Car accidents can be devastating, both physically and financially. How much will your car accident cost you? If you suffered injuries in a car accident in Georgia, it is essential to be aware of current and potential future expenses so that you can take steps to protect yourself and your financial future. Read on to learn more about the standard costs associated with car accidents and the factors that impact the value of a car accident claim.
The most obvious cost associated with a car accident is your medical expenses. Depending on the severity of your injuries, this can include the following:
- Emergency room treatment,
- Diagnostic tests,
- Prescriptions, and
- Ongoing medical care.
Even if you have health insurance covering any of your treatment, you may still be responsible for copayments, deductibles, and other out-of-pocket costs.
It is important to remember that some injuries may not become apparent until days or even weeks after the accident. That is why it’s important to seek medical attention as soon as possible and keep all your medical records and receipts. This documentation can be valuable if you pursue compensation from the other driver or their insurance company.
If your car suffered damage in the accident, you might have to pay to repair or replace it. Property damage costs can be high depending on the extent of the damage. If you have collision coverage on your own policy, your insurance company may cover the cost of repairs. However, you may still be responsible for paying a deductible.
If your car is declared a total loss, your insurance company will pay you the vehicle’s fair market value. Unfortunately, you might still be responsible for paying off any remaining loan balance. This situation commonly happens when you owe more than your car is worth.
If you cannot work due to your injuries, you are most likely missing out on a significant amount of income. That is especially concerning if you are the sole household breadwinner or have a large family to support. You might need to use sick time, go on temporary disability, or even ask for a job modification.
You shouldn’t have to lose your career or go into financial ruin because of another driver’s negligence. You can pursue compensation for your lost wages in a personal injury claim.
Pain and Suffering
In addition to recovering the tangible costs of a car accident, you might also be entitled to compensation for pain and suffering. However, pain and suffering can be challenging to calculate. It is subjective and difficult to quantify because there are no accompanying receipts or invoices to tally up. But this compensation can be significant in a settlement as it compensates you for the emotional and physical trauma you have experienced. Pain and suffering is part of your overall noneconomic damages. These damages include anxiety, loss of consortium, physical pain, emotional trauma, depression, loss of enjoyment of life, and scarring or disfigurement.
The cost of a motor vehicle accident also includes legal fees and court costs. When you hire an accident lawyer, you need to pay for their legal services and any related court costs. However, you don’t necessarily pay legal fees out of your pocket. Most personal injury lawyers work on a contingency basis. That means your attorney only gets paid if and when they recover compensation on your behalf. They take an agreed-upon percentage of your settlement that covers their fees and any costs they cover while your case is pending.
While you don’t have to pay legal fees out of your own pocket, it’s a related expense that you should be aware of when pursuing an injury claim.
Future Potential Costs of a Car Accident
In addition to the immediate costs associated with a car accident, there are potential costs you might incur down the line. That is one reason why hiring an experienced attorney is so important. A skilled attorney knows how to negotiate and demand compensation for your future damages. Some of the most common ones are as follows.
Additional Medical Expenses
Depending on the severity of your injuries, you might require ongoing medical care, rehabilitation, or even long-term care. These costs can be substantial and can add up quickly over time.
If your injuries are severe, you might need modifications to your home to accommodate a change in mobility. You might need wheelchair ramps, widened doorways, or grab bars in the bathroom. These changes can be expensive and might not be covered by insurance.
If your injuries prevent you from returning to your previous job, you may need to find a new career. You might need to undergo retraining, job search expenses, and incur additional lost income while transitioning. Depending on your skills and experience, finding a new job may be challenging and take time. You may also need to accept a lower-paying job, which can significantly impact your financial future.
Reduced Earning Capacity
Even if you can return to work, your injuries may prevent you from earning the same amount of money as you did before the accident. That can be due to physical limitations, a loss of mobility, or chronic pain. The reduction in your earning capacity can impact your financial stability and your ability to support yourself and your family.
Continued Emotional Trauma
The physical and financial fallout from a car accident can take a significant toll on your mental health. You may experience anxiety, depression, or post-traumatic stress disorder. These conditions can get worse over time, impacting your quality of life and your ability to function. You may need professional help to overcome these challenges, which can be an additional expense.
Contact Us Today
If you have questions about how much your car accident will cost you, contact the experienced Georgia car accident lawyers at MG Law. We have years of experience assisting injured victims like you, and we can walk you through what to expect throughout the legal process.
Costs associated with a car accident can be substantial and far-reaching. It’s essential to understand what you’re facing so you can financially protect yourself now and in the future. The good thing is you don’t have to go through this alone. Our attorneys can help you fight for the compensation you deserve following a devastating car accident injury.
Contact MG Law today to schedule a consultation to learn more about how we can assist you.