A car crash always comes at a cost. The extent of devastation only varies based on how severe the accident is, how many parties are involved or how much property is damaged. However, not all financial burdens are apparent. Some economic losses happen to victims indirectly.
Thus, it is essential for injured parties to identify what these frequently overlooked costs are so they can prepare adequately and avoid further damage.
Unexpected expenses can pile up
Florida incurred a staggering $4.4 billion total cost for accident fatalities in 2018, which accounted for medical and work loss damages. While victims typically anticipate these costs after a collision, they must also brace for the following expenses:
- Towing services or car rental fees if the car sustained significant damage
- Purchase payments for a new car if the old one was totaled
- Traffic tickets resulting in penalty fines and court fees
- Increased insurance premiums due to unfavorable records
- Personal item repairs depending on belongings inside the vehicle when the wreck occurred
- Health maintenance bills, such as follow-up appointments, prescriptions and medical devices
The state requires vehicle owners to have minimum insurance requirements. They must have $10,000 each for personal injury protection and property damage liability. Policyholders have an option to get additional coverage for ancillary costs.
For example, collision insurance can cover repairs. Further, if the car is beyond repair, gap insurance can take care of the difference between the car’s value and the remaining loan balance. Thus, drivers must check the limits of their coverage to know how much it can pay for their urgent needs in case of a road tragedy.
Underestimating potential crash costs can be dangerous
Even a minor collision can cause significant financial destruction with these hidden costs. As all involved parties try to reduce their liability, unsuspecting victims may find it challenging to manage their finances. Before they know it, they may already face financial ruin that can only worsen their physical, mental and emotional conditions. Thus, a legal team can help them gather proof to establish liability and guide them in understanding their insurance policies to avoid paying for a wreck they did not cause.