Every year, in the United States, there are more than 5.5 million automobile accidents. One-third of all collisions result in injuries. While most injuries are minor and require little to no medical attention, others can be quite severe and even cause death.
The financial implications of an injury-causing accident can be substantial and often unexpected. When it comes time to repair our cars, automobile wrecks cost us money. They add time to our trip since we stand on the shoulder of the road and wait for a long series of procedures to get started. They cost us money that we’ve worked hard for, as they are unavoidable. Not to mention, you’ll need an able car and truck accident attorney who practices.
Here are several things worth thinking about:
Lost Wages or Income
Many people miss time from work, whether they can’t get there or their injuries require them to take a break. When you have a wreck and have to be off your feet for any period, your income drops substantially. In addition, if you cannot do a task because of what happened in the wreck, this cuts down on your income. If you miss a day of work and cannot get through the day, this results in an absence without pay.
One study found that nearly half of all car accident victims went to see a medical professional within two weeks after the incident happened. Another 33 percent visited their physician within three months. This means that many people are missing work and also spending cash to see a doctor.
More than ever, medical treatment is expensive. The strain on the economy means that it is essential to do what we can to avoid accidents and take care of our health with regular checkups. Doing so prevents any problems from going too far before we begin a solution. Many people do not have medical insurance and must absorb the complete expense of their care if they need to see a doctor because of injuries from an accident.
Not only that, they may need to undergo therapy or even take time off work to recover. If there are long-term effects from the injuries, this can also lead to lasting financial trouble.
Diminished Earning Capacity
Another financial ramification of auto accidents is diminished earning capacity. If someone’s injuries are severe enough, they might not work in the same occupation they were accustomed to before the wreck happened. However, if their injuries prevent them from doing any job at all, this is a significant setback regarding income.
Not all auto accidents involve damages to the vehicle. But, even if there are no problems with the car or truck, it’s still a good idea to seek compensation for your wreck because of what it can do to your property values. If you live in your house, the property’s value will be compromised by the presence of skid marks across your lawn or any other evidence that an accident occurred nearby.
This is most important for homes that are for sale and properties where someone plans on moving soon. However, it can still hurt if you’re looking to sell your home in a few years. Car accidents can have costly financial implications. If you or someone you love has been injured by accident, ensure that the at-fault party compensates for all related costs.
Pain and Suffering
Unless you’re financially independent, you better not plan on pain and suffering. Insurance companies are looking to save money for their clients, meaning that they will cap how much they’ll pay for this aspect of the case.
This means that if you find yourself in an accident with someone negligent (for example, texting while driving), you might recover pain and suffering rewards. But know that these are not going to be as much as what you lost.
What Happens if You’re at Fault?
Many times people are at fault for their own accidents. If you have little or no car insurance or are found guilty of committing a crime in the collision process, you must pay for these damages yourself.
Many states charge drivers with at least some degree of fault for accidents they were involved in. This is referred to as “comparative negligence,” where the driver’s percentage of blame is weighed against the portion of responsibility attributed to another party or parties involved in causing an accident.
If a jury determines that you contributed to the accident, your insurance company may not cover all your damages and injuries. This means that you will need to pay for those out of your pocket. You also have to take responsibility for any legal damages such as court fees, filing costs, or deposition expenses associated with lawsuits resulting from an accident.
What People Can Learn from This
It is essential to take responsibility for our health and safety, whether by regularly visiting the doctor or avoiding behaviors that lead to accidents. Medical insurance is also helpful, allowing us to care for our health without taking a significant financial hit. Pain and suffering rewards will not be as large as what you’ll lose. However, it’s still a better option than receiving nothing at all if someone else was responsible for your car wreck.