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6 Ways An Injury From A Major Car Crash Will Affect You Financially

No one thinks they would be involved in a major car crash until they find themselves in one. Unless you experience it first-hand, it’s almost impossible to wrap one’s head around the less-obvious financial consequences of a serious accident, which are often overshadowed by devastating losses. Nevertheless, after the incident occurs, knowing the extent of the material damage you have endured plays a big role in your settlement. These are the six most prominent ways a crash can financially impact you.

1. Medical Expenses

When you’ve been involved in a car crash, major or minor, it’s essential to get a medical check-up, even if you’ve shown no symptoms. While they go unnoticeable at first, internal bleeding and concussions can be fatal. With major crashes, there is a higher risk of permanent spinal damage, traumatic brain injuries, bone breaks, and fractures. Not to mention, lacerations that can occur due to impact with sharp metal bits. Keep in mind that the medical expenses don’t stop with the treatment of the injury. There is also physical therapy to pay for, as well as, medication, routine checkups, and specialized equipment like, wheelchairs.

2. Vehicle Damage

If you’re truly lucky, you might leave a fatal car crash with a vehicle that can be repaired, although, you’re more likely to end up having to buy a new vehicle altogether. In all fairness, you shouldn’t be paying for any of it, if the fault isn’t yours. However, without a lawyer to prove that you are not at fault, your insurance company will try to get out of completely reimbursing you. This doesn’t only apply to repairing or replacing a damaged vehicle, but it also applies to the towing fees which must fall to someone since one can’t simply leave a car on the accident site.

3. Pain and Suffering

When compared to major expenses like medical bills and vehicle repairs, pain and its financial impact can go unnoticed, but be certain that this is only an outsider’s view. Living in Michigan can be quite dangerous. The state is known for having one of the deadliest roads in the U.S, with 701 fatalities in 2020. What an experienced fatal car accident lawyer in Detroit can tell you is that the court of law recognizes pain and suffering as worthy of financial compensation. Fatal car accidents that lead to the unexpected loss of a loved one often result in trauma that has enduring mental and emotional effects. If you don’t seek out therapy, anxiety disorders, depression, and post-traumatic stress disorder can interfere with your daily life, personal and professional.

4. Recovery Leave

Whether it is because of excessive physical damage, mandatory bed rest, severe psychological trauma, or taking care of a loved one, you will need to take some time off of work after a fatal car crash. Unfortunately, getting a paid leave of absence is never guaranteed as it highly depends on the contract you have with your employer. Keep in mind that no company would want to pay someone without a return on their investment which adds to the difficulty of obtaining a paid leave. If you can’t guarantee payment, then a prolonged leave might land you in a financial crisis, especially when combined with the other expenses from the accident. 

5. Loss of Earning Capacity

If the car accident was severe enough to permanently disable you, you need to take into account that this will hinder your earning ability. Especially if you work in a physically demanding field. If you were relatively fine, but you lost a partner or a family member in the process, it also has an impact on your livelihood. While money is secondary, it is important, and permanently losing an income can be hard. In times of emotional and mental distress, the last thing one needs is a massive financial blow.

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6. Burial and Funeral Expenses

In the worst cases, when an accident manages to take away the ones you cherish most, you can try to remain strong, but it’s crucial to let yourself grieve. However, even funerals and burials come with a significant cost. With all the crash’s financial ramifications, it can be challenging to cover such expenses, despite your wanting to. Because a vehicle crash can put you in this difficult position, it’s important to remember the full picture when pursuing your right to compensation.

The truth is, no amount of money will ever be enough to compensate for the wrongful death of those we love. What it can do, however, is give you the tools and space to properly grieve and recover from your loss. Not just that, but when long-term plans, like mortgage and tuition, have been set with multiple incomes in mind, abruptly losing a partner can completely turn your life upside down. Rather than enduring even more instability through no fault of your own, it’s important not to relinquish your rights, but to fight for the compensation you deserve.

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