3 Ways Being in a Car Accident Can Impact Your Finances

car accident

Being involved in a car accident can change your life in an instant. Especially if you sustain serious injuries. An accident of any type, of course, whether it is a car accident, or motorcycle accident, truck accident, etc. can affect you physically, mentally, and emotionally.

And, unfortunately, sometimes the damage and trauma lasts a long time.

But there are other effects a car accident can have on your life.

One of the more obvious ones is the impact that being in a car accident can have on your finances.

Many people underestimate the full impact that being in an accident can have on their finances. Most think that their insurance or that of the other driver will cover all their costs, so, instead of hiring an experienced car accident lawyer, they handle it themselves and accept a low settlement from the insurance company.

It’s only later, when they find that the insurance will not cover certain medical costs, or that they have ongoing medical expenses, or cannot go back to work that they realize the full cost of their car accident.

The impact a car accident has on a person’s finances is one of the reasons why we work so hard to get our Florida clients the compensation they deserve. Our experienced team of car accident lawyers know how to accurately estimate the costs involved.

There are a number of ways being in a car accident can impact your finances, but here are just 3.

3 Ways Being in a Car Accident Can Impact Your Finances


  1. Immediate Medical Expenses

If you are seriously injured in a car accident, then the most immediate—and probably biggest costs you will face—are medical bills.

You should always seek medical attention if you are involved in a car accident—no matter how small you may think the accident was or even if you think you are not injured. People frequently underestimate the fact that they are in shock after a car accident, and that in many “small” or less sever accidents, a person’s injuries may not manifest for several days or even a week.

So, no matter how big or how small the accident, always seek medical attention first.

That said, medical bills make up the major part of every personal injury claim. And for good reason. They tend to be the biggest and most expensive part of any car accident case.

Very often, those involved in a car accident will incur medical expenses such as:

  • Ambulance transport
  • X-rays
  • MRIs
  • CT scans
  • Emergency room treatment
  • Hospital stay
  • Bloodwork
  • Transfusions
  • Surgeries
  • Physical therapy,

And more.

Even “minor” accidents can require medical attention such as:

  • Chiropractic care
  • Physical therapy
  • Follow-up doctor visits
  • Medications

And these costs, for which you may have to pay a deductible or copay, or even pay yourself completely if they are not covered, add up quickly.

  1. Future Medical Expenses

Your immediate medical expenses are only half of the story, however.

The other half concerns your future medical expenses.

Many car accident victims —especially those in serious accidents or who suffer catastrophic injuries—will have ongoing future medical expenses.

Even injuries that are not catastrophic, for example, a herniated disc, can require constant attention and treatment over time to recover from.

Others might require extended periods of physical therapy. Some require years of medical attention.

The point is that at the time of your accident, and in the immediate weeks or months of recovery, you may not know the full extent of your future medical expenses. That is why it is always best to work with an experienced car accident lawyer.

  1. Future Earnings

One of the sad truths about car accidents, especially if a passenger car hits or is hit by a commercial truck, is that the resultant injuries to those in the passenger car are often catastrophic—that is, when their injuries do not end in death. Some of the injuries suffered include being paralyzed, serious brain trauma, or losing a limb.

Which means that some car accidents may leave a person permanently disabled. The long-term effect of car accident injuries can impact both your career and your finances.

Depending on the circumstances, you may miss out on certain promotions at work, or you may have to reduce your hours or responsibilities. You may even have to leave work altogether. The result is that a car accident can have a significant impact on your finances if your injuries affect your future earnings.

For some car accident victims, this may mean applying for Social Security Disability Insurance (SSDI) benefits. Being disabled is by far the most devastating impact of a car accident.

How the Financial Effects of a Car Accident are Calculated

Personal injury attorneys use a variety of tools to assess and calculate what the financial impact of a car accident is likely to be for a given client.

By consulting with medical professionals with specialized knowledge about your injuries and condition(s), we can predict what your future medical treatments and costs may be.

We also consult with financial experts to determine the long-term economic impact your injuries may have. Working with vocational experts, we can identify how your injuries will affect your ability to work or return to work.

All of these considerations (and more) go into calculating what the overall financial impact from a car accident will be on a plaintiff, so that we can then seek the compensation that you deserve from the at-fault party.

If you are in a car accident, you may not know the full extent of the financial impact of your accident. Working with an experienced personal injury attorney, you can rest assured that your case will be properly valued.

Personal Injury Attorneys in Orange Park, Florida.

John Fagan and his experienced team are dedicated to helping those who have been injured due to the negligence of another. Contact us now for your free consultation or simply call our firm at: 777-JOHN. We serve clients throughout Florida. Our main office is in Orange Park. We have consulting offices in Palatka, Middleburg, Keystone, Starke, Gainesville, and Ocala.

There’s Never a Fee Unless We Get Money For You

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