Breaking Down The Financial Impact Of An Accident
Michael Babboni
Car Accidents
Across the United States, the total financial cost of car accidents is well above $200 billion per year. This is an astronomical amount of money, and one car accident can devastate a family for many years to come. With all of the various expenses involved in car accident cases, those who have experienced a St. Petersburg car accident are often times shocked by just how quickly their associated bills add up. Property damage, medical expenses, lost wages, and more all get tacked onto the debt, and it’s important to be able to get the insurance compensation you deserve.Types Of Financial Effects
There are various financial effects associated with St. Petersburg car accidents, and some may be more obvious than others. These financial effects to consider are:
• Property damage – Your vehicle may suffer both cosmetic and mechanical damage after a St. Petersburg car accident. In cases where the cost to repair the damage is just under the total value of the vehicle, drivers may be left in a difficult position having to take care of damages that could essentially have bought them an entirely new car.
• Living adjustment costs – Living adjustment costs is one of the expenses that many don’t think about until they’re faced with them. If a person is severely injured or disabled after a car accident in St. Petersburg, they may have to undergo modifications to their home, vehicle, and lifestyle in order to live as normally as possible. This could mean investing in an accessible vehicle and changing the overall accessibility of their home, which can rack up debt in the tens of thousands of dollars very quickly.
• Medical expenses – Medical expenses are a big consideration for most when thinking about the car accident experience. However, that doesn’t make them any easier to prepare for or any easier to manage. Medical expenses can rise with shocking quickness, and bury families in St. Petersburg with insurmountable debt.
• Loss of income – Some of the biggest expenses after a car accident don’t come in the form of bills, but in wages lost while you’re in the process of recuperation. Loss of income can be experienced in the form of losing a few weeks’ paychecks, or a lifetime of wages in cases of permanent disability.
• Loss of services or ability – Another often unthought of cost is loss of services or ability, and how this effects St. Petersburg families going forward. A loss of ability to care for children, clean the home, or mow the lawn will require families to hire for these services going forward.
How To Save Yourself From Financial Devastation
Your insurance company should be there for you to take care of your accident related expenses and save you from financial devastation. However, this isn’t always the case. Many insurance providers in St. Petersburg and around the country are companies first, and they’ll try to make sure their payouts are as low as possible in order to maximize their own profits. This can leave insured Florida drivers still facing financial hardship despite having coverage that should keep them afloat.
A St. Petersburg auto accident attorney is your best defense against insurance companies trying to low-ball your claim. They’ll work with you through the negotiations process and ensure your settlement is able to cover your financial impact. If you’re looking for representation to lessen the financial impact of your St. Petersburg car accident, contact us at TheStPeteLawyer.com today.