Thursday, June 08, 2017

The True Costs Of A Car Accident, Revealed

Whether you are in a major pileup or just have a minor accident, the costs of being involved in such an incident are a lot more than you might think. In today’s brief guide, we’re going to take a look at all the associated expenses of being involved in an auto accident - let’s get the magnifying glass out and see what you can expect. 


In theory, when you have auto insurance the company who runs your plan should cover the costs of your car if you have an accident, and if it is someone else’s fault, it is their insurer that will pay. But it’s not always the case. Unless you have comprehensive insurance cover, there is a high likelihood that you will need to pay for any repairs yourself. And don’t forget, if you write off your car, you will only receive the amount it is valued at right now - not when you bought the car. 

Car Rentals

If you don’t have a car due to a crash or a long-term repair, you’re going to need to hire one to get to work, take the kids to school, and everything else you do on a daily basis. As above, in theory, your insurer might pay out for this, but it is not guaranteed - and even if they do there is likely to be limits on the number of days they pay. Your best bet is to shop around for the best deals in your area or think about entering a carpooling scheme at work. 

Legal Fees 

If your car crash is complicated and caused by someone else, you are going to need the help of auto accident lawyers. Insurance companies can be vociferous in their defense for legal claims, and without an experienced team of lawyers behind you, it’s unlikely you will get the compensation you deserve. It’s going to cost you money, either through an up-front fee or a sizeable chunk from your eventual settlement, but the chances are that you will win more when you have a good legal team backing you up. 

Medical costs 

Of course, many car accidents result in injuries, whether they are severe or something like whiplash. And the truth is that depending on the severity of your wounds, it could be a small fortune you are expected to front up. Don’t forget, your medical insurance is only likely to cover you for a proportion of your bills, and while you may get compensation from another party, it won’t be until a later date. Whatever happens, it’s important to ensure you are doing all you can to meet these costs, as it could impact your credit rating if you miss your payments. 

Higher Insurance Premiums 

Whether you are at fault or not, an auto accident is going to raise your insurance premiums by a significant amount. In fact, it could be as much as over 40 percent more than your current premiums, which, depending on your current plan, could be a huge ongoing expense. It’s worse for you if you are the person that has caused the accident, of course, so unless the accident is a major one it could cost you less in the long-term if you pay for the minor repairs yourself.

No comments:

Post a Comment