CC0 Licensed Image Courtesy of Pexels
Being in a collision on the road is one of the most traumatic things that can happen to a person, and it can take years to get over something like this. There are also hidden costs of car accidents that can make the ordeal even worse. So, here are some you need to watch out for.
Legal Costs and Compensation
There are obvious costs, such as car repairs and medical bills after a crash. But many people don’t realize there are much further implications. Insurance companies will always try to settle for much less than a victim deserves, and this may not be enough to cover legal costs, loss of earnings, or even therapy. So, it is in your best interest to consult with a lawyer for a car wreck incident to highlight hidden costs, avoid financial pitfalls, and ensure you’re well compensated.
The Emotional Impact
A good lawyer can help you deal with the legal and financial compensation side of things after a crash. But as excellent as some lawyers are, they can’t provide emotional support. The emotional impact of a road accident can take years to get over and include trauma and PTSD. But there are also likely to be psychological injuries that can last a lifetime. This can result in poor relationships, increased stress and anxiety, and even a phobia related to roads or cars.
Professional Costs of Car Accidents
We are always looking for ways to increase earning potential, but time off work is a common result of a car accident. Common car injuries such as whiplash can take up to 6 weeks to fully heal, and that can result in a lot of lost money. A good lawyer can work to get compensation, but that can take a while. When you are unable to work, you cannot provide for your family or even pay basic bills if you live paycheck to paycheck, only adding to the stress of the overall ordeal.
Increased Insurance Premiums
Insurance rates increase all the time, and there are specific things that impact them. Fraud is one, but the increase in road incidents is another. However, if you are directly involved in an incident and must make a claim, it is highly likely your insurance premiums will increase even though you did nothing wrong. So, be aware of this when renewing your vehicle’s policy. Of course, you can switch insurance providers or even haggle with the insurance sales rep.
Dramatically Lower Vehicle Value
A car begins to lose value the second it is driven off the lot. However, you can usually get some good money for a vehicle that has been looked after. But this doesn’t really apply to a car that has undergone extensive repairs. Even after the repairs and no matter how great the car looks, a history of one or more accidents greatly adds to the depreciation of a vehicle’s value. So, when selling your car after an incident, be prepared to accept less than you were expecting.
Summary
Legal expenses are one of the most shocking and hidden costs of car accidents that most people don’t expect. However, you can also continue to lose money after being injured and unable to work. Your car’s value will also dramatically decrease after undergoing repairs.
Speak Your Mind