January 2, 2017
Most people understand that if they are in a car accident, they may suffer an injury. However, they may not realize how much these accidents can cost them financially. Not only do you have to invest time into having your vehicle repaired, but also handling medical costs and expenses you may incur. There is also the probability that your insurance rates are going to skyrocket.
Financial Effects of Accident Injuries
Each year in the United States there are over 5.5 million vehicle accidents. Of these collisions, about a third of them involve some type of injury. While you likely know that this is a possibility each time you get behind the wheel, do you know what the actual costs are going to be if you are involved in an accident? There are several categories of financial burden you are going to face.
The most obvious expense you will have to cover is your medical bills. The effect that the injury has on your financial situation is going to be based on the severity of the injuries you suffer and the treatment you need. It is also dependent on whether or not you are able to recover compensation successfully.
If you only suffer minor injuries, you likely won’t face much of a financial burden. However, if your injuries are more severe or you have to be transported by an ambulance, the cost can be excessive. The cost of the ambulance ride is only the start of this financial mess. After that, you are going to begin receiving charges and bills for medication, orthopedists, specialists, x-rays, and more.
Time Away from Work
If you sustain injuries in the accident, you are likely going to miss some time at work. Based on the severity of the injury, it may only be a few days, or it could be several months. Regardless of how long you are out, you are going to lose income. Even if you recover enough to return to work, you may not be able to do so full time.
Each day you are out of work only adds to the financial strain you are facing. Even if you are able to acquire disability benefits, it is only going to cover a portion of the salary you are losing.
Diminished Earning Capacity
Due to the injuries, you suffer in the car accident, you may find that your career or future work hours are diminished. This is due to the intangible opportunities you missed out on when you did not go to work. For example, you may have been close to being promoted, but now another person has the position. In some cases, you may not every be able to recover 100% or you may have to take a less strenuous job with lower pay due to these new limitations.
The bottom line is that an injury that occurs after a vehicle accident can be long lasting and far reaching. Your best bet is to partner with the attorney’s at Bautista LeRoy to help get the compensation you deserve for the injuries you suffered.