A car accident can have devastating medical, financial, and emotional effects.
While repair bills and medical bills are some typical costs when an accident occurs, there are many financial aspects to an accident that many people don’t think of.
If you’ve been in an accident recently or are wondering about the devastating impact an accident can have, this guide will highlight some of the obscure financial hits post-accident.
Towing Fees
If your car is undrivable after an accident, it will likely need to be towed.
Someone has to foot the bill for this cost, which may even be you initially. Depending on distance, towing can cost hundreds of dollars!
Insurance Premiums
While all drivers must pay car insurance premiums regardless of driving history, a car accident can cause insurance premiums to skyrocket, especially if you’re found at fault.
In some cases, you can expect nearly a 50% increase if you’re at fault in a car accident; it may even become unaffordable!
Attorney Costs
Regardless of fault, securing an attorney after an accident is a wise choice; they can help you file insurance claims, pursue litigation against at-fault parties, and help you navigate through tricky legal matters.
Attorneys aren’t free and usually retain a certain percentage of your settlement if you win one.
Court Fees
Court filing fees can add up, and these legal costs will remain whether you obtain an attorney.
You can expect fees for pursuing litigation, contesting traffic tickets, receiving traffic tickets, or facing legal consequences during an accident.
If you are found guilty of breaking the law during your accident, you may have to pay a lot of money through bail or probation.
Lost Wages
When an accident occurs, you’ll likely miss at least one day of work on the day of the accident.
Medical conditions can put you out of work for weeks, months, or even permanently.
Future medical appointments will also result in lost wages, not to mention any court appearances you may need to make.
If you end up without a vehicle to drive, the lack of transportation may result in late work days or missed days entirely.
Childcare Expenses
If you have kids, you’ll have to pay for childcare if the accident delays your ability to supervise your children.
Surgery, medical appointments, traveling, or court appearances can also increase the necessity for childcare.
Hospital Bills
If an accident results in injury, you’ll have to spend some time in the hospital.
Even minor injuries can result in expensive medical bills in an emergency room.
Ambulance Charges
If you use an ambulance, you’ll be charged for this.
Typically, health insurance will cover this, but depending on your insurance status, you may have to pay out-of-pocket at least partially.
Medication Costs
If you have to take medication as a result of your injuries or mental health post-accident, these costs can add up if your insurance does not cover them.
Therapy Bills
Car accidents can cause extensive mental anguish due to trauma, PTSD, or loss of relationships or enjoyment in life.
Therapy can be pretty expensive, especially if not covered by insurance.
Car Repairs
Your car will likely need repair, even if only minor damage exists.
Even minor cosmetic or body repairs can cost hundreds of dollars, and if the car accident is more severe, it can cost thousands.
Car Replacement
A totaled car will not likely be repaired.
You’ll have to buy a brand-new car, title, and licensing fees in these cases.
New vehicles are not cheap, even if you buy used ones.
Asset Depreciation
If you keep the vehicle in the accident, it will depreciate afterward.
Accidents negatively affect the worth of a car, no matter how minor the accident is. When you decide to trade in or sell it, this can affect your financial health.
Travel Fees
If your car is undrivable, you may have to rent a car, take public transit, or hire a driver, which increases costs over time.
Additionally, you may have to travel to consult with attorneys or appear in court.
If an accident occurred outside of your home state, you must obtain an attorney in the state where the accident occurred.
For example, you may live in Dallas, Texas, but your accident happened in Nashville, Tennessee.
In that case, you’d need to hire an attorney in Tennessee and pay to travel there from Dallas whenever you need to appear in court.
These travel costs can add up, even if your accident occurred in the same state but in a different city.
Using the same example state (Tennessee), if you’re a Memphis resident but had an accident in Murfreesboro, you’d need to pay to travel to your Murfreesboro car accident attorney on court date.
Property Damage or Replacement
When you get into an accident, your car’s belongings may be unsalvageable.
If you travel with your phone or other electronics, the cost to replace them can be significant.
If an accident occurs near your home, other property damage may also require costly repairs.
Conclusion
Many people don’t think of all the financial hits one can take after a car accident.
From travel fees to towing costs, a car accident can financially debilitate a person in many ways.
Hiring an attorney to represent you can help recover many financial hits taken post-accident, but even attorneys come with fees.
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