5 Hidden Costs of Car Accidents
Car accidents in America cost the average citizen almost $1000 per year. That is almost 250 million dollars a year that go towards the standard costs of car accidents. Most costs are obvious, like the cost of having your vehicle repaired or the cost of having the other vehicle repaired but there are other costs that you need to factor in. There are five hidden costs involved in a car accident that you need to know about, they are listed below:
1. Vehicle Rental
Unless you have comprehensive car insurance, you will need to pay for the cost of a rental car until your car repairs are complete or until you can buy a replacement vehicle with your insurance pay-out. The cost of renting a vehicle largely depends on what vehicle you need and how long you’ll need it for. You also need to know that renting a vehicle means you will need a massive security deposit to put down on a credit card, and sometimes rental agencies require two credit cards.
2. Towing Costs
Most people don’t realize that having your car towed can cost hundreds or thousands of dollars, depending on the tow company and how far your vehicle has to get towed. Once a tow truck tows your car away, you don’t have a choice but to foot the bill – and it is usually a high one.
3. Legal Issues
Car accidents, especially if they are your fault, can cost hundreds of thousands in damage claims. No one ever factors this into their decision when they choose not to insure their vehicles. If you have recently been in a car accident that wasn’t your fault, consult with the best injury lawyer to provide you with the information and guidance you will need for taking action against the guilty driver.
4. Medical Expenses
The most common unforeseen costs involved in being in a car accident are the steep medical bills. Emergency medical treatments can cost tens of thousands of dollars, if not more. Often there are charges for out-of-network specialists and providers, and without comprehensive health insurance, all of these costs will be for your account. If the car accident is your fault and you are not insured, you will have to pay for the medical bills for all the injured parties involved.
5. Therapy Bills
There is no shame in admitting that you need help after surviving a traumatic event. The problem is that kind of professional help can be outside of your budget if you don’t have insurance or savings tucked away. Therapy can cost thousands of dollars, and these costs will get higher depending on how many sessions you need. Most people only factor in the cost of medical treatment for physical injuries, but sometimes the scars from emotional or psychological injuries can run deeper.
The costs of being in a car accident can run into thousands and thousands of dollars; it is not only about the repairs to the cars involved. Be careful on the roads and never drive anywhere unless you and the vehicle are insured.