Car accidents are not only terrible for risking your life but they also take a toll on your financial well-being. The horrifying implications affect both parties involved in a car accident. However, the financial damages vary for the victim and the guilty.
So, no matter what side of the damage you’re on, it’s best to be well aware of your rights. The best way to tackle the damages without getting yourself in trouble is to learn about the damages and appropriate actions to protect your financial well-being.
Financial Damage for Victim
The victim faces maximum damages. If they’re a pedestrian, they will be severely injured leading to a disturbing medical expense. Moreover, the psychological trauma cannot be ignored either. Even if the victim’s insurance covers the medical expense, they will have to take time off from work and it will reflect on their salary deduction. Additionally, medical expenses are not a temporary thing either. A person may be injured for life, and lose their earning capacity.
If the person’s vehicle is damaged, they will definitely need repairs that will cost a lot. If the case is a hit-and-run incident, and you want to hold the person who caused you damages guilty in a court of law, the legal struggle is going to cost you a fortune. If you have lost someone in a car accident, you are liable for all the expenses they left behind including arranging for a funeral. You may also become responsible for the victim’s dependents who may need your financial help from time to time.
You need to be fully aware of your rights so as to not end up in monetary issues. For a victim, this is even more important because they face the full brunt of the situation without any fault.
You might think it’s not easy to find a lawyer in Texas but there are more options available than you think. If you’re a victim of a leg injury, you may be already looking for the best car or motorcycle accident leg injury lawyer in El Paso, however, think through this carefully. Call up your insurance company and let them know the condition of your car. If the coverage is good, you will get your money back in no time. However, you may suffer if you don’t accurately report the incident.
If you hide the incident for the fear of increasing premiums that is an unwise decision. Because if you don’t report a car accident, chances are you will lose your insurance policy altogether. That will cause you a greater amount of money than the premiums. So avoid negligence here.
Moreover, if you are bound in a legal case, you should cooperate fully with authorities to reduce the time frame of the proceedings. This will help in saving the cost of your lawyers for fewer hearings. If you are the victim, you can sue a person to pay not only property damages but also medical bills.
You can ask for financial assistance if you have lost work due to a temporary or permanent injury caused by the accident. It is essential that you take advantage of this when you can. As a guilty person, you can make use of your health insurance to avoid the accumulation of medical bills and debt. This will help you cope with the financial losses you are otherwise having after an accident.
Financial Damage for Guilty
The person at fault during a car accident is also at loss not only emotionally but monetarily. They will need to pay the damages to the victim. not to mention they may deal with fines and legal hearings causing them financial distress. If you’re paying premiums to your insurance company, your responsibility regarding a car crash will come into question. An investigation will occur to negate the chances of insurance fraud. Even then you will be made to pay increased insurance premiums. This will put your annual budget out of place.
If you don’t have insurance you are in an even greater mess. Usually, the required car repairs never come cheap. If it’s too damaged, it may not even be fixed. If that is the case you couldn’t sell it as no one would buy the car. If the car is somehow fixed, it will still give you maintenance headaches from time to time. To get rid of it, you will sell it at a loss – which is horrible. Furthermore, you may even injure yourself and have to bear medical expenses. All this causes a great financial strain on your budget.
Financial issues are one of the major parts of any car damage. If the damage is in lots, the reality of money becomes even clearer. Whether you’re a victim or at fault, you will incur some financial losses. But you will never be at a loss if you know how to protect your interest in the right way.