What does "future economic loss" refer to in insurance claims?

"Future economic loss" in insurance claims specifically refers to the income an injured person may lose in the future as a direct result of their injuries. This term is significant as it encompasses the potential earnings that an individual would have made had the accident not occurred. It accounts for factors like the injured party’s ability to work and any anticipated changes in their earning capacity over time. For example, if an individual can no longer perform their job or must switch to a lower-paying position due to their injuries, this loss of future income would be considered future economic loss.

In the context of personal injury claims, it is essential to assess not only immediate losses but also the long-term implications of the injury on the person's financial situation. This can include lost wages, diminished capacity for future earnings, and other economic impacts related to their ongoing condition. Therefore, future economic loss is a critical component of the assessment in such claims to ensure individuals receive appropriate compensation for their losses.

The other options provided describe different aspects of vehicle value or repair costs, which do not pertain to the concept of economic loss in the context of personal injury and insurance claims.