When you get into a car accident, you might immediately start thinking about the up-front financial impact: the repairs, medical bills, and possible legal fees that you will incur.
But not everyone thinks about the hidden long-term costs of car collisions—and even fewer prepare for them, even though they can impact your personal and financial health down the road. If you need to account for and cover every possible consequence of your car collision, let our personal injury attorneys at Rubenstein & Rynecki help.
How Does Time Off Work Add to the Costs?
If you sustain an injury in a car accident, depending on its severity, you could miss days, weeks, or even months from work. Some employers offer paid time off or sick leave to provide a cushion; not everyone is so fortunate. This loss of income stacks on top of any short- or long-term medical treatment, prescription medication, or physical therapy that you need to purchase.
In the most serious cases, you may permanently lose your capacity to work or at least find that you cannot work as long or as hard as you used to. This reduced ability leads to diminished future earnings, causing missed paychecks, financial stress, and a ripple effect on your monthly expenses.
What Emotional Costs Are Involved?
Some car accident victims do not account for the mental and emotional toll of their collision, but any lingering anxiety, depression, or Post-Traumatic Stress Disorder (PTSD) because the impact can significantly impact your quality of life. You may need to pay for ongoing therapy, counseling, or medication, all of which come with a price tag.
Your mental trauma may even affect some of your personal relationships, your ability to concentrate, and even your willingness to perform day-to-day tasks like driving. You need to recover emotionally as much as you do physically, and if you neglect these issues, you can prolong your distress and incur additional hidden costs.
Can Medical Expenses Go Beyond the Initial Treatment?
The cost of your initial hospital visit is only the tip of the iceberg: your injuries could require months or even years of rehabilitation, follow-up appointments, and prescription medications.
Additionally, if your health insurance plan has limits on personal injury coverage for car accidents, you may need to pay out-of-pocket for your injuries when you reach those limits. Some plans do not even cover physical therapy, chiropractic care, or specialized treatments, which can cost you thousands of dollars over time.
How Do Insurance Claims Impact You Financially?
Even if you did not cause your accident, your claim could cause your insurance company to jack up your premiums, as they view any accident as a potential risk factor. You may also need to pay for litigation if the insurance companies fail to pay out adequately to cover your costs.
Could Vehicle-Related Costs Add Up?
If you need to repair or replace your vehicle, you may need to rely on a car or rideshare service like Uber or Lyft to get you places, which puts a hidden strain on your finances. Even if you can repair your car, the accident likely impacted its resale value, which will affect how much you will get if you decide to trade it in later.
Recoup Hidden Costs with the Brooklyn Car Accident Lawyers at Rubenstein & Rynecki
Once you realize the hidden costs of a car accident, you will understand why you need an adequate insurance settlement that covers all these possible expenses. Trust the Brooklyn car accident lawyers at Rubenstein & Rynecki to calculate all your costs, negotiate with the insurance companies, and present your best possible case to claim the compensation you deserve. Call our Brooklyn, New York office at 718-522-1020 or fill out our online contact form for a free consultation. We serve clients throughout New York City, including The Bronx, Manhattan, Queens, and Staten Island.
