Four Ways An Injury Will Impact You Financially
When you get into a car accident, it’s impossible to know how much this single event will affect your future. Naturally, your first concern is healing from your physical injuries and returning to the same quality of life you had before the accident. What most people don’t realize is just how much that is going to cost. Your first area of expense will likely be for medical care, whether you were hospitalized or not.
The Financial Impact of Unplanned Medical Expenses
Even in a minor car accident, it’s best to have a doctor or nurse check you over to make sure you are okay. That costs more money than you think. The costs can escalate quickly if you need an ambulance, have an extended hospital stay, require ongoing physical therapy, or need modifications at home to accommodate your injuries. Don’t be surprised to receive separate bills for X-rays, medications, specialists, and others if you do end up in the hospital.
If you have Personal Injury Protection (PIP) as part of your auto insurance policy, it will pay some of your medical expenses and possibly some for your passengers as well. This is regardless of fault, although your insurer may attempt to recover the amount it paid on your behalf from the responsible party. However, this will probably cover only a portion of your medical bills since it’s common for PIP policies to pay a set percentage up to a certain dollar amount.
Your private health insurance could cover some of the cost, although it too will seek to recover its payout and argue that your auto insurance company should pay your bills. In the meantime, the bills just keep coming in and you’re not entirely certain how they’re going to get paid.
Missing Time at Work
Depending on the severity of your injuries, you could miss several days, weeks, or even months from work. Most people have only a limited amount of sick or vacation pay to cover such an absence. Others are fortunate enough to have short-term or long-term disability as a work benefit, although these plans typically include a waiting period or require you to use your personal time first. If you have PIP, it may cover 60 percent of your lost wages for a limited time. These solutions all leave gaps of time when you have no money coming in at all.
Inability to Earn Your Pre-Accident Wages
If your accident was serious enough to cause long-term or permanent injuries, you may never be able to perform the same job functions again. Although you may return to the same employer, your situation might force you to accept a new position that is less physically and mentally demanding. You might only have the stamina to work part-time after your car accident. If you’re early in your career, loss of earning potential could have devastating financial consequences for the remainder of your life.
Cost to Repair Damaged Property
It will cost money to fix your car if it’s totaled or badly damaged in the accident. While your insurance company should pay for these damages, it might not be enough to make the vehicle safe to drive again. If you’re still making payments on your car, don’t expect your insurance company to cut a check for the same amount you paid for the vehicle. Most insurers make payments based on the current value of the vehicle instead.
Championing the Cause of Kentucky Car Accident Victims
The above represent just four ways that you can suffer financially due to the negligent actions of another party. At Lanna Martin Kilgore, PLLC, we understand these costs may only be the beginning. We urge you to contact us promptly if the accident was not your fault and you are considering filing a personal injury lawsuit against the other driver. We offer free initial consultations at our office in Bowling Green, Kentucky or wherever it’s most convenient for you. Contact our experienced Kentucky auto accident injury attorney at (270) 846-3700.