How can a car accident affect your budget?

On Behalf of | May 6, 2023 | Motor Vehicle Accidents

If you are like most Americans, you commute to work every day. While a minor fender-bender might make you late for your job, a more serious car accident can ruin your budget. That is, a motor vehicle collision is likely to negatively affect your financial well-being.

If you suffer a catastrophic injury in a car accident, falling behind on your bills is apt to cause additional injuries to your mental health. Regrettably, here are some ways a car accident can affect your wallet.

Mounting medical bills

According to reporting from CBS News, the average emergency room visit in Illinois costs almost $2,000. This is the amount you are likely to pay just to see a doctor. If you have injuries that require diagnosis and treatment, you can expect to pay substantially more. While health insurance might help to defray some of your medical costs, you still must cover co-pays and other out-of-pocket expenses.

Lost income

It is not uncommon for injured individuals to be incapable of working. Obviously, if you cannot go to work, your employer is unlikely to continue to pay you. Lost income can add up quickly, potentially causing you to miss out on thousands of dollars.

Vehicle expenses

A car accident that is severe enough to injure you is likely to cause substantial damage to your car, truck or SUV. As a result, you either may have to pay for a new vehicle or front the cost of significant repairs. Your insurance premiums also might spike after a collision.

You should not have to pay for the consequences of someone else’s bad driving. Ultimately, if you have injuries and other damages from a wreck, it may be wise to pursue financial compensation from the driver who caused the accident.

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