Car accident victims often face hidden costs that go beyond the damage to their vehicles and physical injuries. These costs can majorly impact their finances, well-being, and relationships with others.
These costs include repair deductibles, which are out-of-pocket expenses that must be paid before insurance companies will pay for repairs. They also have emotional and mental health costs, which are not covered by insurance.
Medical Expenses
When you’re in a car accident, it takes more than just physical injuries or vehicle damage to take a financial toll. Hidden costs include time spent investigating the crash and filing insurance claims. These can add up to lost hours that would have been spent on work tasks.
You may also need therapy and counseling for mental health issues stemming from the trauma of your accident. These services, as do medications you’re prescribed, come with their fee.
If your injuries prevent driving, you must pay for transportation expenses such as taxi or rideshare fares. You might also need to purchase special medical equipment or assistive devices.
Legal Fees
When most people think of the costs of a car accident, medical bills and property damage are the first expenses that come to mind. However, several hidden costs can quickly add up after a crash.
For example, if you are injured in an accident and cannot work, you will have lost income that could have been used to pay for your family’s essential needs. This is on top of the medical expenses, lost property damages and increased insurance premiums you may experience due to the collision.
A good car accident Plano attorney can help you document all the above expenses and ensure they are included in your case settlement. They can even negotiate with hospitals and doctors to lower the cost of your treatment so that you keep more of your compensation. This alone can be worth the legal fees of hiring a car accident lawyer.
Loss of Earnings
When you’re injured in a car accident, it’s not only the physical cost of pain and suffering that you have to pay for. You may also suffer an economic loss from the lost wages and higher insurance premiums. These hidden costs are a part of the total damages you can pursue through a personal injury claim against the at-fault party.
Car accidents can cause injuries that leave victims unable to work for an extended period. Injuries such as fractured bones, strained muscles, and herniated discs can prevent you from performing your job duties. You will likely lose earnings from missed shifts, reduced hours, and the ability to work at full capacity.
Additionally, you might have to pay for a rental car or alternative transportation to get around while your vehicle is in the shop getting repaired. This additional out-of-pocket expense can add up quickly. You’ll also have to pay any applicable repair deductibles not covered by your insurance.
Increased Insurance Premiums
When considering car accident costs, you may consider vehicle damage and medical bills. However, there are other hidden expenses that many people do not anticipate that can add up to a significant financial burden.
Ambulance fees, for example, can be expensive, as can X-rays and CT scans. Also, if your car is totaled, you will likely have to pay for a rental car. These additional expenses can quickly add up and make a big dent in your wallet.
Insurance rates also typically increase after a crash, which will be even higher if you are at fault. For this reason, getting a quote from a few different insurers is important before you settle on one. Additionally, taking a defensive driving course or another safety-related class can reduce your insurance premium costs after an accident. This is especially true for young drivers, who tend to see the highest increases in their insurance rates.