If you get involved in a car accident, you have a lot of immediate costs to consider. Your car may be totaled. You may need a ride in an ambulance that costs thousands of dollars. You may have tens of thousands in medical bills from the first day in the hospital. This can move up to hundreds of thousands or even millions if you need an extended stay.
But what about the long-term costs? Even if you get all of those bills and expenses covered, what if you can’t return to work? This makes it so that the car accident is a nearly endless cost.
How much do you earn each year?
Exactly how much this costs you depends on how much you make, of course. In 2019, for instance, the median income for a home in the U.S. was over $68,000. Every year that you can’t work — which could be 20 or 30 years — you’re losing nearly $70,000. And that’s not even considering the fact that you expected raises, bonuses, commissions and other payments over the years.
Now, some of this may be offset if you can return to work in a different capacity, but not everyone can. A traumatic brain injury may never completely heal and could mean your career is over. The same is true for a spinal cord injury or a neck injury that leaves you paralyzed. These conditions can create continuously lost earnings and the need for constant medical care, therapy, prescriptions and other treatments.
It isn’t easy to think that far ahead after an injury
In short, one car accident can get incredibly expensive for years to come, and you need to know what options you have when it comes time to seek compensation for your losses. An experienced advocate can help you learn more.