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The Houston Chronicle, a leading Texas newspaper, reports that car crashes in the state cost a whopping $38.4 billion in 2017, representing an 86% increase from 2007. These statistics factor in a year’s lost wages in addition to other costs.
Given these cost implications, you deserve to be compensated if you believe the other driver was at-fault during your crash. Working with a competent car accident attorney in Texas will help you file a successful claim in court. At Thompson Law, we have represented a variety of different case types and recovered incredible amounts of money for our clients.
Read along for more insights on the real cost of car accidents and how car insurance coverage can protect you from paying more than you should.
Common Factors That Affect the Cost of an Accident
The following can be the contributing factors to the overall cost of a car accident:
Damage to the Vehicle
A car accident can result in minor damages that are hardly noticeable to significant vehicle damage requiring extensive repairs. The more extensive the damage, the higher the cost of the repair. Notably, some vehicle parts cost higher to replace than others.
The Extent of Your Injuries
Even minor car accidents may result in injuries requiring some medical attention. Injuries like minor cuts and bruises may not need hospitalization, but it is in your best interest to get checked by a qualified physician. Severe injuries may require hospitalization, lifelong care, surgeries, and physical therapies. In a nutshell, all types of injuries can significantly push the cost of your accident.
The severity of third-party injuries and the number of occupants in a third party’s automobile at the time of the collision can substantially push the cost of an accident. If you are determined to be at fault, you may be legally liable for your passenger’s damages as well.
Car crashes can damage more property than the third-party vehicle itself. If your accident damage other property, such as valuable items in the vehicle or other people’s homes, and other infrastructure, you may be legally liable for the damage.
The Cost of Attorney
After an accident, it is a good practice to work with experienced car accident lawyers to help you pursue the compensation you deserve. Most personal injury lawyers work on a contingency basis, which means that you will pay for their services at the end if you settle or get an award. The standard amount an attorney will take for their services can be anything between 33 and 40 percent.
Typical Costs Associated With a Car Accident
Car accidents are much more than money. Let’s look at the typical costs associated with car accidents in the US.
Car Repair Costs
Car crashes typically result in repair expenses. The cost of repair can add up quickly depending on the severity of the accident. The much you have to pay for some common repairs depend on the accident’s location, the extent of the damage, vehicle model, and other factors.
- On average, it may cost you an upward of $1000 to repair scratches.
- Replacing a windshield may cost you anything between $100 to $1500, depending on the car’s make and model.
- Replacing a damaged bumper may set you back $880 to $1390, depending on the make and model of the car.
Notably, significant damages that affect other parts of the car, such as the engine or suspension, can cost much higher. It typically takes not less than two weeks to complete a major collision repair, and you should factor in the cost of renting a car while yours is in the garage.
Car crashes can cause severe injuries, pain, and decreased quality of life. The National Highway Traffic Safety Administration estimates the cost of US road crashes to be around $871 billion in a single year. Dealing with the aftermath of accidents, including treatments, visits to doctors, loss of productivity, requires substantial amounts of money.
According to US CDC, the average cost of hospital visits to treat injuries caused by car crashes is about $3,300 for the emergency room and about $7,500 for normal hospitalization. Importantly, it is not just money that you could be losing but also time and energy. All these losses are factored in when calculating the actual cost of your treatment and recovery.
Even fender bender accidents can result in lost wages and a downturn in work productivity. Any car accident can affect your productivity in the following ways:
- Results in mobility inconveniences that prevent you from getting to work on time
- Force you to take time off for hospital visits, and car repairs
- The impending lawsuits and other related stresses can keep you from concentrating at work
How Much Does a Car Accident Cost If I Have the Right Insurance?
Having the right insurance coverage before an accident happens can significantly reduce the costs associated with car crashes. Apart from comprehensive coverage and collision coverage, you can also add coverage like Personal Injury Protection (PIP) and Medical Payments to help ease the financial burdens of medical bills and other damages. The cost of out-of-pocket vehicle repairs and medical exposes can be prohibitively high if you drive without insurance and are involved in a car crash.
What Are the Consequences of Driving Without Insurance?
The consequences of driving without insurance tend to vary from state to state. Since you don’t have the policy to protect you, you can be sued and forced to pay for all the injuries and damage caused. You can also expect the following consequences:
- Potential jail term
- Increase in future insurance rates & suspension of driver’s licenses
- Hefty fines, tickets, and fees
Let Thomson Law Help You Get the Full Compensation You Deserve
If you have sustained injuries due to an accident, you have the right to compensation. However, dealing with insurance companies and obtaining fair and just compensation may not be an easy undertaking. That is why it is wise to work with an experienced personal injury lawyer who handles all the legal aspects of your lawsuit so you can concentrate on recovery. At Thomson law, our team of personal injury lawyers has the expertise, resources, and commitment to get the fair compensation you deserve. Call (866) 275-6370 or connect with us online to talk to our bilingual team today for a free case evaluation.