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How can a car accident affect you financially?

On Behalf of | May 9, 2023 | Car Accidents, Personal Injury

Motor vehicle accidents are common occurrences on U.S. roadways. In fact, according to reporting from Bankrate, there is a crash roughly every 13 seconds somewhere in the country. Unfortunately, if your car accident is serious, you may suffer both physical and financial injuries

Simply put, any car accident has the potential to become almost unbelievably expensive. Here are some ways a crash can harm you financially.

The high cost of medical care

Following any type of car accident, even a seemingly minor fender-bender, it is advisable to go to the hospital for a medical evaluation. As you probably know, though, hospital visits can be expensive. If you require diagnostic tests, a hospital stay, surgery or ongoing treatment, your injury may set you back thousands of dollars or even more.

The extreme expense of vehicle repairs

By design, most modern vehicles crumple during car accidents. This means your car might be undrivable after a crash. If your car is repairable, you can expect to pay a significant amount to fix it. Otherwise, you might have no choice but to buy a new vehicle. In the meantime, you may need to foot the bill for rental cars, rideshare services, taxis or public transportation.

The considerable loss of income

If your car accident leaves you with severe injuries, you probably are going to need to take some time away from work. Even though your employer may have to approve your leave, you are unlikely to collect a paycheck when you are not on the job. Being out of work can cause you to suffer a considerable loss of income, of course.

Ultimately, even though your car accident is likely to negatively affect your finances, you certainly should not have to pay for the consequences of someone else’s negligent driving.