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4 Financial Facts About Getting in a Car Wreck

Jenna Taubel

Jenna Taubel About The Author

Jun 5, 2018 6:20:00 AM

Being involved in a car accident can be a terrifying thing, but you have to worry about more than just the emotional and mental trauma that can go along with it. The truth is car accidents can be costly and can affect you financially in more ways than one. These are a few ways that a car accident can hit your wallet.

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You'll Have to Repair or Replace Your Car

First of all, depending on the severity of the accident, you could end up with a junked car that you have to replace. Even if your car isn't totaled, you have to worry about having it repaired. If the accident was the other driver's fault or if you have collision insurance on your vehicle, then you may not have to pay much out of pocket. If not, though, you could be the one who has to pay to repair or replace your car. It’s also a common myth that you can junk the totaled vehicle, but according to The Clunker Junker, if there is still a lien on the car, you won’t be able to.

You Might Miss Work

If you're injured due to the car accident, then you could find that you will lose a lot of money in the form of lost wages. After all, after an injury, you might not be able to return to work right away. You may also have to miss work for things like dealing with your damaged or totaled vehicle or meeting with a lawyer or insurance adjuster. Of course, these things can affect your finances.

You Could End Up With Medical Bills

Medical bills after a car accident can add up. According to Ahlander Injury Law, "Auto accidents can cause injuries which can range from minor whiplash injuries to broken bones, severe spinal injuries, and even death." Even if your injuries weren't severe, you could end up with costly bills from the hospital or doctor's office that you have to cover. If your injuries are significant, then you could end up having to pay for surgeries, physical therapy and more.

You May Have Legal Fees

If the accident was not your fault, you might be thinking about hiring a lawyer to help you get a settlement. If the accident was your fault, then you may have to hire a lawyer to help defend you in court. In either scenario, you can expect to pay some legal fees related to your accident, which can have a financial impact.

Getting into a car wreck isn't cheap. It can cost you money in several ways — all of which are inconvenient. Make sure that you are careful when dealing with the aftermath of your vehicle accident to avoid paying more than you have to.

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