From serious multiple car accidents to rear-end collisions, every day people are forced to deal with the repercussions of car wrecks. The consequences of car accidents can be draining both financially and physically, even when the accident was the other driver’s fault.
Here we break down several financial consequences of car accidents to help give you an idea of what potential expenses to expect when involved in a crash.
Car Accident Medical Bills
Injuries resulting from a car accident can lead to costly medical bills. The costs associated with treatment go beyond the immediate medical care. Many injuries require surgery or follow-up treatment with rehabilitation that may last months.
If the accident was not your fault, then you can file a personal injury claim to receive proper compensation. However, this process can take time as the insurance companies determine which party was negligent and thus responsible for the bills. Even though you may eventually be reimbursed, you should be ready to foot your medical bills in the interim.
Serious Injuries from Car Accidents
A serious injury can make normal, everyday tasks difficult. For those who were involved in a car accident and left with a serious injury, modifications to a car or home may be needed for accessibility and therapy, for example. The cost of installing or buying necessary equipment is another expense to consider.
Loss of Wages
An injury resulting from a motor vehicle accident can leave an individual with the inability to work, either temporarily or permanently. This loss of wages combined with the other accident-related expenses can leave a large dent in anyone’s finances. DMV.org offers resources for claiming and calculating lost wages.
Car Insurance After Accident
In some cases, car insurance rates will increase after a car accident. One study found that the average annual premium increases 44 percent after a driver makes an insurance claim for $2,000 or more. However, if you have a good driving record and the accident was minor, then your premium may not spike.
Crowdfunding for Car Accident Expenses
The unfortunate truth about car accidents is that they are costly and the effects can be long lasting. The financial impact of an accident coupled with resulting physical injuries can leave anyone exhausted and in need of a helping hand. To avoid severe financial problems that may result from an accident, consider crowdfunding. With free fundraising, YouCaring ensures that you keep more of your money. Start your fundraiser to help cover your car accident expenses today.