The Hidden Costs of Car Accidents: What You Need to Know

People tend to think short-term when they think about the costs of a car accident: immediate medical expenses, days off work, and vehicle damage. But in reality, the full cost of a car accident may not be known for weeks, months, or even years. You have to consider expenses like future healthcare needs, lost career advancement opportunities, non-economic losses, and out-of-pocket expenses.

If you can’t accurately calculate the cost of your car accident, it may be difficult to negotiate a fair settlement with the insurance company. That’s why you need an aggressive, experienced Connecticut car accident attorney who can help protect your rights and pursue compensation. Call Barry, Taylor & Levesque, LLC to schedule your consultation now.

Immediate costs are only the beginning

Right after a collision, the costs start to add up quickly. You may get bills in the mail from the ambulance service, the emergency department, and individual specialists. On top of that, you may be out of work indefinitely, limiting your ability to actually pay those bills.

Vehicle damage is another immediate issue. Your vehicle may need repairs – repairs that lower your car’s resale value and may cost thousands of dollars. If your car is totaled, you have to go through the process of finding a new vehicle. In both cases, you may be on the hook for a sizable deductible. In the meantime, you may have to get a rental vehicle to still fulfill your other obligations.

Ongoing medical expenses

If your injuries don’t resolve after your first treatment, your ongoing medical expenses can quickly become prohibitively expensive. Consider, for example, the difference between a broken bone and a traumatic brain injury. If you have a clean bone break, it may be set with a cast, often resulting in full recovery after a period of weeks. On the other hand, a traumatic brain injury can be wildly unpredictable. Symptoms may last for weeks, months, or forever – and with unpredictable injuries, it becomes even more important to calculate the cost of your future care.

Recurring expenses related to your injury may include prescription medications, physical therapy for certain types of injuries, follow-up specialist appointments, rehabilitative care, and in-home care if your injury is serious enough to leave you unable to live independently. For those who have to move to a long-term care facility, note that the U.S. government expects costs to increase an average of 2.54% per year.

What else do you have to consider besides missed work days?

People often expect to lose some income right after an accident, whether it’s in the form of actual lost wages or the loss of paid time off that they’d planned on using for other purposes. But in reality, time off work during recovery is just the beginning.

If your injuries limit your ability to work the way you did before, your income may be affected long-term. Those who have flexible employers who are committed to their employees’ well-being may be able to shift into a less physically demanding role or cut back on hours. But for most people, requesting accommodations that cause undue hardship for the employer may leave them out of a job entirely – or at least in a job that pays less.

This doesn’t just affect your annual income. Consider your annual raises and periodic promotion opportunities. These are now gone or completely shifted downward, affecting the trajectory of your career. Even if you’re able to jump into a new career path, starting over can come with severe income losses as you build up your experience.

The impact is even more severe for those who are self-employed. Missing deadlines, being forced to cancel contracts, or losing clients can cause devastating financial instability and a reputational hit that you never recover from.

What’s the financial impact of long-term injuries?

In more serious car accidents, people don’t just struggle with injuries for weeks or months. Those who suffer catastrophic injuries may have lifelong care management needs. These include regular doctor visits (often with multiple specialists), medications, or specialized treatments. These expenses become a regular part of your budget, which can cause serious financial strain if you have to cover the cost alone.

Certain injuries require you to change your living environment permanently. You may have to change your home by widening hallways to accommodate a wheelchair, installing Hoyer lifts for safer transfers, and adding adaptive toilets and showers. In-home assistance and long-term care may also be required.

Beyond the actual financial costs, these adjustments can also have a significant impact on your mental and emotional health.

What are non-economic damages?

Not every loss can be easily measured in dollars. Victims can be left with emotional and psychological losses that matter just as much as their physical injuries.

Pain and suffering is one of the most commonly discussed non-economic damages, allowing you to recover compensation for your physical discomfort and pain. You may also be able to recover damages for harm to your emotional and mental health. Some victims develop PTSD, anxiety disorders, or other mental health disorders as a result of their accident.

Some victims also find that their accidents affect their ability to contribute at home or keep their family relationships the same. Changes in physical limitations, emotional regulation, and financial stress can put lots of strain on a family.

Hidden out-of-pocket costs people may overlook

Some of the most annoying expenses are those that seem small but quickly add up. For example, consider transportation. If your car is unavailable, you may rely on rideshares, public transportation, or rental vehicles. This adds up quickly, and these transportation options aren’t even as convenient as having your own functioning vehicle.

Childcare is another unexpected out-of-pocket expense for many people. If they struggle to care for their children without outside help, the cost of a nanny, mother’s helper, or babysitter can strain an already-stretched budget.

Administrative costs, like medical records printing, parking fees, and paperwork management, also chip away at your budget. On their own, they’re minor; over time, they are significant. Your car accident lawyer can help you track and prove these costs.

Explore your legal options with Barry, Taylor & Levesque, LLC

If you’ve been injured in a car accident and you aren’t sure how to best advocate for yourself, we’re here to fight for you as you recover. Let’s discuss your options now. Contact us online or give us a call today.