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Breaking Down the True Cost of a Car Accident

Posted in Car Accidents on March 3, 2022

Vehicle accidents can be scary and confusing for those involved. The most important thing for anyone to do is seek medical treatment for any injuries they sustained in an accident. However, in the days, weeks, and months that follow a crash, there are several expenses that individuals have to deal with that can significantly affect their bank accounts. Here, we want to break down the true costs of a car accident and discuss the importance of seeking maximum compensation from an at-fault party.

Your Medical Bills

One of the costliest parts of a vehicle accident revolves around medical expenses, particularly for anything more than a very minor injury. Those who sustained moderate to severe injuries in a vehicle accident are going to have a range of medical costs. This includes, but is not limited to, the following:

  • Emergency medical expenses
  • The cost of any follow-up doctor or hospital treatment
  • Physical therapy or rehabilitation
  • Surgical expenses
  • Medical devices or prosthetics
  • Prescription medications

There is no way to definitively say how much medical expenses will ultimately cost as a result of a vehicle accident. For minor sprains and strains, the total medical costs may only be a few thousand dollars. However, the first-year medical cost of a spinal cord injury can reach more than $1.2 million.

Lost Wages

If an individual cannot work after a car accident injury occurs, this can significantly jeopardize their overall wages. The total cost, of course, will depend on how long a person is unable to make it to their job. If a person only misses a day or two, these lost wages may not put a major dent in the income. However, if a person cannot work for weeks or months, this can cause significant financial problems.

Additionally, some individuals are unable to return to work at all as a result of a car accident injury disability. This total lifetime of lost income can completely alter a person’s financial status.

Vehicle Repair or Replacement

After a vehicle accident occurs, it is important to repair or replace the damaged vehicle as soon as possible. Overall repair costs are going to depend heavily on the severity of the accident and the value of the vehicle before the incident occurred. In some cases, a vehicle may be considered “totaled,” which means the cost to repair the vehicle is more than what it is actually worth.

Non-Economic Damages

We would be remiss if we did not discuss the various types of non-economic damages that crash victims can sustain. We consider these more immeasurable because there are no bills or receipts that can be added up to concretely calculate a portion’s physical pain and suffering losses, emotional and psychological distress, loss of quality of life, scarring and disfigurement damages, and similar types of losses. An attorney will use various methods to adequately calculate these types of losses, and this total will be based on the economic damages mentioned above.

Work With a Lawyer

If you or somebody you care about has been injured in an accident caused by another party in Georgia, reach out to an Atlanta car accident attorney immediately. A lawyer will work with trusted economic and financial experts to examine the facts of the case and help adequately calculate losses. Using this information, a lawyer will negotiate vigorously with the insurance carriers involved or take the case to trial if necessary.