In the wake of a car crash, many different problems could arise. For starters, you could struggle as a result of painful injuries, which could leave you immobilized or unable to enjoy various aspects of your life. Furthermore, accidents can create other challenges, such as financial hurdles.
It is important to understand the potential financial consequences of a traffic accident, including hardships that could come up at a later point.
Traffic accidents and medical expenses
The Centers for Disease Control and Prevention estimates that fatal traffic accidents generated more than $430 billion in costs during 2020. Aside from fatal crashes, accidents often result in significant medical expenses for those who suffer injuries as well. Rehabilitation and long-term expenses due to ongoing physical challenges can also prove costly. In 2020, traffic collisions accounted for more than 2.1 million visits to emergency departments.
Other financial consequences due to traffic accidents
There are many other ways a crash could create financial havoc in your life. For example, you could lose the ability to work, leading to lost wages and falling behind on bills. After an accident, you could become unable to drive due to mental trauma or physical limitations, resulting in significant transportation expenses. In some instances, entire families face significant funeral costs as a result of losing a loved one in an accident.
If you decide to take legal action in the wake of a car crash caused by a driver’s negligence, you need to think about all of the different ways that the accident could affect your finances.