The financial consequences of car crashes vary: Here’s how

The financial consequences of car crashes vary: Here’s how

| Sep 24, 2020 | Car Accidents |

When you’re involved in a car crash, there are multiple ways that your finances may be impacted. Initially, there is the financial loss from the damage to your vehicle. There may also be lost wages if you cannot go to work or have to leave school as a result of injuries.

Medical bills and expenses are the next major cost. Following that, the cost of in-home health care, physical or occupational rehabilitation and other expenses begin to add up.

Everyone who is involved in a car crash will have financial losses one way or another, but as a victim, it is your right to pursue a claim against the party who hit you. If they are at fault for the collision, then they should be held liable for the expenses that you end up with.

When you speak with your attorney about recovering your losses, they will talk to you about recovering any expenses you’ve had as well as those that you may have in the future. Some of the specific losses that you may be able to claim for could include:

  • Lost earning potential, such as the losses from being unable to return to work or having to take a different role in the future
  • Travel costs associated with medical care or in relation to the collision
  • Medical expenses
  • Car bill repairs
  • In-home health care costs
  • Maintenance to your home to make it handicap accessible

The amount of money you’ll lose as a victim of a car crash is often directly related to the severity of your injuries. If you have severe injuries, then you should seek a greater amount of money compared to someone with minor injuries.

It can be hard to know if the insurance agent who offers you a settlement is really looking out for your best interests, and in most cases, they sadly are not. They need to minimize the financial losses the insurance company suffers, so they may not offer as much as you deserve. The good news is that your attorney will fight for you, so that you do get fairly compensated for what you’ve been through.