It is practically impossible to avoid auto accidents when you drive. Often, accidents result from the fault of others but incur significant costs for you. While the party at fault bears the financial brunt, it is good to be aware of the various costs involved.
This article will inform you of the various financial costs that may result from an auto accident.
1. Auto Repair Costs
If your vehicle suffered damage during a car accident, you should know how to go about getting it repaired. The financial brunt will fall on the at-fault party, depending on the state in which the accident took place. There are mainly two types of states, no-fault state and traditional fault-based state.
In a no-fault state, your car insurance company will pay for the damages. In a traditional fault-based state, you have to prove the at-fault party was negligent in order to claim damages. But in either state, the car insurance company will only pay up to policy limits. If the auto repair costs exceed your policy limit, you will have to pay out of your own pocket.
Your car may suffer minor damage that may be tackled with paintless dent repair. Significant damage will require collision repair and more extensive work, and thus, incur greater auto repair costs. It is important that instead of taking a hasty decision amidst the frenzy, avail the services of a reputable auto body shop to ensure your car is renewed to its original state.
2. Healthcare Costs
Accidents can often cause personal injury, which will naturally incur healthcare costs for the parties involved. These costs may include ambulance rides, emergency room treatment, X-rays, doctor visits, follow-up appointments and other medical tests.
Bodily injury is the most prominent concern in auto accidents that often require immediate medical care. Parties involved in an accident may also suffer trauma that may incur therapy and counseling costs to treat Post Traumatic Stress Disorder (PTSD).
3. Property Damage Costs
An auto accident may not be with another vehicle but also with some property. A car accident can result in property damage, like the destruction of a gate, fence post or garage door. This will hold you liable to pay for the damages caused to the property owner. Property damage can also incur high costs, depending on the extent of the damage caused by the accident.
4. Legal Costs
If the parties involved in a car accident cannot reach a conclusion, they may hire a lawyer to oversee the claim process. While some lawyers won’t levy fees until the claim is won, others will require you to pay upfront fees to initiate the legal process.
5. Miscellaneous
Other costs that you need to factor in include loss of employment or loss of income during the time you’re not working as a result of injury or trauma suffered due to the accident.
While accidents are sometimes unavoidable, it is still advised that you drive safely and follow speed limits to mitigate the incidence of auto accidents. In case you do encounter one, you can always find an auto repair shop to ensure your car retains its original appearance and resale value.
