4 Car Accident Financial Impacts Infographic
Car accidents in the greater Las Vegas area are increasing in frequency and cost. As our population grows, more drivers are on the road, leading to higher costs for car repairs and medical bills. Additionally, cars themselves are becoming more expensive, making the financial impact of an accident even greater. Here are some of the ways that a car accident can affect your family’s budget.

Vehicle Repairs and Replacement

The initial impact of an accident is often on the vehicles involved. While we hope that all passengers escape unharmed, even minor collisions can result in significant financial costs. For instance, replacing a damaged bumper with a new one can cost up to $1,400, not to mention the one to three hours of labor required for the job, which can cost between $45 and $170 per hour. If the damage extends beyond the bumper to other panels of the car, extensive bodywork may be necessary to repair scratches and dents.

Medical Expenses

The most pressing financial concern that may arise is related to medical expenses. These expenses can be very stressful as there is no option to delay medical attention. While a vehicle repair can be postponed until one is ready, medical attention cannot. Depending on the severity of the injury and the people involved, the emotional cost can be high, adding to the stress of the ever-increasing medical bill.

Lost Income and Reduced Earning Capacity

When the breadwinner of a family is unable to work, it can have serious consequences on the financial stability of the household. The extent of the financial burden depends on how long it takes for the individual to recover and whether they can return to work in the same capacity as before. If the family was relying on the injured person’s pension or healthcare benefits and they are no longer able to work, this could significantly impact their retirement plans.

Ongoing Health Effects

Hopefully, your family member’s injuries will heal quickly, but they may have long-term implications. For instance, your family members may need physical therapy for months or even years. They may also require specialized equipment, such as a wheelchair, which may require you to make changes to your home. If your family member can no longer drive, you may need to pay for modifications to your vehicle. Additionally, your family member may require additional surgeries and medications.

In some instances, you may need a family member to stay home and care for the injured person. This could result in the loss of a second income.

How Can Your Family Recover Financially?

Your family should not suffer financially due to others’ negligence. Contact a Las Vegas accident attorney to file a personal injury claim.

Gathering evidence like photos of the accident scene, damaged vehicle, bills for repairs, medical bills, and records of missed work can help your car accident attorney build a strong case and increase your chances of recovering the damages you are entitled to.

Getting into a car accident can have a deep impact not just on you but also on your loved ones, causing them undue financial stress. Fortunately, filing an injury claim can relieve some of this burden and help you and your family move forward.

source: https://tingeylawfirm.com/the-financial-impact-of-car-accidents-on-families-in-las-vegas/


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