Friday, January 13, 2017

Financial Impact of Car Accidents - St. Louis Auto Wreck Attorneys

Car accidents can affect you in ways more than one. They cost us financially in terms of medical expenses for injuries, vehicle repair costs, and wage loss as a result of not being able to go to work. In car this post, our St. Louis car wreck lawyer will explain in detail how car accidents can cost you financially.

In the U.S., more than 5.5 million motor vehicle accidents occur each year. Of these, a third involve injuries. It is needless to say that all accidents, whether minor or serious, cost something financially.

 The costs can be divided into four categories:


Medical costs

The most obvious cost of a car accident injury is medical bills. The overall effect your injuries has on your financial situation depends on the severity of the injuries, the treatment required, and the financial compensation you are able to recover.

In cases involving serious injuries, expenses can quickly spiral out of control. Right from the cost of taking you the hospital by ambulance, hospitalization costs, specialist costs, X-rays, medications, and other costs, things can snowball easily. In Missouri, unless you have a specific type of car insurance policy, you will likely be expected to pay the medical bills through your health insurance or some other option. Some options include:

  • Medical Payment Insurance (Med Pay)
  • Health insurance cover
  • Medicare
  • Medicaid

Wage loss

When you suffer injuries in a car accident, you will likely miss work. This time period could range from a few days to a few moths depending on the severity of your injuries and the treatment they require. Even once you are in a position to return to work, you may not be able to return full time. Being away from work for a long time can cause a huge financial strain.

In Missouri, the amount of lost wages you can recover after a car accident depends on your role in causing the crash, or “comparative fault.” If you were 0% at fault for the accident, you will likely be entitled to 100 percent of your losses. However, if you think you are 10% at fault, but the other driver says you are 50 percent at fault, you will need to prove your claim.

Diminished Earning Capacity

Even after you recover from your car accident injuries, your ability to earn could be diminished. You might lose opportunities such as a promotion while you are recovering from your injuries. Also, you may not be able to recover completely from injuries, and thus would not be able to advance as far as you could have if you had not suffered injuries.

Pain and Suffering

Another way a car accident injury can affect a victim financially is pain and suffered. Missouri law allows for pain and suffering to be factored into damages. It compensates you for having to endure physical or mental pain. It could also include compensation for emotional anguish.

If you are struggling to recover adequate damages for your car accident injuries, you should contact a competent St. Louis accident lawyer. Give us a call, 24/7, nights and weekends, at (314) 361-4242 to discuss your claim with an experienced attorney.