Being in a car accident is a horrible experience and one that no one deserves to go through. Unfortunately, car accidents are a sad and serious reality of our time, and they can occur no matter how hard you try to avoid them.
Of course, car accidents will impact your life in many ways – you may have physical injuries, and you may also suffer from the mental trauma of the accident. On top of that, car accidents also hold some serious financial implications, and this post is going to walk you through a few of those.
You may need to pay legal fees
A car accident may result in a lawsuit, and if you do happen to find yourself involved in a lawsuit, you should certainly consider hiring a lawyer, as they will increase the chances of you getting the desired outcome for the lawsuit. That being said, hiring a lawyer does mean you will need to pay legal fees.
It could be that someone is suing you for personal damages, or it could be that you are filing a personal injury claim against the other party involved in the accident. If that’s the case, be sure to use the services of a reliable car accident lawyer.
You may need to pay for your car’s damage
Sometimes, people are quite lucky and walk away from a car accident with no serious damage to them or their car.
More often than not, however, cars involved in accidents sustain damage. If you have car insurance, you should immediately file a car insurance claim, but even if you are insured, you may still need to pay an excess, so be prepared for this added expense.
You may need to pay medical fees
Even if you feel completely fine after your car accident, you should get checked out by a doctor to ensure that there aren’t any internal injuries that could cause issues down the line. And of course, if you are injured, you need to get treatment for those injuries. Naturally, these medical fees can add up, and if you don’t have medical aid or health insurance, the cost of them will fall on you.
Just as with car insurance, if you do happen to have health insurance, either privately or as an employee benefit, you need to file the claim sooner rather than later.
You may lose some of your income
Finally, depending on your work situation, a car accident could also mean that you need some time off work, and this could also impact your financial standing.
If you have sick leave, you can always use that while you recover from your accident, but many people who work as freelancers or own their own businesses do not have this luxury – which means that if they can’t work due to injuries sustained in a car accident, they also won’t earn any money. Therefore, you need to have a backup plan for how to keep yourself afloat financially until you can work again.