The True Costs of an Auto Accident. : ThyBlackMan

Saturday, April 21, 2018

The True Costs of an Auto Accident.

January 5, 2017 by  
Filed under Business, Health, Money, Weekly Columns

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( Many people make the assumption that if they get into an accident, their insurance will cover all of the expenses. Unfortunately, this is just not the case. While having adequate car insurance cover can take care of some of the expenses resulting from an accident, there are other expenses that you’ll need to cover yourself. Although accidents aren’t planned, having a clear understanding of what being involved in one might cost you, will help you to take preventative measures and be prepared.

Car Accident Attorney

As you read the expenses associated with a car accident below, you may want to consider working with the kind of car accident lawyer Denver residents consult in order to determine if you can be compensated. If it can be proven that you were not at fault, your attorney may be able to negotiate with the insurance company, other attorneys, or the courts to get compensation for costs not covered by insurance like medical expenses, lost wages, pain and suffering, and more.

Medical Expenses

When you’re involved in an accident, having adequate health insurance can save you money. Be that as it may, if your accident was severe, you may end up having to pay for medical costs. Whether you’re at fault or not you will have to pay your medical expenses. Depending on the type of insurance you have, you may not be covered for accidents which could leave you paying thousands in associated costs. Even if you are covered for accidents you’ll still be responsible for medical expenses like copays, deductibles, therapies, and prescription costs. If you happened to be the guilty party, you’ll also be responsible for the medical bills of the other driver/passengers.

Vehicle Repair and Car Rental

When you’re involved in an accident, getting the repairs fixed on your car and any damage that may have been done to the other party’s car can be a lot. While your car insurance may cover the damages, you will be responsible for paying the deductible, which is likely an upwards of $500. If you and/or the other party only has liability insurance or inadequate insurance, these costs could increase. Repairs can range from a few hundred dollars to thousands of dollars to complete.

If your vehicle is badly damaged, you will also need to rent a car – especially if you still have to get back and forth to work and school. Some insurance policies come with car rental coverage, however, it is typically for the most basic car and is limited to a certain dollar amount per day. You will still be responsible for gas, insurance coverage, and any other fees associated with the rental like the deposit. If your repair spans longer than your car insurance will cover, you will then have to foot the bill or be without a car until the repairs are complete which could average around $20 to $40 per day.

Car Insurance Hikes

Did you know that in many instances, your insurance premiums will increase after being involved in an accident. In some states like New Jersey, a no-fault clause means that insurers are penalized regardless of their role in the accident. You could be looking at a significant hike in your monthly premium for the next three to five years.

Lost Wages

If you’ve been injured badly, you may be out of work for a long period of time. Although you would likely qualify for disability coverage, it is not the full amount that you would be paid if you were working. This can lead to serious financial struggles very quickly.

Car accidents do more than just damage your vehicle, it can wreak havoc on you emotionally, physically, and financially. If you’ve been involved in a car accident and your finances are taking a hit, you should talk with a car accident attorney to see what they can do to help you recuperate some of those costs. By eliminating the financial stress you’re under, you can focus on healing and getting back to life.

Staff Writer; Carl Moore

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