Ouch! Hidden Costs Of A Car Accident

by Mike on February 7, 2017

Ouch! Hidden Costs Of A Car Accident

We all like to think that we’re never going to have to deal with a car accident. But for most of us that isn’t the case. In your first year on the road alone, you will have a seventy-five percent chance of ending up in a car crash. After that your chances diminish but you have to remember it’s not just about you. To know you can avoid a car accident you have to be able to trust the other drivers around you on the road and, that’s not always the case. There are plenty of drivers that use the roads dangerously without any care or consideration for others. The question we’re asking today is whether you’re prepared for the cost of an accident on the road. You might be shocked about some of the bills that you’ll have to pay.

Repair

Depending on your insurance coverage you might find that you have to pay very little for your vehicle after it has been damaged in a car accident. It’s entirely possible that your insurance company covers the full bill which is great. At the same time though, you have to remember that this isn’t free. It is going to affect your insurance and in the long term, that’s going to cost you money. Essentially, this is one of the hidden costs of a car accident. You don’t think it’s actually taking money out of your account, but it sure is.

Of course, the other option is that you pay for the repair yourself. This will be the case if the car was a write-off. In that instance, an insurance company will not pay for the repair. You will have to pay the bill yourself and decide whether it’s even worth it. In most cases, this will only happen if the car has sentimental value.

Legal Trouble

Next, you need to think about the law and legal issues. Essentially, you might be held responsible for the accident. If that’s the case, you’ll need to hire a legal representative. They will have to make sure that you are not forced to pay a massive cost for an accident that may or may not have been your fault. Don’t forget, that it’s also possible you could be facing criminal charges. Many people forget that an issue on the road could still be a crime.

Alternatively, it might be you that is sueing someone else. But you’ll still need to pay for a lawyer. There are specialized injury attorneys for car accidents specifically to make sure you can get any money you are rightfully due.

Depreciation

The last issue is depreciation. If your vehicle is in an accident, it always affects the price. So, you might have had a car that was worth thirty thousand but after a crash it could be down to twenty-five. It might even be more than that! Remember, laws differ by region but in most cases it is illegal not to report an accident to your insurance company. Thus, this cost is completely unavoidable.

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