The 4 Biggest Financial Hurdles After a Car Accident

| November 18, 2017

Car AccidentWhether a car accident was your fault or the fault of the other driver, you’ll still face some serious hurdles to overcome. Unfortunately, many of those hurdles are financial in nature. By understanding the potential financial consequences you’ll face, you can get back on your feet faster after your accident.

More importantly, hiring a lawyer will make it easier to navigate the road to financial recovery as you deal with insurance companies and the individual responsible for the crash.

Medical Bills

Immediately following a car crash, you’ll face medical bills for any injuries or treatment that you received. This may include transportation by ambulance, any x-rays or other services that you received at the hospital, and services received as you recovered from your injuries.

Car Repairs

In many cases, the amount car insurance companies pay out for your accident may not equal the actual worth—or at least actual replacement cost—of your car. Perhaps you only carry liability insurance and you’re the one at fault for the accident.

Maybe the insurance company isn’t offering enough for you to acquire a new vehicle comparable to yours after your car was totaled. Whatever the case, car repairs can add up quickly.

Lost Wages

If you were in a car accident on your way to work, you may have lost several hours on the day of the accident to dealing with the aftermath.

If you were seriously injured, you may have lost more than a couple of days of work, and that means lost wages that can significantly impact your quality of life for a long time.

Lost wages are one of the most significant financial hurdles following a car accident.

Increased Insurance Premiums

If you were at fault for the accident, your insurance premiums will likely increase as a result. While fairly minor accidents on an otherwise clean driving record might not drive your costs up significantly, a major accident can send your insurance premiums sky-high.

Some insurance companies may even increase your premiums if you weren’t at fault for the accident.

Following a car accident, you’ll have plenty of financial hurdles to overcome. Make sure that they aren’t catastrophic and that you’re getting the help you need by contacting an attorney who understands this area of the law.

They’ll work with insurance companies, contact relevant individuals, and ensure that finances aren’t your biggest source of stress after an accident. Most people who hire a lawyer will end up with a larger settlement at the end of the process.

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