Getting into auto accidents may take a substantial financial toll on those involved, as well as on their families. One of the last things to cross people’s minds after car crashes is how their wrecks may affect their ability to provide for themselves and their families. However, they may continue to face costs associated with their collisions well after they repair their vehicles and recover from their injuries. Data from the National Security Council suggests the total costs for crash-related injuries reached an estimated $463 billion in 2019.
The financial struggles associated with motor vehicle accidents may include a range of expenses, which may continue to accumulate. Among others, these may include vehicle property damage, medical expenses, lost income, and loss of future earning capacity.
Due to property damage sustained in auto accidents, people may have to consider how they will pay to repair their vehicles. Collisions may cause damage ranging from minor to total, which may affect autos’ appearance and performance. Those involved in crashes may incur costs of repairing their vehicles, even if they have accident insurance coverage. Additionally, people may have to pay for alternative transportation, such as car rental or bus fees, while their vehicles get repaired.
People may have concerns over the costs of their medical bills after suffering motor vehicle accident injuries. Depending on the type and severity of their injuries, people injured in auto collisions may require ambulance transportation, hospital treatment, a hospital stay, physician consultations, diagnostic tests, follow-up appointments, and other such medical care. With health insurance coverage, they may incur expenses such as copayments, coinsurance payments, and deductibles; without, they may have to cover the entire cost out-of-pocket for their required treatment and care.
Suffering injuries in car crashes may cost people wages and income. While recovering from their injuries, people may not have the necessary mobility or function to perform their job duties, forcing them to take time off. To fund their medical and household needs, people may look to borrow money, take out loans, rely on their savings, or depend on their work leave or temporary disability benefits. While disability benefits may offer some relief, they may not cover the full costs of treatment, recovery, and living until those injured get back on their feet.
Some may continue to incur costs from motor vehicle accidents well down the road from when their collisions occurred. For instance, some injuries may have long-lasting or lifelong effects for which people may require ongoing doctor visits, rehabilitation, and other such care. Additionally, they may need assistive devices, such as wheelchairs, or require certain adjustments to their living situations to accommodate their conditions.
When thinking about the costs of car accidents and their associated injuries, people may overlook a long-term or permanent loss of earning capacity. Due to their injuries, some may have to move to new positions, change career paths, or stop working altogether. Some job and field changes may come with substantial pay cuts and may not offer the same future earning opportunities auto accident injury victims had in their previous positions.