Bills start accruing the instant a collision occurs. Vehicles require repair. The people involved in the incident may need medical attention. Lost wages may also be a consideration, as people may miss a shift at work because of the crash. Others may miss multiple days of work because of their injuries.
Thankfully, drivers have to carry liability insurance. Those involved in collisions can file insurance claims to recoup their losses. State law also allows people to file personal injury lawsuits in cases where their economic losses exceed what insurance covers.
People pursuing compensation after motor vehicle collisions typically need to have a reasonable estimate of their losses. Immediate expenses like repair costs and medical bills are obvious. There are other losses people may overlook. All three of the negative financial consequences below could contribute to the overall value of a compensation claim.
Diminished vehicle value
Professionals may charge thousands of dollars to repair the damage caused by a collision. Insurance can pay to repair the vehicle and make it look as good as new. While it may look the same as it did before the crash, it may not be worth the same amount of money anymore. A crash report associated with a vehicle can diminish its resale value. When people want to sell the vehicle to others or use it as a trade-in at a dealership, they may find that it is worth thousands of dollars less than it might be without a collision on its record.
Lost earning potential
When people miss a certain number of days of work, they can easily calculate the wages they didn’t earn. However, if a crash causes chronic pain or reduces a worker’s functional capabilities, they may not earn what they otherwise could. They may lose out on advancement opportunities or may struggle to retain a well-paid position because of their injuries. People may need to consider the likelihood of making a total recovery and the impact that their symptoms could have on their future earnings.
Future medical expenses
Many car crash injuries require recurring medical visits. Initial trauma care can be very expensive, and so can the treatment that follows. Someone who broke a bone may need to attend weeks of physical therapy after medical professionals remove the cast. Those with certain serious injuries can expect their long-term care costs to be higher in general. They may require more support during their golden years because of how injuries may affect functional capacity later in life. Future medical expenses can drastically alter the overall financial impact of car crash injuries.
When people look at the big picture, they can make more informed choices when pursuing compensation for their economic losses. Holding drivers accountable for causing motor vehicle collisions and looking at every option for compensation can help people financially recover after a crash.
