your past medical bills are usually considered recoverable expenses. If your injuries require long-term care, your economic damages can also include your future medical expenses. Some of the medical expenses that typically qualify for compensation include:
- Emergency room bills
- Urgent care bills
- Follow-up doctor visits
- Physical therapy
- Diagnostic tests
- X-rays
- Blood tests
- Physical therapy aids
- Mobility aids like crutches, braces, and wheelchairs
- Occupational therapy
- Travel costs to medical appointments
- Prescription costs
If you don’t see your treatment on the list, no worries. This doesn’t mean it’s not recoverable, This list only includes the more common types of medical expenses. Your personal injury attorney can help you figure out what’s a recoverable economic damage or if you’re responsible for covering the bill.
Property Damage
When you think of property damage In an accident, your vehicle probably pops into your mind. While this is a common type of economic damage, it’s not the only one you may be able to claim.
Pretty much anything can be considered property. For example, your smartphone, tablet, purse, and even clothing. For example, if your jeans are ripped as a result of the accident, you should be able to claim their cost.
If the property is repairable, your claim will list the cost to get your property back to its pre-accident condition. If your property is damaged beyond repair, your claim will list the replacement cost. Sometimes, the insurance adjuster steps in and makes the decision to repair or replace your property for you. This usually happens when repairs cost significantly more than replacement or the property’s overall value.
Unfortunately, you don’t have a lot of say in what the insurance adjuster decides. Typically, the costs fall on you to repair any damaged property the insurance company decides needs replacing.
Past and Future Lost Wages
Injuries stemming from an accident can force you to miss some work. Whether it’s a few days or months, going without a paycheck hurts. Your lost past earnings can be recoverable economic damage. Calculating the value is also relatively easy.
Instead of using bills and receipts like you do to figure out the amount of your medical and property damage costs, you refer back to your pay stubs. Your tax records can also help you figure out your average daily wage. Multiply your average daily wage by the number of days you missed work and this gives you the total value of your lost past wages. Do you also get tips and bonuses? If so, you can also add this to your personal injury claim.
Some injuries are severe enough to keep you permanently out of work. Even if you can go back, you may be forced to take a lower-paying position. Instead of writing this off as an expensive loss, you can try to recover some or most of your lost future earnings. However, you’re going to need more than your pay stubs and tax records to calculate your estimated lost future earnings. Usually, an industry expert is needed to provide testimony and this is something your injury attorney should be able to provide.
Household Services
This type of economic damage is often overlooked. There isn’t a reason it’s not commonly discussed, it’s just one of those things. With that being said, if your injuries require you to bring in outside help around the house, this is usually considered economic damage. Whether it’s help with housework, yard chores, or running errands, almost all types of outside household services can be included in your personal injury claim.
Does Nevada Cap Economic Damages?
This is something every accident victim should know before starting the claim process. Nevada doesn’t cap economic damages so that’s one less thing to worry about. The state also doesn’t have a cap on non-economic damages. These are intangible things like your pain, suffering, mental anguish, and loss of life enjoyment, to name a few examples.
Nevada does cap punitive damages at three times the amount of a claim’s damages when the value is at or above $100,000. So, if your claim’s value is $200,000, your punitive damages are capped at $600,000. For claims valued under $100,000, punitive damage awards are usually capped at $300,000.
You can also run into some exceptions. If you don’t agree with the state’s cap, you can file an appeal but it’s rarely successful. Even if a lower court approves lifting the cap, the state’s Supreme Court usually disagrees. This means the cap goes back and your punitive damages are limited to the state’s maximum amount.
Ensuring Your Recover the Full Value of Your Economic Damages
Overlooking economic damage can significantly reduce the overall value of your claim. This can leave you holding the bag. You’re responsible for covering your bills relating to the accident regardless of the claim’s total value. To help ensure you’re claiming all of your damages, work with an experienced Nevada accident attorney. From gathering evidence to calculating your damages, your attorney can help ensure you receive the fair value of your injury claim.
