Money Matters

The Devastating Financial Impacts of Car Accidents

When you are a victim of a car accident, there are some grave consequences to your health – as everyone knows. But, there are devastating financial effects, too. Car accidents cost the nation upwards of $300 billion every year – and even as a victim, you will bear the brunt of some of those expenses. Read on to find out more on the terrible financial impact a car accident can leave you with – and how to avoid the consequences.


OK, let’s dive in straight away and get the worst-case scenario out of the way. If you are in an auto accident, there is a high chance you will be killed. In fact, four Americans every hour die in a car crash. So, no matter how careful or confident you are in your driving skills, you have to bear this salient fact in mind. Make sure you have good life insurance cover, so your family is taken after when you are gone. Draw up a will, to avoid any complications that can incur costs to your loved ones. And, make sure your retirement funds are up to date so your partner or family will benefit.  

Severe injury

If you are lucky enough to escape with your life, there could still be many problems ahead of you. A severe injury can stop you from being able to work. It can cost a fortune in medical bills. And, it will put a lot of pressure on you – and your family. If you suffer from a severe injury, it is essential that you hire an injury attorney who specializes in auto accidents. They will help you get the compensation you deserve and fight aggressively against any counterclaims.




Medical bills

Even with minor injuries, you will still need a lot of care. And, of course, it comes at a cost. Again, an aggressive lawyer can help you recoup your money in the event your compensation claim is challenged – as it inevitably will be. It’s a big problem if you don’t have health insurance, too. Make sure you have the right cover, as you will need to pay for immediate treatment, follow-ups, and rehabilitation. If your compensation claim takes a while to settle, it could leave you in a sticky position if you don’t have the right cover.

Time off work

While you are in recovery and rehabilitation, you may not be able to work. Even a month or so with no money could damage your finances for a long time into the future. You have to be prepared for everything and anything in this life, so an emergency fund is critical. In an ideal world, you will have enough money to live off for a minimum of three months should you lose your ability to work.




Finally, what will you do if your car is wrecked by someone else’s dangerous driving? If you need it for work, you will be in trouble. And there is the impact on your ability to do everyday things, such as go shopping. Again, it’s vital that you have a lawyer to help you get the result you deserve, as soon as possible.

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