Truck accidents often cause devastating injuries that lead to significant financial burdens. Victims deal with rising medical bills, lost pay, and other costs. These can add up fast and feel overwhelming. Economic damages help victims recover their direct financial losses from an accident.
What Are Economic Damages?
Economic damages, a type of compensatory damages, pay victims for money lost due to an accident. You can calculate these objective damages based on documentation such as medical bills, pay stubs, and receipts.
Examples of economic damages in truck accident cases include:
- Medical expenses
- Lost wages
- Loss of future earning capacity
- Property damage
- Out-of-pocket expenses
These damages aim to restore the victim to the financial position they were in before the accident occurred.
Medical Expenses
Medical bills often make up the largest portion of economic damages in a truck accident case.
Compensation may cover:
- Emergency room visits
- Hospital stays and surgeries
- Doctor’s appointments and follow-ups
- Physical therapy and rehabilitation
- Prescription medications
- Medical equipment (wheelchairs, prosthetics, etc.)
- Long-term care for catastrophic injuries
If an injury leads to permanent disability, the victim may get compensation. This can cover future medical costs. This includes ongoing treatment, home healthcare, and special medical equipment.
To claim medical expenses, victims typically provide:
- Medical records and bills
- Doctor’s notes detailing treatment plans
- Expert testimony regarding future medical needs
Accurately documenting medical costs ensures that victims receive full compensation for their healthcare needs.
Lost Wages and Loss of Earning Capacity
Truck accident injuries often force victims to take time off work. Economic damages can reimburse them for the wages they lost during their recovery period.
Lost wages are based on:
- The victim’s salary or hourly wage
- The number of workdays missed due to the injury
- Overtime pay and bonuses that would have been earned
For self-employed individuals, financial records such as tax returns, invoices, and profit/loss statements may be used to establish lost earnings.
Loss of Future Earnings
In cases involving severe injuries or permanent disabilities, victims may be unable to return to their previous jobs or work at all. Loss of earning capacity damages compensate for the reduction in future income.
Factors considered in these claims include:
- The victim’s age and expected career trajectory
- The severity of the injury and its long-term impact
- Testimony from vocational and economic experts
Loss of earning capacity damages compensate for the reduction in future income.
Property Damage
Truck accidents result in extensive vehicle damage.
Victims may be entitled to compensation for:
- Vehicle repairs: Costs of fixing damage caused by the accident
- Vehicle replacement: If the car is totaled and cannot be repaired
- Personal belongings: Items inside the vehicle that were damaged, such as electronics or luggage
In Florida, you typically file property damage claims with the at-fault driver’s insurance. If the at-fault party lacks insurance or has too little, victims may need to seek compensation from their own insurance. They can also file a personal injury lawsuit.
Out-of-Pocket Expenses
Many truck accident victims incur additional expenses beyond medical bills and lost wages.
These costs may include:
- Transportation
- Home modifications
- In-home nursing care or assistance
- Childcare expenses if the victim is unable to care for their children due to the injury
Keeping detailed records and receipts for all accident-related expenses is essential for maximizing compensation.
Florida’s No-Fault Insurance and Economic Damages
Florida follows a no-fault insurance system for car accidents, meaning that accident victims must first file claims through their Personal Injury Protection (PIP) coverage.
PIP covers:
- 80% of medical expenses, up to $10,000
- 60% of lost wages, up to policy limits
If a victim’s injuries are severe and exceed PIP limits, they can pursue additional compensation by filing a claim against the at-fault party.
Florida’s Comparative Negligence Rule
Under Florida’s modified comparative negligence law, the court may reduce a victim’s compensation if it finds them partially at fault for the accident.
If a victim is less than 51% at fault, they can still recover damages, but the award will be reduced by their percentage of fault. If they are more than 50% at fault, the law bars them from recovering compensation.
If a truck accident victim gets $100,000 in economic damages but is 20% at fault, their total compensation drops to $80,000.
Why You Need an Attorney for Economic Damage Claims
Insurance companies often try to minimize payouts by undervaluing medical expenses, disputing lost wages, or denying liability.
An experienced truck accident attorney can:
- Collect and present strong evidence to maximize economic damage claims
- Negotiate with insurance companies to secure a fair settlement
- Work with medical and economic experts to establish long-term financial losses
- File a lawsuit if the insurer refuses to offer fair compensation
An experienced personal injury lawyer can fight for truck accident victims to ensure they receive the full financial compensation they deserve.
Contact Our Personal Injury Lawyers for a Free Consultation
If you or a loved one suffered economic losses due to a truck accident in Florida, you may be entitled to compensation for medical bills, lost wages, and other expenses. At Shaked Law Firm, P.A., our experienced attorneys are ready to fight for your rights. Contact us to schedule a free consultation today at (305) 937-0191.