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The Economic Impact of Car Accidents

Trusted Content
Legally reviewed by:
Erik Abrahamson
August 19, 2019
August 19, 2019 | Car Accidents

Every day thousands of people are injured or killed in car accidents worldwide. Car accidents and injuries are a major drain on the world’s economy. The economic impact of a car accident also hits close to home and can have a detrimental effect on the wallets of the victims.

Medical Bills

Even if the injuries resulting from an accident are not severe, the resulting medical bills can be costly. With the skyrocketing cost of health care, even treatment for a minor injury can hurt financially. Unfortunately, it’s far too often that a car accident can result in serious injuries that require extensive treatment. Medical bills for surgeries, hospital stays, medical equipment, medication, and continuing therapies, can quickly pile up and become overwhelming. In some cases, an injury is so serious that an individual is forced to change their life completely. In the United States, two-thirds of people filing for bankruptcy were forced to do so because of medical issues.

Lost Wages

If you’ve been injured in a car accident, there’s a good chance that you will miss some time from work. Depending on the severity of the injuries, you could be out of work for an extensive period of time. These lost wages can pile up and have a devastating financial impact on a family. In some cases, an accident victim may not be able to return to work at all.

Property Damage 

When you’ve sustained damage to your vehicle as the result of an accident, your repair bill can be astronomical. If your vehicle is totaled, then you are forced to purchase a new one which can be a costly endeavor.

Lessening the Economic Impact

There are a number of ways you can lessen the economic impact of a car accident. Making a claim with your car insurance’s personal injury protection (PIP) can help you get coverage for some of your medical bills and lost wages up to your policy amount. If someone else is responsible for the accident and you’ve been seriously injured, you may be able to file a claim against any liability insurance they may have. If that isn’t enough, then you can file a claim against your uninsured/underinsured motorist coverage.

Contact a Tampa Bay Car Accident Attorney

If you’ve been injured in a car accident and are suffering from the economic impact, you may need the help of an experienced car accident attorney. The attorneys at Abrahamson & Uiterwyk will evaluate your case for free and offer a no-fee promise, meaning you pay no fees or costs unless you win. Contact us online or call us at 800-538-4878 to set up your free consultation today.

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