Finances & Money

The Impacts of a Motor Vehicle Accident On Your Money

As a motorist who probably commutes to work every day, you should be aware of the fact that there were over 10 million vehicular accidents in the United States last year alone. When you sit down and think about it, this number is truly staggering. Car accidents can be truly devastating. This is especially true, if you lose a loved one in the event. Along with this, there is always the potential risk for brain and spinal injuries. With all that being said, when it comes to vehicle accidents most individuals just think about the bodily harm and the potential loss of loved ones. Oftentimes the financial impact is forgotten, but that shouldn’t be the case. So, how exactly can a car accident affect you financially?

Facing Time Off Work

Sure, there are a lot of great auto insurance policies available. And, some of them might even cover some of the financial losses that you could suffer from being off work, but the truth of the matter is that they aren’t going to cover everything that you make in a year or even a month. Regardless, if you are in a tiny crash or a huge accident there is always going to be some kind of injury involved. It might be something as minor as a sore neck or bruised hip, but all of these injuries could potentially put you out of work. What happens if you end up with a lifelong disability that puts your out of work for the rest of your life? Sure, you can apply for social security disability, but how much is this really going to help you? In fact, this little amount of money would probably only get you over the poverty line.

Medical Expenses

Whether you are looking at trucking accidents or auto accidents, there is going to be some kind of medical expense involved. It might be something as minor as just getting a checkup at the hospital, but all of this still costs money. Sure, your health insurance might cover some of the costs, but it isn’t going to cover the entirety. Co-payments might not seem like a lot, but they can add up over time, especially if you have to make several different visits, get x-rays, and pay for therapy. Along with this, some of these claims can take quite a while to process, so you will be left paying the brunt of the expenses until the insurance actually kicks in and serves its purposes.

Vehicle Repairs

Depending on the severity of the accident, your vehicle might need some major repairs. In fact, the vehicle might have to be scrapped altogether. Whatever the situation is, this isn’t going to be cheap. In an ideal world your policy would cover the entire cost of the damages, but this might not always be the case. Maybe you only have liability insurance or maybe you don’t have enough coverage to cover the total cost. Since you depend on your vehicle to get back and forth, you are going to have to pay the repairs, replace the vehicle, or find another means of transportation, which can all be expensive alternatives.

 

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Susan Paige

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