In the heat of a motor vehicle accident, you may believe the only damage a car accident can do is to your vehicle. The truth is that a car accident can wreck your finances and leave an unsightly dent in your bank account balance.
Car accidents can be catastrophic when they occur, but their economic damages can persist for months and years into the future, perhaps even for a lifetime. Unfortunately, this financial toll comprises only a fraction of the pain, suffering and emotional damage car accidents inflict.
1. Medical Expenses
The costs from injuries from car accidents don’t stop in the hospital emergency room. Hospitalization, physical and occupational therapy, follow-up clinical care, and more can compound and lead to astronomical expenses. Traumatic brain injuries sustained in car accidents may even require life-long medical care.
Hiring a personal attorney from a law firm such as Schwartzapfel Lawyers to represent you after a car accident can protect your financial interests now and in the future. That way, burdensome medical debt won’t inhibit the healing process.
2. Higher Auto Insurance Costs
Navigating insurance costs after a car accident can be a nightmare. If you’re a victim of a car accident, your car insurance premiums will most likely rise. Some car insurance companies will even refuse to continue to offer auto coverage to customers who have been in car accidents.
3. Lost Wages
After a car accident, you may be unable to work, leading to lost wages. How would you be able to pay your bills or provide for your family? If you can’t pay your rent or mortgage, you could be evicted or lose your home. Not to mention, unpaid bills can wreak havoc on your credit score. Worst case scenario, you might even have to file for bankruptcy.
4. Vehicle Repairs
In many places, having a vehicle is necessary for daily life – going to work, taking children to school, and purchasing food, and the list goes on and on. What would you do if your car was damaged or even totaled in a car accident? Replacing or repairing a vehicle can be expensive, especially if you owe money on the car damaged in the accident.
5. Legal Fees
Hiring a personal attorney is an expense only if you choose to have personal representation. Fortunately, legal fees from an attorney will come from your settlement rather than out of your pocket.
Having an attorney looking out for your best interests and dealing with insurance claims after a car accident is the best way to protect your financial interests as you put your life back together.
The Bottom Line
Every year, car accidents result in $871 billion in damages. Medical expenses, the replacement of your vehicle, lost wages, higher insurance premiums, and the inability to pay bills will add to the unbearable stress induced by car accidents every year.
As bills from a car accident pile up, hiring a personal attorney can be a wise financial decision for today and tomorrow.
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