Economic & Non-Economic Damages In Tennessee Auto Accidents

So you’ve been in an automotive accident. Both your car and your spirits are damaged. But how do the state of Tennessee and the insurance company define what damages are to be awarded?

At the Porter Law Firm, PLLC, we have been helping people in the Memphis-area deal with the wake of their automotive accidents for over a decade — because we realize that the aftermath of an accident can be confusing. What is our goal? To get you through your accident in the best possible situation — whether that be owing less, or receiving more, money. In today’s blog we will be discussing damages, the two types of damages, and how we can help you seek damages after your automotive accident.

Economic Damages

The first damages that people tend to think of when they are in an automotive accident are the economic damages. Why is this? Well, it is rather simple. If you got into an accident in your brand-new $40,000 truck, the first thing that you will notice after an accident is that it probably is not worth $40,000 anymore — even if insurance pays to fix it. While economic damages are rather simply defined as a damage that holds a monetary value, there are a couple more common economic damages that we have defined below.

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Damages To Property – As we just stated above, damages to property are one of the most commonly thought of economic damages after an automotive accident. Whether your vehicle has suffered a small dent or has been totaled, there is a monetary value that can be placed on fixing the damages. Medical Damages – After an automotive accident there are almost always medical damages. For some, the extent of the damages will be little — with a precautionary ride to the hospital in an ambulance being the extent of their worries. For others, however, medical damages will be much more severe — requiring surgeries and other expensive procedures. Regardless of the severity of the injury, an injury as a result of an automotive accident is considered to be economic damage. Lost Wages – One of the least considered economic damages (until you are in a severe accident) is the wages that will be lost as a result of the accident. If injuries or mental health have been damaged as a direct result of an accident, the affected parties might be unable to return to work for some time — thus keeping the party from collecting wages that they might otherwise be able to. If someone is unable to work after an accident, the wages that they are unable to collect are “lost” and considered to be an economic damage.

Non-Economic Damages

When it comes to economic damages valuations are rather black and white. If surgery costs $30,000 , the valuation of the damages will be somewhere in the ballpark of $30,000. However, for non-economic damages, this is simply not the case.

Non-economic damages can be more difficult to calculate the value, in fact, the valuation of the damages are calculated by a jury. For example, if someone is seeking damages for their pain and suffering, a jury of their peers will be tasked with determining an adequate monetary value to satisfy the emotional damages that have been sustained.

Punitive Damages

While it may seem like economic and non-economic damages should encompass all damages from an automotive accident, there is one more type of damage — and you will need an accident injury attorney to help you seek it. Punitive damages are a form of punishment that is designed to punish the wrongdoer in an accident while also making an example of them. So if you are in an automotive accident and it is someone else’s fault, you might be able to receive compensation for economic damages and non-economic damages, with a punitive amount added on as well. At the Porter Law Firm, our accident injury attorney specializes in getting our client all three damages in automotive accidents that were a result of another driver’s fault.

Seeking Damages? Contact Your Memphis Accident Injury Attorney Today!

Have you been in an automotive accident in the Memphis area? Do you have medical bills, lost wages, pain, and suffering, or any other damages that have been suffered as a result of the accident? If so, we urge you to contact us at the Porter Law firm right away. Contact us today to schedule a free consultation with Matthew Porter!

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