Car accidents are life-changing for two big reasons. First, the potential for injury. If the car accident resulted in injury, it could change the trajectory of the victim’s life. It may mean the victim needs additional medical procedures to heal and could make it difficult for the victim to continue pursuing educational interests or professional growth opportunities.
This leads to the second reason car accidents are life-changing: the economic side of things. In addition to paying to replace or repair the vehicle, the victim will also need to cover the cost of the medical procedures noted above, as well as additional care and rehabilitation. They may not get back to work or may experience a reduction in future earning capacity. This can change the course of one’s financial future and impact not just the individual but the victim’s entire family.
It is important to take both factors into consideration. The issue is so prevalent that the National Highway Traffic Safety Administration (NHTSA) completed research and issued a report finding motor vehicle crashes cost Americans over $340 billion in 2019. The agency is using the findings to push for safer roads and reduce the risk of tragic accidents, but the findings can also serve to encourage Americans to recognize the financial impact of an accident.
What was the financial impact of my accident?
Victims can ask themselves the following to get a better idea of the true financial impact of the accident:
- Was the vehicle totaled?
- Was anyone injured?
- Did injuries lead to hospital stays and medical procedures?
- Did the accident impact my ability to go to work or school?
If the answer is yes to any or all these questions, the odds are high that the accident will have a significant financial impact on the victim and their family. Knowing the potential impact can help victims and their families explore other options to help cover these expenses, including the potential for legal remedies if the accident was the result of another driver’s negligence.
If you’ve been injured in a car accident, give our office a call at 219-733-8633.