When asked about the costs associated with a car accident, most people tend to think of medical bills, vehicle damage, and other obvious expenses that result from a motor vehicle collision. But that’s not all there is, and crash victims need to be aware of some of the less visible costs that can crop up after a wreck.
We go over these expenses below, plus how our qualified car accident attorneys can help get compensation to cover them.
Lost Wages
Most car accident victims have to take at least a little time off of work to recover from their injuries. If a victim is critically hurt, this can last several weeks, months, or even years. It can also be permanent and the victim may never be able to work again. This can be detrimental to families who rely on the victim for income and single people who have no one to help them.
Vehicle Depreciation
A car that has been in an accident can never sell for as much as it was worth before the collision due to vehicle depreciation. This is also known as inherent diminished value (IDV) and refers to the fact that even when fully repaired, cars with collision history are worth less than those without.
Read More
Inherent Diminished Value (IDV) Damages Explained
How to File a Claim for Inherent Diminished Value (IDV)
Inherent Diminished Value (IDV) FAQ
What’s the Burden of Proof for IDV Damages After a Crash?
Even MORE Shady Tactics Auto Insurers Use to Deny IDV Claims
Has Your Insurer Denied IDV Damages in Bad Faith?
Getting Compensation for Inherent Diminished Value (Video)
Getting Compensation for Inherent Diminished Value (Podcast)
What Is Inherent Diminished Value in a Car Accident Claim? (Video)
Continued Loan Payments
If your car is financed or you took out a loan to cover the cost, you’ll still have to make these payments after an accident. This can add insult to injury when your vehicle is already worth less after the collision. In cases where you purchased a new car and the damage is severe, you may owe significantly more on the loan than what the vehicle will sell for. If you do sell and put all the proceeds towards the loan, you might still owe money, even when you don’t have a car to drive.
Increased Insurance Premiums
Another thing to worry about after a car accident is how much your insurance premiums will go up. Even if you weren’t at fault for the collision, your insurance company has the right to decide to label you a “high risk driver” and raise your rates. If this happens, you’ll have the option to either pay the increased premium or find a new insurance carrier.
Funeral Expenses
When someone dies in a car accident, their family is saddled with funeral expenses that can add up to thousands of dollars. Very few people are prepared for the financial impact of a loved one’s sudden death and may need to take out loans to cover funeral costs.
If these are at a high interest rate, families could pay nearly double the total over time. Survivors are also in a vulnerable position that funeral directors often take advantage of to upsell things like expensive flower arrangements or a more ornate casket.
Counseling and Emotional Support
The emotional aftermath of a car accident can be difficult for survivors and for the family members of victims who died in a crash. Often, therapy or counseling is needed to help process challenging emotions like sadness, guilt, fear, and panic. If the person doesn’t have good insurance coverage, they may be forced to pay out of pocket for visits to a mental health professional. These costs can get even higher if a psychiatrist is needed to prescribe and manage medication.
Were You or a Family Member Involved in a Car Accident? Get Experienced Legal Help Today
The aftermath of a car accident can be serious, and many of the costs victims and their families incur following a collision are unexpected. Our legal team can help you better understand these expenses and advocate for you to receive fair compensation from the person or company responsible for the collision.
Reach out to us today by using our online contact form, or call us at (978) 744-8000 to schedule your free case consultation.
