Stambaugh Law will help you calculate future expenses due to a car accident injury and fight for maximum compensation so you don’t land into financial mayhem later.
Think the costs of a car accident end after you are discharged from the hospital, and the insurance covers your medical bill? Think again. Not only are car accidents physically and emotionally devastating, but the cost of dealing with long-term injuries can land the victim in financial trouble.
Hidden Costs of a Car Accident Include:
Medical Expenses
Long-term injuries require sustained medication and treatment, and the amount you receive from the insurance might not be enough. Long-term medical costs include rehabilitation costs, money for prescription medication and treatments, and medical devices’ cost. Earnings, too, may take a dip after a car accident injury. You may not be able to attend school, go to work, earn money, or take care of your family. You may even need someone to look after you may, and you may have to pay for expensive medication and treatment.
Medical expenses are also not easy to calculate in advance. Many victims won’t even think of them when negotiating an offer from the insurance.
Vehicle Rental Costs
Another hidden cost of a car accident is the cash to rent a car while yours is still in repair. While many insurance policies cover this cost, yours may not. It is always wise to read the details of a policy before signing up for it. Also, insurance claims take longer to process, so before that compensation arrives, you may have to pay from your own pocket.
Hidden Car Damages
Surprise vehicle repair expenses are not a joke. When small things add up, you may find yourself paying through the nose. Some damages are easy to see, but sometimes mechanics don’t see everything until you put that car back on the road, and you experience trouble.
The Cost of Towing an Unusable Car
Towing costs shock many drivers too. Some insurance cover this cost; others do not. If you lack collision coverage does not include towing costs, you will have to dip into your pocket to move the unusable car to a salvage yard or a mechanic after an accident. And even if you have collision coverage, the money doesn’t come immediately; you might have to take care of the expenses on your own.
Depreciation
Any accident lowers the value of a car. Depreciation may be obvious in case of visible damage like a broken mirror or a dented rear end. But even if the car rolls out of the accident okay, the accident will still be part of its Vehicle History Report, consequently lowering its fair value.
Depreciation due to an accident is no joke. Experts say every time you drive your car off its lot; it loses 20 percent of its value; in the case of an accident, the percentage is much higher. The car won’t look great anymore; it may not run as before and will likely incur much damage from a second accident.
Car Loan Payments
Just because your car was completely totaled in an accident doesn’t mean the guys at the bank are going to let go of your auto loan. Most people have gap insurance to take care of this mayhem. If you don’t have the insurance cover, that’s when you are really going to feel the pinch.
Clearly, car accidents and related injury expenses don’t end after you leave the hospital. You might have been okay with the initial compensation from the insurance, but failing to factor in hidden expenses is going to cost you.
It is always wise to have a personal injury on your side during the negotiation process to avoid getting low-balled by your insurance provider. An experienced auto accident lawyer will help you calculate hidden expenses and fight for maximum compensation so you don’t land in financial distress later.
Stambaugh Law personal injury attorneys work to protect your rights in the event of a car accident. Even superficially minor injuries can have devastating long-term consequences on your finance. Let’s help you deal with stubborn insurance providers because money matters a lot during this time: You need it for the best treatment and to take care of other expenses. Contact us today to find out how we can help.
