Calculating Damages in a Car Accident Case
In a car accident case, compensatory damages include two types: economic and non-economic. Monetary damages are pecuniary losses that directly result in a person’s financial loss, typically by withdrawing money from their bank account. In contrast, noneconomic damages are intangible losses that do not have an economic component but affect a person’s quality of life. While different in nature, recovering both forms of damages permits an accident victim to become “whole” again.
The auto accident injury attorneys at John Price Law in Charleston, SC, understand that recovering the full extent of accident-related expenses is crucial for obtaining adequate relief. That is why our team of professionals will not stop fighting until we recoup every last dollar that you lost related to your motor vehicle crash.
Economic Damages
Financial losses that have actual monetary value are known as economic damages. In a car accident case, these typically include lost wages, ambulatory services, emergency room care, surgeries and/or procedures, rehabilitative therapies, and vehicle repair costs. If your injuries are particularly severe or result in long-term disability, then additional fees may include home modifications, future lost wages, and future medical expenses.
Bear in mind that if you experienced physical injuries and vehicle damage, you would file two separate claims through insurance: a bodily injury claim and a property damage claim. Whereas economic damages are relatively straightforward to calculate, it does require that the injured party keep any bills, invoices, or receipts related to the accident. For claimants who must work in a reduced capacity, lost wages are determined by comparing pay stubs before and after the accident.
Non-economic Damages
Nonpecuniary losses, also known as noneconomic damages, include any losses that impact a person’s quality of life but are not easily quantifiable. In a car accident case, these often include pain and suffering, infliction of emotional distress, and scarring and/or disfigurement, to name just a few.
Non-economic damages may be calculated using the per diem method or the multiplier method. At John Price Law, we use the multiplier method, which assigns a severity scale to your injuries (on a scale of 1.5 to 5). We then total your economic damages and multiply that total by your severity scale figure to determine your total non-economic damages.
Punitive Damages
In circumstances when the at-fault driver shows a “willful, wanton, or reckless” disregard for the safety of others, you may be eligible to recover punitive damages. These situations are rare, typically warranted when the defendant’s behavior is particularly egregious. As of December 2024, punitive damages in personal injury suits are capped at three times the amount of compensatory damages, or $719,971 (whichever amount is greater).
Besides recovering damages for bodily injury and property damage, South Carolina law also permits punitive damages when the at-fault driver’s conduct was willful, wanton, or reckless. Punitive damages are distinct from pain and suffering damages, as the former is intended to punish the wrongdoer and serve as a deterrent to others, rather than compensating for actual losses. If you are unsure if you qualify for punitive damages, you should speak with a car accident lawyer.
Contact Our Auto Accident Attorney Today
Car accident cases involve various pieces of information that must be sifted through to determine what actually occurred. In most car accident cases, claimants are entitled to both economic and non-economic damages (and rarely punitive damages). Given the impact that non-economic damages have on your life and the relationships you cherish, the dollar amount is justifiably greater than your total economic damages.
A fair award includes receiving the compensation that is rightfully owed to you. To obtain the award you deserve, you must provide convincing evidence to establish the other driver’s negligence. If you have recently been involved in a collision and are ready to discuss your options, the legal team at John Price Law would like to hear from you. To schedule a free case evaluation with one of our Charleston, SC, auto accident lawyers, we can be reached online or by phone at (843) 552-6011.