What Are Economic Damages in Oklahoma?

When you’re involved in an accident in Oklahoma City, OK, you may have the right to recover compensation for your injuries.

Compensation typically falls into one of two distinct categories – economic damages and non-economic damages.

Here, our Oklahoma City personal injury lawyers discuss what you need to know about economic damages.

Defining Economic Damages in Oklahoma

economic damages

When an Oklahoma resident gets into a car accident or slips and falls, they may file a personal injury lawsuit against the liable party.

If their suit succeeds, they will receive compensation that the Oklahoma legal system sorts into two categories:

  • Economic damages and 
  • Noneconomic damages

Courts award economic damages to help victims cover the financial costs incurred as a result of their accident. Compensatory damages of this type are tangible – and plaintiffs must typically present bills and invoices to the judge and jury to prove the extent of their expenses.

On the other hand, the noneconomic portion of a jury award exists to recompense accident victims for the emotional trauma or mental anguish they experienced as a result of their injury. Damages for pain and suffering of this nature are not easily quantifiable. As such, they can be quite tricky to prove to a court.

Common Types of Economic Damages in Oklahoma

There is a wide range of economic damages for which an Oklahoman may recover compensation at the end of a personal injury case, including:

Initial Medical Expenses

Injured parties may recover compensation for procedures and tests such as:

  • X-rays
  • Blood tests
  • MRI scans
  • Emergency room care
  • Surgeries

Patients should retain all bills to make the claims process easy.

Rehabilitation Costs

When Oklahomans suffer injuries in car or bike accidents, they often need years of physical and occupational therapy. They can claim compensation for the expenses associated with these treatments by filing a lawsuit.

Property Damage

Victims can recover compensation for the cost of repairing their vehicle or personal property by filing a personal injury lawsuit. Damages of this type are much easier to claim with receipts and invoices.

Lost Income

Oklahomans often have to miss work because of injuries sustained in auto accidents. They can claim compensation for their lost income by filing a lawsuit against the at-fault party.

Loss of Earning Capacity

The injuries Oklahoma residents suffer when they get into accidents often stop them from continuing their careers. When this nightmare scenario occurs, they can recover damages by suing the liable party.

Funeral Expenses

When Oklahomans sustain truck accident injuries resulting in death, their family members can seek compensation for their funeral costs.

If an insurance company acts in bad faith, there’s a good chance that you’ll endure certain costs, as a result. That might include the expense of hiring an attorney to file a bad-faith lawsuit against the insurance provider to demand benefits you’re rightfully owed under a policy. When you file this type of lawsuit, you can seek economic damages to reimburse you for the cost of your legal expenses and other verifiable out-of-pocket costs. 

At McGuire Law Firm, we have been helping Oklahoma residents claim compensatory damages after dog bites and pedestrian accidents for years. If you would like to have us use our experience to assist you with your case, all you need to do is give us a call or contact us online. We are ready to go to battle on your behalf.

How Do Courts Determine the Amount of Compensation an Injured Party May Receive?

To determine the amount of economic compensation injured parties ought to receive after car crashes in Oklahoma, courts and insurance companies consider a wide range of factors, including:

  • The cost of the victim’s initial medical treatment
  • The expenses associated with the victim’s rehabilitation
  • The fees attached to the victim’s ongoing healthcare needs
  • The cost to repair or replace the victim’s damaged property
  • The time the victim’s injury caused them to miss from work 
  • The impact the victim’s injury will have on their career prospects
  • The bodily injury and property damage limits on the at-fault party’s insurance policy

Oklahomans who suffer injuries that leave them with long-term disabilities that prevent them from returning to their careers tend to receive the most substantial payouts.

Would you like to have a skilled personal injury attorney from McGuire Law Firm review your medical malpractice or product liability case and let you know how much economic compensation you may be able to claim? If so, please do not hesitate to give us a call to set up a free consultation at our law office in Oklahoma City. Our legal team has spent many years in the industry, so you can be confident that our assessment will be accurate.

