Crash, Bang, and Boom: How Being Hit by a Car Can Change Your Financial Outlook
Monday, November 27, 2017, 6:00 PM | Leave Comment
When most people think of car accidents, they think of fender benders or multi-car pile ups. But there’s another kind of car accident. In 2012, 76,000 pedestrians were injured in single-vehicle accidents.
Merely walking along the sidewalk can lead to injuries, or even death, and unlike an accident with multiple cars, you may find that it’s more confusing and complicated.
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Loss of Income
If you’re injured in an accident, the most immediate financial concern is your income. Chances are, you’ll be out of work for at least a short period of time.
If your injuries are severe, or permanent, you may have to quit your job and rely on Social Security Disability to support yourself and your family.
This loss of income can have significant impacts on your entire life. You may have to refinance your home to be able to afford the payments.
You may find yourself selling things to make ends meet, or even needing government assistance, temporarily or permanently.
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Medical Bills Pile Up
Depending on the severity of your injuries, the hospital and doctor bills can stack up quickly.
Your health insurance may cover some of them, or they may defer to the driver’s car insurance.
However, even though it may seem obvious that the driver is at fault in your accident, it’s likely that their insurance company is going to want to do their own investigation.
Insurance companies want to save money at every opportunity, so they will take their time looking for any possibility that they can deny fault.
Even if they do admit fault, the driver may not have had enough coverage to pay for all of your medical bills. This leaves you still holding the unpaid bills.
Even if your health insurance picks up the slack at that point, you may have co-pays and deductibles that must be met, and those can end up being very expensive, too.
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Recovery Takes Time
Even if the insurance company offers you a settlement, it may not be what you’d want or expect.
It’s important to consult with an attorney to ensure that you get the money you deserve. But even with a pedestrian accident attorney, it takes time to settle a lawsuit.
You should hire a lawyer to ensure you get through the process more quickly, but realize it will still be a lengthy one.
Car accidents create multiple problems, especially for innocent victims. While an experienced lawyer can help, the process is still a slow one. Prepare yourself for the financial difficulties you’ll face and look for ways to cut costs.
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