Whether you were in a major or minor car accident, all accidents can lead up to some costs. Perhaps the list of costs in major accidents is greater and more expensive. Even if the best-case scenario, you would still need to book doctor’s appointments, get a few bandages and repair a few minor dents on your vehicle, leading up to an expense of thousands of dollars.
If you were injured in a car accident due to the negligence of another party, you deserve compensation. Apart from the obvious costs of medical care, vehicle repair, and loss of wages, there may be various hidden costs that no one discusses. Note that each accident differs, and these hidden costs may be subjective. Talk to a Car accident lawyer today.
The hidden costs of car accidents no one tells you about
Vehicle rental is one hidden cost after going through a car accident that people often forget to consider. Since your vehicle was in an accident, you would need at least a few days to weeks to get it repaired. You may need to rent a car or two-wheeler for travel and commuting. While some insurance companies do offer rental cars, not all policies do. Even if your policy has coverage for a rental, it may still take time to fulfill the claims process.
Higher insurance costs.
Insurance costs and premiums increase once you get into a car accident. This is because the insurance company believes you have a greater chance of being in an accident. However, you only experience higher premiums if it is found that you were at fault for the accident in any way. This means that even if you had 30% fault, you have to pay a higher price.
Diminished vehicle value.
You can get your vehicle repaired at the best repair shop in the country, but you have to remember that it was in an accident. Any vehicle that gets into an accident experiences a diminished market value. An accident history can significantly reduce a vehicle’s resell price, even with the best repairs. When you try to sell your vehicle in the future, the accident history may drive away potential buyers.
Another expense that often surprises people is towing service. After an accident, you may need to tow your car to the mechanic’s shop or the salvage yard if it is not in the condition to be driven or if you are severely injured. When filing a claim, do not forget to include towing service charges, which can cost up to a thousand dollars or more, depending on the distance.