Is There a Limit to the Amount of Economic Damages Oklahomans Can Receive in a Personal Injury Case?

The state of Oklahoma does not have any economic damage caps. People who suffer injuries in accidents in Edmond and Oklahoma City can recover as much compensation as they need to cover their medical bills and other expenses.

Oklahoma once had a $350,000 cap on noneconomic damages. However, the Oklahoma Supreme Court invalidated this rule in 2019.

The knowledgeable attorneys at McGuire Law Firm have been helping Oklahomans recover both economic and non-economic damages after car accidents and dog bites for years. If you would like to have our team fight for you, all you need to do is give us a call or contact us online.

How Can Oklahoma Residents Know If They Are Entitled to Economic Damages?

Not everyone who sustains injuries in accidents in the state of Oklahoma can recover economic damages. However, if another person or company is to blame for those injuries, they might have a viable claim.

Generally speaking, anyone who wants to recover economic damages for injuries sustained in an Oklahoma accident must be able to prove that:

  • The other party owed them a duty of care
  • The other party breached that duty by acting negligently
  • The other party’s breach of duty caused them to suffer damages
  • Their damages are as extensive as they claim

Typically, the best way to prove these points is to present the court with a plethora of relevant evidentiary materials, such as:

  • Video footage
  • Accident scene photographs
  • Police crash reports
  • Medical records
  • Eye witness statements

Would you like to talk to a knowledgeable attorney to find out if you have a viable personal injury case? Then please pick up the phone and contact McGuire Law Firm in Oklahoma City as soon as you can. We would be more than happy to provide you with the information you require.

What is the Deadline for Pursuing Economic Damages in Oklahoma?

Section 12-95 of the Oklahoma Statutes asserts that the standard statute of limitations for just about all personal injury cases is two years. In most instances, this clock begins on the date of the victim’s accident. However, for cases involving children, the timer starts on the day they turn 18.

The statute of limitations for wrongful death suits in Oklahoma is also two years. However, for cases of this nature, the two-year clock begins to tick on the day the victim loses their life.

Oklahomans who do not file suit against the responsible party before their statute of limitations expires can lose their right to economic damages.

Do you need an experienced personal injury or wrongful death attorney to help you file paperwork with the court before your statutory window shuts for good? Then please reach out to McGuire Law Firm today. Our legal team might be able to expedite your filing process. 

How McGuire Law Firm Can Help You Fight for Economic Damages

When you need help fighting for economic damages after a truck accident or dog bite, hiring a knowledgeable Oklahoma personal injury lawyer from McGuire Law Firm is a great place to start. Here is how our legal team can assist you with your case:

  • Launch an investigation into the events that led to your accident
  • Help you understand your potential legal options
  • Speak with the other party’s lawyer on your behalf
  • Provide you with astute legal advice when required
  • Answer any questions you may have as your case progresses
  • Devise an effective legal strategy for your case
  • Identify the person or business that is liable for your damages
  • Help you understand how the Oklahoma legal system operates
  • Consult with industry experts about the nuances of your case
  • Analyze your accident and assess your economic damages
  • Take care of your lawsuit’s administrative workload
  • Search for evidence that may help to prove your case
  • Negotiate a settlement deal with the defendant’s insurer
  • Argue on your behalf in court, if necessary

Are you ready to have a skilled personal injury attorney from McGuire Law Firm help you fight for economic damages after your accident? Then please give us a call or contact us online today to set up a meeting with a member of our legal team. We are always available to assist our neighbors in the state of Oklahoma.

What Are Economic Damages in Oklahoma? Contact Our Law Firm Today for More Information

Would you like to have a lawyer from McGuire Law Firm help you fight for compensation for pain and suffering or an economic loss after an auto accident in Oklahoma? Then please give us a call and arrange a free initial consultation with one of our Oklahoma City personal injury attorneys members as soon as possible. Our team has years of experience in the industry and is ready to stand up for you.