The Financial Impact of Traffic Accidents

One of the crucial questions that come to your mind the moment you get involved in a traffic accident is, “how much is this crash going to cost me?” Given the shock and confusion that victims of traffic accidents undergo, it is possible to underestimate the overall cost of an auto accident.

This is one of the reasons you should consult with lawyer in your area. They can easily be found by simply doing a Google search for your location + the type of accident you were involved in. For instance, if I lived in Las Vegas and was involved in a car accident, I might do a search for something like:  Vegas motor vehicle accident lawyer . This type of research will help you find a local specialist who can help you analyze various aspects of your personal injury claim, including the valuation of the injuries and other damages you suffered.

Here are some of the financial impacts of traffic accidents.

Property damage

Traffic accidents can cause significant cosmetic and mechanical damage to your vehicle. The vehicle’s actual cash value is likely to play an important role in determining the total value of the vehicle damage.

If the repair cost is lower than the vehicle’s actual cash value, your insurer is likely to agree to pay for the repairs. Unfortunately, the vehicle’s actual value will diminish with a traffic accident in its record. In case the cost of repairs is more than the car’s actual cash value, your insurer will pay the latter.

Medical-related expenses

If you suffered injuries during the crash, medical attention has the most significant impact on both the traffic accident victim and their loved ones. This is particularly true if you suffer severe injuries that require surgery, expensive medication, extended hospitalization, ongoing health care, and assistive devices.

According to the Christopher and Dana Reeve Foundation, a traffic accident victim with the paralysis is likely to incur about $518,904 in medical expenses within the first year of the accident and $68,739 in subsequent years.

Loss of income

Victims of traffic accidents are likely to suffer partial or permanent disability. This prevents them from returning to work at full capacity or ever returning to work. When assessing the total lost income, it is recommended to analyze the victim’s average weekly earnings, experience, and education. It’s also important to analyze the number of years that a person would have worked before retirement.

Necessary living adjustments

Some traffic accidents cause severe physical disabilities, and the victim may need to make extensive living adjustments. For example, suppose you must use a wheelchair because you were involved in a severe accident recently. In that case, you may need to make structural changes in your home to make it easier for you to use facilities such as the bathroom, kitchen, and more.

Loss of relevant services

Have you ever realized, but you contribute a great deal more than just income to your loved ones? There is a good chance, but you offer a wide range of services, such as taking care of your kids and mowing the lawn. If you get involved in an accident that results in disabilities that prevent you from performing these duties, the cost of replacing these services might add up with the time.

Do you realize that the financial impact of traffic accidents extends beyond medical expenses? Consult with an experienced lawyer if you or your loved one was involved in a traffic accident. He or she can help you consider the right factors and determine the actual value of your personal injury claim.