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Financial Issues You May Face After an Accident

Being injured in a car accident can turn your life upside down. It can be both physically and emotionally traumatic. On top of all of this, the financial impacts that accident victims face are serious and range from the short term through the long term. With insurance companies fighting claims, denying claims, and constantly trying to undermine claims, it can be a scary time, finically, after an accident.

Financial Issues You May Face After an Accident

Immediately after being injured in a car accident, the financial effects will start to trickle in. Seeking medical treatment for your injuries is of paramount importance to your health as well as any personal injury claim you may pursue, but medical bills will quickly pile up. There may be an ambulance bill, hospital stay bill, bills for diagnostic testing, prescription medication costs and much more. It is also likely that you sustained property damage in the accident. There will be the cost to fix your car and you may need to pay for temporary transportation arrangements while your car is being fixed.

Your injuries may also take you out of working for the immediate future and beyond. You may just need to take some time off to recover for your injuries, but this in and of itself can prove financially challenging. If you were seriously injured to the point where you have become permanently disabled, you may not be able to return to your regular place of employment. You may need to take a different job that pays less. You may need to work reduced hours. Regardless, your earning capacity can be seriously impacted by accident injuries resulting in far reaching financial impacts.

Some accident victims find it difficult to make ends meet after an accident due to things like the cost of medical treatment and inability to return to work. Because of this, it is not uncommon for accident victims to borrow money to cover costs such as household expenses and medical bills. These loans, in turn, will charge interest and sometimes the interest rates are astronomical. This will put further financial strain on the borrower as they struggle with a difficult financial situation and work towards eventually repaying the loan plus interest. There may also be insurance rate increases for the accident victim regardless of whether or not they were found to be at fault in causing the accident.

Philadelphia Personal Injury Attorneys

Despite the physical, emotional, mental, and financial struggles an accident victim may go through, insurance companies are not likely to be sympathetic. At Cooper, Schall & Levy, we fight for accident victims and their right to be fairly compensated for the losses they have sustained in an accident caused by the negligence of someone else. We make sure insurance companies account for all of the physical and financial impacts an accident may have inflicted upon you. These are real and compensable damages and we fight to see that you are properly compensated. Contact us today.