Financial Issues that Arise After Car Accidents


According to the results of a study released by AAA on November 3, 2011, automobile crashes cost Americans $300 billion each year. Included in those figures are costs for everything from medical expenses to lost wages.

Looking at this from an individual perspective, the cost of just one car accident can have a debilitating effect on one’s financial security. Depending on the severity of the accident, a person who survives a car accident can be faced with not only medical expenses but the loss of a vehicle and the loss of earning capacity.

Consider this:

You become involved in a car accident that is not your fault. Regardless, it is reported to your insurance company, and immediately your insurance rates go up. This is just the beginning of the financial nightmare that can arise following your involvement in an accident.

Besides a rise in insurance rates and the cost to replace your vehicle, you can be looking at some hefty hospital bills for treatment immediately following the accident as well as for any conditions that may need follow-up in the future, including neck and back injuries. There may be a need for additional surgery or physical therapy treatments as well.

Your injuries may prevent you from working for a period of time, which will lead to lost wages. If your injuries are serious, you could be looking at diminished earning capacity through job loss or possible long-term disability.

The emotional toll an accident can take on you and your loved ones may require a need for psychological counseling, which can also figure into the overall costs of a car accident.

A qualified personal injury attorney at Tate Law Group can help put your life back together by working to recover your losses and can ensure you have a brighter future both financially and emotionally.


Published In: Civil Remedies Updates, Personal Injury Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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