After a car accident, your finances can suffer. In addition to coping with your physical and emotional damage, you need to cope with the damage to your bank account. Learn more about the financial impact of car accidents.
One of the most discussed financial consequences of a car crash is the medical expense. Whether or not you have health insurance, your medical bills are likely to be very high. Even minor injuries, like small lacerations, can be expensive. Co-payments for doctor visits and medications are also costly. As time goes by, your medical bills can continue to grow.
If your medical bills include emergency transport, surgery, and overnight hospital stays, the cost could shock you. Although you may be able to set up a payment plan, the financial burden could leave you in ruin.
Car Repair Bills
Another expense comes in the form of your vehicle repairs. Even a small fender bender can cause damage to your vehicle. Depending on the place of impact, you may need to replace several panels of your car. If your accident causes damage to your engine, the expenses can be even greater.
It’s not uncommon for vehicle damage from a collision to cost thousands of dollars. When you combine this with the cost of your medical expenses, you could have a significant amount of debt.
An injury caused by your collision could keep you from working. For instance, a minor head injury could require you to stay home from work for several days. In the weeks following your recovery, you may also need to miss work to attend medical appointments.
If you have a more serious injury, you may be unable to work for weeks or months at a time. Unfortunately, this would leave you with no income. This can be particularly difficult for individuals with families.
The cost of living in Fresno is slightly higher than the cost of other places in the United States. For this reason, most people can’t afford to miss time from work. Once you use up your sick days, you could be cutting into your income.
Lost Earning Potential
Certain injuries can have permanent effects on the victim. For instance, an amputation could leave you unable to perform your duties at work. This could require you to find a new job.
This lost earning potential can significantly impact your finances. As a result of your injury, you may need to take a major pay cut.
Recovering Your Money
Fortunately, there are ways to deal with the financial consequences of your accident. Insurance could be one option. You may be able to file a claim with your insurance or the other party’s insurance. If your claim goes through, you could receive money for all of your accident-related expenses. But this option isn’t always easy. The insurance company could fight your claim and offer a low settlement. To get the money you deserve, you might need to fight for it.
Another option is to file a personal injury claim against a negligent driver. Most car accidents are caused by negligence. If your collision was the fault of another driver or party, then you may be able to file a lawsuit against them. You could receive money for all of your expenses, as well as money for your pain and suffering. Grossman Law Offices can fight for your compensation.