What Expenses Are Associated With Car Accidents?
Every car accident is associated with expenses. Even minor fender benders that don’t result in damages cost time and patience. And then there are severe car accidents that are so costly, they result in the loss of human life. However, most of the expenses associated with car accidents are monetary expenses. To know more about what expenses are associated with car accidents, how these expenses are paid, and whether or not the expense of bringing on a car accident lawyer is worth it, read through the following sections.
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Which Car Accident Expenses Are Most Common?
Expenses associated with car accidents are not only monetary, but damages are the only redress for injuries. Therefore, even something hard to quantify, like pain and suffering, has a monetary value attached to it. Below are the common expenses one might be saddled with following a car accident:
Medical bills can be for treatments, prescriptions, rehabilitation, and long-term care. Often, medical bills are the first expenses one will be saddled with following a car accident. If you can’t pay for your medical bills up front, you will need to sign an agreement, wherein you agree to pay the healthcare provider that’s treating you upon receiving an award. Keep in mind that your health insurance will offset a portion of the upfront expenses, and they’ll expect to be compensated should you receive an award.
Lost wages are another expense you’ll be saddled with immediately following a car accident. Such an accident may prevent you from working scheduled hours, and it may prevent you from working in the future. In some instances, a car accident will prevent an individual from practicing the same profession they had prior, and in such an instance a car accident victim must be fairly compensated.
Vehicle repairs will also be a costly expense. In the instance of your vehicle being totaled, you could be spending over $20,000 for a new ride.
Even if you aren’t at fault for the car accident, you may still be saddled with a higher premium. That being said, the rise is significantly smaller (12%) when compared to the rise an at-fault party would get (45%).
What Are the Legal Fees Associated With Bringing a Car Accident Case?
Legal fees are part of a car accident whether you hire a car accident lawyer or not. For example, if you’re sued by another party to the case, your insurance provider should provide a legal defense. But if the party is suing for more than your policy limit, you may need to find your own defense attorney. These attorneys can fetch anywhere from $150 to $500 an hour.
On the plaintiff’s side, there are a range of legal fees, the largest being the contingency fee; this is the percentage of your award that your lawyer will take as compensation for their services. There are also administrative and procedural costs that a car accident victim will have to pay upon receiving an award.
Which Car Accident Expenses Are Most Costly?
The most costly car accident expenses are medical bills. That’s because these can amount to thousands of dollars, especially if you require multiple surgeries, tests, and long-term care because of the car accident. And in the event that you are permanently disabled because of an accident, medical expenses may be lifelong.
Making sure you’re properly compensated for all injuries sustained during the car accident will be your car accident lawyer’s top priority. They won’t want to seek a settlement until you are fully recovered, as only then will they be able to know the full extent of your injuries and what a fair settlement figure is for these.
Behind medical expenses, lost wages are probably the second-most costly expense. An accident may prevent you from being able to work a high paying job as you used to, and in this case you would need to be compensated accordingly.
How Are Car Accident Expenses Offset?
The expenses you face as a result of a car accident can be offset by damages. You can get damages from a settlement or from a jury verdict; it all depends on where the case ends up before a resolution is reached. Remember that you can also get compensated for non-economic damages, like pain and suffering, loss of life enjoyment, and disfigurement.
What Happens if You Don’t Get Enough in Damages to Offset Expenses?
If you’re found to be partially at fault for the car accident, you will be compensated in accordance with how much fault you bear. With that being the case, you may not receive an amount of compensation necessary to cover all expenses. In this case, you’ll need to pay for the remaining expenses out of pocket.
Is Hiring a Car Accident Lawyer Worth the Expense?
Hiring a car accident lawyer is certainly worth what you pay for their services. They will take care of all the hassles that come with filing a claim, allowing you to focus 100% on recovery. And the quicker you recover, the quicker fair damages can be sought and the quicker the case can get resolved. Without a lawyer’s expert help, you may not be able to receive compensation at all, or you may get lowballed by your insurance provider. That being said, not every car accident lawyer is worth what they take in the end. This is why you should conduct a thorough search to find a good car accident lawyer.
We know how hard it can be to find an all-star car accident lawyer these days. This is why we created a one-stop shop for car accident victims who are looking to pursue fair compensation. Just call 1-800-HURT-511 and we’ll connect you with top-rated car accident lawyers in Crown Heights who have secured over $1 billion for car accident victims. They speak multiple languages and they’re well-versed in the kind of case you’re looking to bring. Best of all, there’s no charge unless you win.
Call 1-800-HURT-511 to get the process in motion as soon as possible; time is of the essence!