Been in an Accident? Five Ways Your Personal Finances Will Be Affected

Saturday, June 7, 2014, 1:00 AM | Leave Comment

Being involved in an accident can be detrimental for many reasons. One of the most notorious detriments to any accident is the affect it can have on your personal finances.

Auto insurance, car repairs, medical bills, lawsuits, and lawyers are all expensive necessities that may be required when involved in an accident.

Been in a Accident 5 Ways Your Personal Finances Will Be Affected

This article will focus on these five topics and how they can affect your overall financial stability.

  1. Auto Insurance

    If you are involved in a car accident there is the chance that your auto insurance rates will increase, particularly if the accident was your fault. It is important to note, however, that this could be avoided in some cases, especially if you have an otherwise clean driving record.

  2. Car Repairs

    Damage done to cars after an accident can be very costly. With typical insurance policies, deductibles of $500-$1000 are a common price to pay for car repairs. In addition, driving without car insurance is not only illegal, but it could cost you thousands of dollars to repair your car and the car of the other driver if necessary.

  3. Medical Bills

    Hopefully no accident that you might be involved with will involve any medical bills. If an accident does result in a hospital visit, however, that can affect your personal finances greatly. Without health insurance, hospital bills can be life changing. Even with health insurance there are some extraordinary expenses that can come from medical bills.

  4. Lawsuits

    According to accident lawyers at Braithwaite Boyle Accident Injury Law, if you were at fault for an injury resulting from an accident, you might be the recipient of a lawsuit to compensate the victim for various expenses. Lawsuits for items such as negligence, pain and suffering or medical expenses are common in automobile accidents and can result in a large amount of money owed to the other party.

  5. Accident/Injury Lawyers

    Finally, hiring an accident/injury lawyer will be a necessity, especially if a lawsuit is being discussed. These types of lawyers typically charge a fee per hour of work put into your case, which can affect your personal finances to a large extent. This is especially true if the case is comprised of intricate details that might make it last longer.

In conclusion, an accident can greatly affect your personal finances. Insurance rates, medical bills, lawsuits, and lawyer fees are all items that can result of this misfortune.

It is possible, however, to maintain your personal finances if this happens to you. Make sure to build up a strong savings account in the event that you need extra funds for an emergency such as this.

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