Shocking ways how a car accident could devastate your finances

by Darwin on September 29, 2020

We’re all walking a financial tightrope right now. Carefully balancing every expense, every bill and every payment as we slowly approach next month’s paycheck. All it takes is one inconvenience to bring this incredible balancing act tumbling down and if you get caught up in a car accident, you can expect exactly that.

Think of the consequences of a car accident and the first thing we think of is physical pain and injuries – speak with a Tampa based car accident attorney if you’ve been in a car accident and sustained injuries. And yes, these are devastating but it’s not just your physical health that could be damaged here. Your fiscal health could need some urgent assistance too.

Here we’ll explore the shocking ways a car accident could devastate your finances.

You could lose your income

A broken back, a brain injury, broken arm, even soft tissue damage to your neck or spine – the injuries resulting from a car accident can be extensive, but even those sustained in a minor crash could still leave you off work and unable to earn a living.

A loss of earnings is devastating for anyone, especially if they’re already walking that financial tightrope. If you’re left permanently disabled after the accident then there may be benefits you can apply for, however, it’s highly unlikely that these will cover all your expenses. It’s not uncommon for car accident victims to find themselves plunged into debt after an accident.

Damage to your vehicle

If your car has been written off then you’re now without a vehicle and you may be wondering how you’re going to get around, get the kids to school and get to the grocery store. Your insurance company may not be willing to pay out for the accident if they’re disputing who was at fault or if there is out of date information on your policy.

If you need to pay for repairs to your vehicle then the costs can quickly mount up, including recovery costs, labor, parts and then all the money you’ll spend in between on other forms of transport. Not forgetting that your insurance premiums will probably rise after your claim.

Medical treatment costs

If you don’t have a health insurance plan in place or your insurance plan won’t cover the costs of your treatments and additional therapies that will get you back to full health, then you could be in real financial trouble. From the moment you call an ambulance the dollars spent are going up. Ambulance rides, x-rays, medications, overnight stays, operations, anesthesia etc, it’s frightening how quickly these expenses can spiral out of control.

Your career

If you’ve been left with permanent injuries after the accident then your earning capacity and your career could be seriously damaged. Maybe you missed out on that promotion because you were in the hospital, or the career you’ve been working towards is now no longer a viable option because of your permanent injuries.

Final thoughts…

The financial implications of a car accident are staggering. Speak with a personal injury lawyer as soon as possible if you’ve been in a crash.



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