When many people think of a car accident, they have a hard time getting past the auto body repair bill or replacing their car if it is totaled. Since most people carry personal injury coverage on their insurance, they don’t consider the full extent of the financial damages.
But when you stop to add up the full financial damages, there are often significantly higher costs than the insurance company is ready to pay for. Let’s take a look at the true cost of a car accident.
Even the auto insurance policies with the most comprehensive coverage won’t cover the full cost of replacing your car. There will be time spent arranging alternate transportation while you are between cars. There will be time spent researching the cost and availability of the new car you will be buying. And even with replacement coverage on your policy, there will likely be a higher sticker price than you anticipated, costing you money out of pocket. You may also face charges for towing and storage of your old wrecked vehicle. All of these costs are something most people don’t budget for, so there may even be additional time and expenses taken to deal with a bank for financing.
Again, most responsible drivers carry at least a minimum amount of medical coverage on their auto policy or have health insurance. But for most people that means paying a high deductible and covering some expenses upfront. Your health insurance will fight to keep their financial liability as low as possible, which means you may have to pay for uncovered tests and procedures your doctor recommends.
After your doctor declares that you have reached maximum medical recovery, you may have trouble tapping into your health insurance for any further needs related to your injury. Once you accept an insurance settlement, further needs such as chiropractic treatment for mobility, physical rehabilitation or surgeries related to the original injury may not be covered.
It’s one thing to just count up the dollar lost from being out of work, but lost wages or salary doesn’t tell the whole story. Your injury may mean you cannot continue in your same job tasks upon your return. What will that do to future promotion opportunities. You may no longer be able to put in the overtime hours you once counted on. Your employer may decide after a year or two back on the job that you can no longer handle the physical demands of the job. In addition to the lost paycheck for a few weeks or even months, you are losing the amount of earnings you would have put into your retirement account. In order to calculate the true cost of a serious injury, don’t look five months down the road; look five, 10 and even 25 years into the future.
So far, all we have covered is the financial damages you can get a receipt for. But our laws say that negligent parties must also be held liable for the very real pain and unnecessary suffering your family has been put through. You may never be able to play with your kids again. Your relationship with your wife may change forever. The enjoyment of life may be robbed from you forever. The insurance company won’t put a dollar figure on that, but the courts will.
How much is your car accident injury or death of a loved one really worth? You won’t know until you talk with an experienced personal injury lawyer. Call The Law Offices of Mark E. Weinberger P.C. in Rockville Centre to schedule a free consultation or contact us by email. Our attorneys represent clients throughout Nassau County, Suffolk County and the New York City five boroughs.
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