Five Ways a Car Accident Can Negatively Affect Your Finances

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When you drive erratically, you have the immediate future in mind. You’re trying to get to work on time
when you’re running late or you’re frustrated and trying to pass another vehicle quickly. Unfortunately,
you could be hurting yourself if you don’t think about your long-term future when you’re driving as well.
In Sarasota County, Florida alone, there were nearly 6,500 wrecks in a single year. Over 3,500 of them
resulted in injuries. All of those accident came with expenses that cost the drivers in the accidents
thousands of dollars.
Here’s what you can expect to spend money on when you end up in an accident.

1. Medical Expenses
One of the most costly aspects of getting into an accident is receiving healthcare. The average person
spent nearly $5,000 on healthcare in 2018, but if you’re in an accident, you can expect to pay much
more than that.
You don’t necessarily have to be in a severe accident either. Even minor accidents can leave you with
conditions like whiplash that will require medical care in the days and weeks after an accident.
It’s not just your physical health that can change after an accident. Getting into a car crash can be
traumatizing. Many people seek psychological help, which can cost even more money.

2. Lost Wages
If you get into an accident on your way to work, chances are, you won’t be going to work that day. If you
get into a severe accident, you may not return to work for a long time. If you’re severely injured to the
point where you are no longer able to complete the duties of your job, you could lose it altogether. No
matter what, you’re likely to lose at least a portion of your wages.
Even if you are able to return to work in a reasonable amount of time, you may have to take more time
off than you’re allowed in order to go to doctor’s and therapy appointments. In addition, you are likely
to use sick and vacation time that could have been used for something else.

3. Need for Medical Equipment
If you do sustain injuries in a car accident, you will likely need medical equipment to get back on your
feet. Some of the most common medical equipment that is used at home include:
 Walkers
 Canes
 Wheelchairs
 Crutches
 Lift chairs
The right medical equipment can help you get around, but don’t forget about medication! Even if you
don’t need crutches or a cane, you may still find yourself spending hundreds, or even thousands, of
dollars at the pharmacy on various drugs to help your condition.

4. Repair or Replacement of Your Vehicle

Not all accidents are so severe. It’s much more likely that you’ll find yourself in a fender bender without
any serious injuries. That’s a good thing, but don’t think it means you won’t be spending plenty of
money to recover.
Routine car maintenance and repair can be costly. Repairs that need to be made to your vehicle after a
car accident can be even more costly. From body repair to parts replacement, you could end up paying
thousands of dollars out of pocket, even if you have insurance.
There’s also the possibility that you will have to replace your car altogether because it’s too damaged to
repair. Either way, you can expect your car insurance to increase simply because you have been in an
accident, which means you’ll continue paying more money out-of-pocket for many years to come.

5. You Could Get a Ticket
Getting into an accident is scary, it can be painful, and it can be costly. Dealing with everything an
accident entails feels like punishment enough, but in some cases, you may find yourself paying even
more. If it is determined that you are at fault for the accident, you could be issued a ticket by the police.
Tickets can cost a lot more than you think because there are more costs involved than just paying the
ticket itself. You are likely to see your insurance increase, or you could be faced with assessment fees if
you have accumulated too many violations in a short period of time. If it's determined that the crash
was caused due to reckless driving, you could pay even more with a criminal record that lasts over a
decade.
A car accident can affect your life in many ways. That includes your bank account. Stay safe behind the
wheel, reduce your chances of getting into a car accident, and you can keep more money in your bank
account.

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