The Potential Economic Losses a Bicycle Accident Victim Will Sustain

Bicycling is an eco-friendly mode of transportation and is generally less dangerous than modes of other transportation. However, this doesn’t mean that the bicycle is completely safe, as you may still fall victim to accidents. According to the NHTSA, around 49,000 pedal cyclists in the US were injured in different traffic accidents in 2019.

The effects of a bicycle accident aren’t limited to physical and emotional pain; they also have significant economic impacts. You must understand the different types of economic losses sustained in a bicycle accident to ensure you make informed decisions about seeking legal help. To help you, we have discussed the different economic losses in detail.

Types of Economic Losses Sustained in a Bicycle Accident

Newport Beach is a coastal city in Orange County, California. Bicycling is a popular activity in Newport Beach, and the city has various bike paths and lanes. If you are a bicyclist, who fell victim to a accident, you must contact professional bicycle accident lawyers in Newport Beach. It is important to choose an experienced bicycle lawyer who can help you get your compensation in Newport Beach.

Here are some different types of economic losses you may suffer in a bicycle accident:

Medical Expenses

Medical expenses are the most significant economic loss you sustain following a bicycle accident. Depending on the complexity of the injuries, you may require immediate medical attention, hospitalization, surgery, medication, rehabilitation, and long-term medical care.

Additionally, if you have suffered injuries requiring ongoing medical treatment or physical therapy, you must also pay for those. All this can add up to your medical bills, leaving you in debt or bankruptcy. So, when filing a compensation claim, you must show all your medical expenses and necessary receipts to the insurance company.

Lost Wages

If you are a worker, injuries sustained in a bicycle accident can prevent you from working. And if you cannot work due to your injuries, you may lose income due to missed workdays, reduced work hours, or your inability to return to work.

This results in lost wages that make your financial situation worse. However, remember that calculating your lost wages can be a difficult process, and you need the assistance of a lawyer to determine the extent of your damages.

Property Damage

Apart from physical injuries and wage loss, you may suffer property damage as a result of a bicycle accident. For instance, if your bike is damaged in an accident, you may need to repair or replace it.

You can request an accurate estimate of your damaged property by contacting a mechanic. Moreover, if you have other personal property damaged, such as a cell phone or other personal items, you are entitled to fair compensation for them.

Punitive Damages

If you consider the accident to be the result of fraud or malice by the other party, you may be able to pursue punitive damages in addition to compensatory damages. Typically, punitive damages are awarded to punish the person responsible for your injuries and deter similar behavior in the future.

Remember, these damages are challenging to obtain, and you need to prove that the responsible person acted with malice, oppression, or recklessness. If you successfully obtain punitive damages, the overall amount awarded greatly increases the overall value of your claim. Consequently, you will feel less financially burdened and pay off all your accident-related debts.

Conclusion

If you get into a bicycle accident, you may suffer significant economic losses. These losses can be medical expenses, lost wages, property damage, etc.

You can easily get compensation for all these damages by consulting a professional attorney.