Motor vehicle collisions can cause substantial property damage. People recognize that they may need compensation to repair their vehicles or buy replacement vehicles.
If the crash causes injuries, people may seek compensation for their emergency medical bills. They might even be able to request compensation for lost wages. In addition to those obvious losses, there are other car crash expenses that people can potentially recover if they take the right steps. The seven expenses below may influence insurance negotiations and personal injury lawsuits.
1. Hidden vehicle damage
Some vehicle damage is obvious. Other times, it may not be readily visible to people. A mechanic may need to inspect a vehicle for frame damage, alignment issues, electrical damage, engine damage or even damage to the suspension system. The cost of repairing latent damage can add up to thousands.
2. Diminished resale value
The damage to a vehicle doesn’t just cost money to repair. It also affects the long-term resale value of the vehicle. Even if mechanics can repair the serious system damage and cosmetic damage to a vehicle, it may still be worth less when traded in at a dealership or sold on the open market.
3. Secondary property damage losses
Damage to a vehicle isn’t the only form of property damage people have to consider. They may have had work equipment in the vehicle that they lost or can no longer use due to damage. They may have had personal electronic devices that they need to repair or replace. Even designer clothing could require replacement after a car crash and could be worth hundreds of dollars.
4. Lost earning potential
Lost wages are easy to calculate. Injured professionals miss a certain number of days due to their injuries and can ask for compensation for their unearned wages. Lingering injuries can also cause a reduction in earning potential. People may need help calculating the value of lost job opportunities and income because of their functional limitations.
5. Lost household services
People with lingering symptoms may have limits on the household projects they can handle. They may no longer be able to clean their gutters or cook dinner every night due to pain and other symptoms. Determining the cost of hiring professionals for those services can help people recoup the value of their lost home labor.
6. Mental health challenges
Some people involved in serious crashes develop post-traumatic stress disorder (PTSD). Others may develop a fear of vehicles or anxiety. Mental health challenges can cost thousands in treatment and can negatively impact earning potential.
7. Insurance claim costs
If a driver has to use their own insurance to cover certain losses, they may be subject to a deductible. They may also face higher insurance premiums in the future.
Getting help while calculating the economic impact of a car crash can help people optimize their recovery. People who don’t identify hidden expenses may settle for less than they deserve after a car crash.