Being involved in a car accident can affect your life in various ways. Besides sustaining injuries and suffering physically, you can be impacted financially. You can potentially experience financial strain after a crash.
Here is how this can happen:
1. Medical expenses
When you are involved in an accident, you need medical attention. This will lead to immediate medical bills, such as ambulance fees, hospital stays, surgery, medications and doctor visits.
If you suffer a serious injury, you may deal with ongoing expenses like physical therapy, prescription medications, assistive devices, home modifications, mental health services and in-home nursing care.
2. Property damage
If your belongings, such as electronics or clothes, get damaged in a car accident, you will incur repair or replacement costs.
This financial impact also applies to your car. Minor damages like a scratch or small dent can cost a few hundred to thousands of dollars, whereas major ones, such as significant damage to the frame, engine damage and transmission damage, can cost you tens of thousands of dollars.
If your car is declared a total loss after an accident, you will need to replace it.
3. Lost wages
You might need to miss work for some time to recover from your injury. Thus, you will lose your wages and benefits. Being involved in a car accident can also affect your future earning capacity. A serious injury can make it impossible for you to return to your duties or work in the future at all.
4. Insurance rates
Even when you are not at fault for an accident, your insurance company might increase your premiums. Your insurer may view the accident as a sign of increased risk.
A car accident can considerably affect your finances. That’s why it’s critical to understand how to build a strong case to receive just compensation.