When people think of car accidents, they usually believe it’s all over when the police officer files a report.
They couldn’t be more mistaken.
Things that people never think about after a car accident really start to add up after you pay for the initial damages. Costs you don’t initially think of after your wreck will continue to trickle down into your bank account for years and harm you in more ways than one.
Here’s what you need to know:
The National Highway Traffic Safety Administration revealed that motor vehicle crashes added approximately $340 billion to the U.S. economy. When inflation is factored in, that number rises to over $417 billion. However, these numbers don’t even come close to touching on what victims of accidents have to pay.
However…
If you know what to look for and prepare for these hidden costs before they happen, you can prevent them from happening to you. Working with the best car accident lawyer that knows car accident legal services inside and out can also help you recoup costs you didn’t know you were entitled to.
You’ll learn:
- Every Financial Hidden Cost of Car Accidents
- Surge in Insurance Premiums You’ll Never See Coming
- Mental Trauma No One Accounts For
- Loss of Income That Goes Beyond Time Off Work
- How to Prevent Hidden Costs
Every Financial Hidden Cost of Car Accidents
The average accident victim only considers the obvious. The ambulance ride to the hospital. The hospital bill they have to pay. Getting their car repaired.
But none of that is the end all be all.
Costs can bleed for years after your accident.
Every person in America pays nearly $1,268 annually due to car accidents. Where does this money go? Well, it gets pulled from your wallet in the form of increased insurance premiums, taxes, and more.
Victims of car accidents unfortunately take the brunt of the damage. Medical bills don’t just stop after your initial hospital visit. Costs for doctor’s visits, surgeries, medications, and therapy can last well after your car accident.
And that’s just medical costs.
Insurance Premium Increases You’ll Never See Coming
Speaking of insurance, have you taken into consideration how your premiums will increase after your accident?
After your first at-fault accident, you can expect your car insurance rates to increase by about 43% on average. That’s around $1,200 more for the average driver.
But here’s the worst part.
Those increased rates aren’t going anywhere anytime soon. They typically last between three and five years. If we do the math, that one accident can cost you an additional $3,600 to $6,000 just in insurance increases.
And you might even see your rates go up if you weren’t at fault. Some insurance companies will increase your rates even if you don’t cause the accident depending on where you live.
Trauma No One Accounts For
Broken bones heal.
Cuts heal.
What about your mental health?
Car accidents are actually the leading cause of PTSD for non-military personnel. According to the Department of Veterans Affairs, around 9% of car accident survivors suffered from PTSD.
Some symptoms of PTSD include:
- Flashbacks and nightmares of the accident.
- Severe anxiety when driving.
- Avoidance of certain roads, traffic lights, or intersections.
- Emotional numbness.
Many people that experience mental trauma after their accident will have to undergo continuous therapy to recover. Therapy isn’t cheap. Expect to pay anywhere from $100 to $300 a session if you don’t have insurance.
What about the people that aren’t able to recover? PTSD affects every aspect of your life. From relationships to your career.
Lost Income That Goes Beyond Time Off From Work
Taking a couple of days off of work to recover from your accident isn’t the end of the world.
But what if you’re not able to return to work?
Loss of wages is one of the hidden costs of car accidents that many people don’t think about. But it doesn’t stop there.
If you’re involved in a serious accident and are not able to return to work because of your injuries, you could be left with a diminished earning capacity.
Let’s say you were working a physical job and are no longer able to perform your duties like you used to. Or maybe you’re an independent contractor that drives to your clients. Your career could be cut short because you were in a car accident.
Future lost wages are usually much higher than the loss of income you’d initially face after an accident.
Car Isn’t the Only Thing That Gets Damaged
We tend to only think of our cars after an accident.
But what about the personal items inside of your vehicle? Many times when you’re in an accident, items such as laptops, cell phones, glasses, child car seats, and more can be damaged.
Not only will you have to replace your personal belongings that were damaged, but you also have to dive into the fine print of your insurance to make sure they’ll cover these costs.
And if that wasn’t bad enough.
What if you’re injured during your accident and need to make modifications to your home? Wheelchair ramps, bathroom modifications, stair lifts, and new vehicles to accommodate your disability are some of the hidden costs that no one thinks about.
Don’t Get Hit With Fees You Never See Coming
Filing claims, taking time off of work to meet with doctors, and gathering information are some of the many things you have to do after your accident.
All of this takes time.
Did you know that time equals money? If you have to take time off of work to heal from your injuries or file the proper paperwork with your insurance company, you’re losing money.
If you end up hiring a lawyer and going to court, you can expect to pay for court fees, expert witness fees, and administrative fees.
Most people think that these costs are minimal or can be added to their overall settlement. That’s not always the case.
How to Prevent Hidden Costs
The best way to avoid these hidden costs is to be prepared for them ahead of time.
Take these steps if you were in any sort of accident:
- Document, document, document. From the moment your accident happens, it’s important to write down every single detail and keep every receipt you receive.
- Seek medical attention as soon as possible. You want to make sure you go to the doctor immediately after your accident so you have a solid foundation of what injuries you suffered from.
- Don’t accept any settlements before speaking to a car accident lawyer. They know car accident legal services and what you’re entitled to get.
- Read through your insurance policy. Make sure you know what your insurance covers.
- Keep track of any days you miss at work and if you’re not able to perform your job to your normal standards.
You don’t want to wait too long to seek compensation. If you wait too long, you could lose your right to compensation.
Wrap Up
Car accidents do a lot more than injure you and your loved ones.
They drain your bank account for years and cause trauma that you’ll have to work for the rest of your life to recover from. Many hidden costs like loss of career, damaged personal property, and more can cost you than you think.
Knowing about these hidden fees can help you better prepare for the future if you were in an accident.
