Experts Speak

Car Accident-Related Debts You Might Not Expect

Most people know that car accidents can be expensive. Once your car is damaged, you often need to spend thousands of dollars buying a new one. However, the average car accident can result in other costs you may not have anticipated, such as the following: 

Medical Bills

Highly regarded legal experts like accident attorney Stephen Babcock often meet with accident victims who have experienced severe injuries in car crashes. Not only can these injuries take a physical toll, but the financial one can also be immense. 

Medical bills can cost accident victims thousands of dollars. When your injuries have also seen you requiring time off work, you may not have regular income to pay those costs off. That’s why seeking legal advice can be crucial. Lawyers can fight for your right to the compensation you deserve, so your medical expenses don’t always need to be your burden alone. 

car accident debt

Property Damage

When you think of accident damage, you might imagine a car that requires repairs or replacement. However, some accidents can also damage other property, like infrastructure, buildings, and fences. Someone has to cover these costs, and it’s often those involved in the accident. However, if you weren’t responsible for the accident, receiving bills for damage you had no control over can be surprising and disheartening. 

Legal fees are something many accident victims are aware of. The thought of paying a lawyer might even stop them from seeking help. While it’s true that legal assistance can come at a cost, many lawyers offer contingency fees. 

Contingency fees describe a fee structure in which you are only invoiced for your lawyer’s time when they help your case reach a successful conclusion. When that happens, they receive 20% to 50% of the recovery amount. 

Insurance Deductibles

Your automotive and health insurance companies can likely cover many of the costs of a car crash. However, deductibles are a standard part of claiming. Deductibles are an upfront cost you generally must pay before your coverage kicks in. Depending on your unique policies, this can sometimes be several hundred or thousands of dollars. 

Most people don’t mind paying these costs when they know their insurance companies will cover the remainder. However, it’s yet another debt you have to budget for after an accident you weren’t at fault for. 

Towing and Storage Costs

Most people aren’t able to take their vehicles home after being involved in an accident. Towing companies are often involved, charging fees to transport and store your vehicle while you receive medical care. These fees can sometimes be astronomical, depending on how far the car has to be transported and how long it’s in storage.   

It can sometimes be helpful to keep receipts of accident-related costs like these. Your lawyer may then be able to include them in their calculations when sending a demand letter to the person responsible for your accident. 

Car accident-related debts can be beyond what you anticipated, especially when you only expected to pay for car repairs. However, you may be able to relieve some of your financial burdens by meeting with a car accident attorney. They can work hard to hold the person responsible to account. 

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by Sushree Swagatika

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