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What are Economic Damages in a Colorado Car Accident Claim?

On Behalf of The Foley Law Firm | November 2, 2022
What are economic damages in a Colorado car accident claim?

Car accidents happen all the time. If you or someone you love is involved in one, you are going to hear the term “damages” come up again and again. If the accident was not your fault, you have the right to financial restitution for the resulting damages as provided for by Colorado negligence laws.

Basically, car accident damages fall into two categories: economic and non-economic damages. Economic damages are the financial losses attributable to the accident. But what exactly are these damages?

Understanding economic damages in a car crash claim

Economic damages go beyond the emergency room bills. Here are some of the car accident claim damages that can qualify as economic:

Future medical bills

Any type of medical bill that is directly attributable to the accident in question qualifies as an economic loss. Of course, the ER bills fall into this category, but so are other medical expenses that are occasioned by your injuries. These may include:

  • Prescription medication for long-term pain management
  • Mobility aids like braces, crutches and wheelchairs
  • Physical and occupational therapy costs
  • Follow-up doctor appointments

Future lost wages

Depending on the severity of your injuries, you might miss work while seeking treatment. Most often, this might mean that you will have no income. Still, catastrophic injuries like spinal cord injuries might leave you paralyzed and, thus, unable to work for the rest of your life. In either scenario, you may pursue the liable party for current and future lost income. Lost income should be something that can be calculated in a fixed dollar amount.

So how long do you have to sue for these damages?

Under Colorado law, you have up to two years from the date of the accident to file a lawsuit against the liable party. This is the statute of limitations period. A car accident can leave you with life-altering injuries, so find out how you can safeguard your rights and interests while pursuing your claim.

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