The Financial Impact of a Vehicle Accident
There are multiple ways that car accidents impact a person’s financial life. The most obvious is the cost of medical treatment. It can include follow-up visits, rehabilitative therapy, and prescriptions. Other costs that may be overlooked are the costs associated with vehicle damage and alternative transportation. And, of course, wages are lost from time off work due to injury.
Lost Wages
The hospital expenses alone after being hurt in an automobile accident can easily reach tens of thousands of dollars or more. But even more significant costs are often associated with lost wages when a crash keeps you out of work. Your insurance carrier’s liability bodily injury coverage may entitle you to compensation for your losses if your injury prevents you from working in the same capacity as before or if it prevents you from returning to work. In addition to helping you figure out your actual costs, visit LevinInjuryFirm.com to ensure all the required documentation is included with your claim. Traumatic severe injuries may also lead to other substantial out-of-pocket costs, such as transportation expenses and home/environmental modifications needed for your recovery. You should factor these additional costs into your loss-of-income calculation as well.
Medical Bills
Medical bills are some of the most significant costs associated with a car accident. Even if you have health insurance, many doctors and hospitals require immediate payment before they will provide treatment. Some crash victims assume that the at-fault party will pay for their medical bills, but this is not always the case. Instead, the at-fault party will expect the victim to cover their medical expenses out of pocket unless they have “med pay” coverage in their car insurance policy or workers’ compensation benefits from their employer.
Additionally, severe injuries like spinal cord or traumatic brain injuries can result in long-term care and expensive medication. It can lead to significant future costs for the victim and their family. Some hospitals will accept a lien against the final personal injury settlement in exchange for immediate payment for their services, which can reduce the victim’s burden. A lawyer can negotiate these arrangements on the victim’s behalf. In severe cases, some hospital bills can reach the tens of thousands or more.
Car Repairs
Car accidents often result in substantial property damage. Unless victims have a large sum of money saved, paying for repairs out of pocket. Insurance companies usually require shops to bid on the work and approve a median amount. It can leave victims without the choice of which shop to use or may prevent them from getting their vehicles fixed.
Additionally, if an accident is severe enough to cause a mobility injury, victims will have difficulty going about their daily lives. While paid time off and disability benefits help, these will only last for a set period. Severe injuries can outlast these benefits, leading to financial disasters.
Many people are unaware of the hidden costs associated with car accidents. These include ongoing treatments, loss of income, increased insurance premiums, mental health impacts, and more. Understanding these additional costs can empower victims to receive the complete settlement offer they deserve.
Pain and Suffering
A skilled attorney can use documented medical records, witness statements, and expert testimony to help a jury understand your injuries’ severity. It also helps to journal the physical and emotional suffering you experience. The scope of your damages will largely depend on the severity and duration of your car accident injury. A lawyer can also consider your injuries’ impact on your future career and other life activities. It is called future economic loss. Attorneys use financial and vocational specialists to help calculate these long-term effects. The more severe an injury, the higher the damages you can receive.
