Financial Implications of a Car AccidentMarch 4, 2020
Car accidents continue to be an unfortunate reality, despite advances in safety technology. They can cause significant property damage and severe injuries. In addition to physical injury, the financial impact of a car accident can be devastating, particularly if one or both motorists have little or no insurance. There are steps motorists can take to reduce the financial burden following a car accident, including property damage, injuries, and loss of income.
The National Highway Traffic Safety Administration (NHTSA) reports that car accidents can cause a range of financial hardships for victims and their families. For example, if the insurance companies do not cover the costs of certain medical expenses, this can cause a major financial strain. In addition, if the injured victim is unable to return to work because of the injuries sustained in the crash, the lost wages can make it difficult to make ends meet.
Economic Impact of Car Accidents
The following are examples of how car accidents can impact motorists financially:
- Increased insurance rates: Insurance companies will often raise a driver’s insurance rates, even if the other motorist caused the accident.
- Medical expenses: Medical bills, including medical care, follow-up treatment, and rehabilitation services, can be very costly, particularly if the injured victim requires surgery, hospitalization, or ongoing care.
- Property damage: In addition to the cost of repairs, motorists should know that insurance companies agree to pay for the repairs only if the cost to fix the vehicle is less that the car’s actual value, which can be found on Kelley Blue Book or Edmonds. A car’s value will decrease if it has a crash on its record.
- Lost wages: An injury may prevent the victim from returning to work temporarily, or permanently if the injury was severe. If the injured victim was the main breadwinner, this can be financially devastating for family members.
How to Lighten the Financial Burden
Unfortunately, even the most responsible drivers can be involved in a car accident, since they cannot control how other people drive. However, a skilled car accident lawyer can help can reduce the financial burden by taking these steps:
- Determine who caused the accident
- Take pictures of the accident scene
- Obtain witness testimonials
- Review each vehicle’s insurance policy
- Speak with the insurance companies
- Collect all records related to the accident
- Negotiate a settlement
Baltimore Car Accident Lawyers at LeViness, Tolzman & Hamilton Secure Sizeable Settlements for Car Accident Victims
If you or a loved one was injured in a car accident, it is in your best interest to contact the Baltimore car accident lawyers at LeViness, Tolzman & Hamilton. We will walk you through every step of the claims process and secure the maximum financial compensation you deserve for your injuries and the damage to your vehicle. We will not stop fighting for you until you are completely satisfied. To schedule a free consultation, call us today at 800-547-4LAW (4529) or contact us online.
Our offices are located in Baltimore, Columbia, Glen Burnie, and Prince George’s County, allowing us to represent victims in Maryland, including those in Anne Arundel County, Baltimore County, Carroll County, Harford County, Howard County, Montgomery County, Maryland’s Western Counties, Prince George’s County, Queen Anne’s County, Southern Maryland, and the Eastern Shore, as well as the communities of Catonsville, Essex, Halethorpe, Middle River, Rosedale, Gwynn Oak, Brooklandville, Dundalk, Pikesville, Nottingham, Windsor Mill, Lutherville, Timonium, Sparrows Point, Ridgewood, and Elkridge.