What are economic damages?

Economic damages in North Carolina are those that are incurred financially due to an accident. These can take many forms, such as medical expenses, lost wages, or property damage. Economic damages are designed to help the injured party recover financially from the accident. Medical expenses are the most common form of economic damage. This includes costs for hospital visits, surgeries, rehabilitation, and other medical services. Lost wages are the second most common form of economic damage. This type of damage is incurred when the injured party is unable to work due to their accident. Calculating lost wages involves looking at the amount of income earned prior to the accident and subtracting any wages earned during the recovery period. Property damage is another type of economic damage that can be recovered through an accident claim. This type of damage includes reimbursement for costs associated with repairing or replacing damaged property due to the accident. Finally, economic damages may also include compensation for pain and suffering caused by the accident. This is a non-economic form of damages and is designed to provide financial compensation for any emotional or physical distress caused by the accident.

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