Hidden Car Accident Costs

If you’re in a car accident, there are a lot of expenses that you may not have considered. From vehicle rental to increased insurance rates, car accident costs can add up quickly. In this blog post, we will discuss some of the hidden expenses associated with car accidents. Knowing what to expect can help you prepare for the financial impact of an accident.

Car Rental

One of the hidden car accident costs is need to rent a replacement vehicle. The cost of renting a car can add up quickly, especially if you need it for an extended period.

Titling and Registration

Another hidden cost of a car accident is the cost of titling and registering your replacement vehicle. You will likely have to purchase a new vehicle if your car is totaled. The cost of titling and registering a new vehicle can be significant, especially if you live in a state with high registration fees.

Car Repairs

If your car is not totaled in an accident, you will need to get your car repaired. Even minor accidents can result in expensive car repairs. If you have collision coverage, your insurance company will likely cover the cost of repairs. However, you will still be responsible for paying your deductible.

Depreciated Value

If your car is not totaled in an accident, it will likely depreciate in value. The depreciation will depend on the accident’s severity and the vehicle’s age and make. Accidents can also affect the resale value of your vehicle. If you plan to sell your car in the future, you may get less money if it has been in an accident.

Towing

If your car is damaged in an accident, you may need to pay for towing. Towing fees can vary depending on the distance your car needs to be towed and the type of tow truck required.

Traffic Tickets

If you are involved in an accident, you may be issued a traffic ticket. Depending on the accident’s severity, you may be ticketed for careless or reckless driving. Traffic tickets can add up quickly and result in significant fines.

Property Damage

You may also be responsible for damage to other property. This includes damage to buildings, fences, and landscaping. If the damage is severe, you may need to hire a professional to repair it.

Increased Insurance Premiums

After an accident, your insurance rates may increase if the wreck was your fault. The amount of the increase will depend on the severity of the accident and your insurance company.

Loan Payments

If you have a car loan, you will still be responsible for making your monthly payments after an accident. Even if your car is totaled, you are still obligated to pay off the loan. You may lose your car to repossession if you can’t make your payments.

Medical Expenses

Even if you have health insurance, your out-of-pocket medical expenses can add up quickly. You may need to be hospitalized or undergo surgery if you are severely injured. You may also need to see a specialist or get physical therapy. All of these expenses can add up, even with insurance.

Lost Wages

Recovering from an accident can take time, causing you to miss work. This can result in lost wages. If your injuries are severe, you may be unable to return to work at all. This can have a significant impact on your finances.

Mental Health Costs

An accident’s mental and emotional toll can be substantial. You may experience anxiety, depression, or post-traumatic stress disorder. These conditions can have a profound effect on your life and well-being. Treatment for these conditions can be expensive.

Don’t Get Left Holding The Bag On Your Car Accident Costs

Knowing what to expect can help you prepare for the financial impact of an accident. If you have been in an accident, contact an experienced personal injury attorney to discuss your options. A car accident attorney can help you assess long-term damages and fight for the compensation you deserve.

Car accidents happen every day and can quickly change your life. The attorneys at Saladino & Schaaf have years of experience representing Kentuckians in car accident cases. For a FREE consultation, contact us online or at 270-444-0406 (Paducah Office) or 270-753-1529 (Murray Office).