Car accidents are incredibly common today. The reality is that cars are not as safe as most people would like to believe and, how can they be? After all, you will be traveling at rapid speeds in what is essentially a metal cube on wheels. It’s no surprise that a car accident can end up in a tremendous disaster. However, it’s not about the damage that you can do to yourself in a nasty car accident. You also need to think about how a car crash could hurt your finances and cause you to struggle with an unaffordable bill. Let’s look at some of the greatest costs associated with a car accident and the best ways to deal with them effectively. In doing so, you can ensure that this unexpected bill doesn’t translate into a massive shock to the system.
Repairs For Your Car
In some cases, there might just be minimal damage to your car, and both parties agree not to go through the insurance. If this is true, then you’re going to have to front the cost of the repairs yourself, and who knows how much this is going to be? It’s hard to tell if you’re not a professional, but depending on the extent of the damage it can be quite a hefty price to pay. As such, this is something that you need to seriously think about before deciding whether to go through the insurance company or not, and this is entirely going to depend on the amount of damage on the car.
It’s important to understand here though that there might be some damage inside the vehicle that you can’t see, that would be expensive to fix. It’s always in your best interest to go through the insurance if you were not at fault, as it will cost you less to get your car back on the road.
Purchasing A New Car
There’s alot of debate about whether it’s more or less cost effective to buy a car brand new. The problem that you’ll need to handle here is depreciation. Depreciation will mean that the car loses most of its value in the first couple of years. Indeed, on average a car will lose 20% of its total value after just one year. That’s why you need to make sure that you are buying the vehicle for the best possible price. You should shop around the market and ensure that you are getting the right deal. Remember, you can haggle here too. Haggling is a great way to get the price down a little more. Dealers expect you to haggle and the advertised price should be considered the starting point, not the end one, no matter what they say. Don’t forget, if you need to buy a new car due to a crash, then it’s possible that you will have money from your insurer or money from selling your old car, even if it’s for scrap.
The alternative would be to replace your wrecked car with a second hand vehicle. If you don’t have the funds to buy a new vehicle and the accidernt was legally your fault, then this can be the best option. However, you will need to make sure that you do complete the right checks on the vehicle before committing. It is absolutely vital that you avoid purchasing a car that will leave you with expensive repairs in the future. There are lots of signs that you should watch out for here including the level of wear and tear that a vehicle has endured. Excessive usage will almost always translate into expensive repairs overall.
Do be aware that you won’t need to rush this decision. Particularly, if you have an insurance provider who will offer you a temporary replacement vehicle. By not rushing this choice, you can avoid accidentally investing in a dud.
Your Insurance Rate Will Rise Next Year
If you make a claim on your insurance then you can expect to find that when it renews it will have risen slightly. It doesn’t go up by much, but it will go up. If you don’t want to stay with that company due to rising costs then there is no harm in shopping around for a different company to cover you. Be aware that the car accident will be on your record and if it’s found that you caused the accident then your insurance will remain high for some time following it.
Hiring Legal Help
If you are in a car accident and there is a dispute about what happened, or there is something more serious such as serious injuries or fatalities, you may need to look into hiring legal help. You can contact a company like Kajy Law Firm, and they will be more than happy to speak with you about what happened and what they can do to help. We know that a lot of people would prefer to settle this problem out of court due to the cost of lawyers, but this is not always possible. As such, if you are faced with the cost of a legal dispute it can be difficult to manage, but necessary to undertake.
You are going to need to hire the best legal help that you can afford, which means you’re going to need to do some research. Look into the success rates for different firms if they are advertised, and make a decison based on the reviews that previous clients have left, as well as all of the other information that you have about them.
Medical Bills
A lot of people assume that the only cost involved when you are in a car accident is that of the car. What about if you were injured when you crashed? If this is the case then there will be medical bills that you will also have to pay for. You will definitely need to go to the doctors or even the hospital to be checked over to make sure you are in one piece. If you don’t have insurance to cover these costs then you must have it from other means.
If the incident you were involved in was particularly big then this could result in quite a lengthy hospital stay. If you are claiming against the other person then you may be able to get some, if not all of the costs back from them. This will help cover your medical bills and the costs of any surgeries you need.
The Mental Cost
Finally, you may not only be faced with the physical cost of being involved in a car accident. The mental cost can sometimes cost you a lot more. If you are struggling with your mental and emotional health after your car accident then there is help out there. Take a trip to your doctors to find out what they can do for you and if they can refer you for any treatment. You may be suffering from anxiety or something more serious such as PTSD. Being involved in a car incident can really take it out of you.
Your Insurance Rate Will Rise Next Year
If you make a claim on your insurance then you can expect to find that when it renews it will have risen slightly. It doesn’t go up by much, but it will go up. If you don’t want to stay with that company due to rising costs then there is no harm in shopping around for a different company to cover you. Be aware that the car accident will be on your record and if it’s found that you caused the accident then your insurance will remain high for some time following it. You may check out Cheap Insurance to see if you can get a better deal.
We hope that you have found this article helpful, and now see the real cost of car accidents and how they can impact you. A lot of people are under the impression that it’s a simple thing to pay for a car accident as it’s only the excess on your insurance policy that you have to pay. This is not true in most cases, and you need to be prepared for the reality in case you are ever faced with this situation.
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