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Breaking Down the True Cost of an Auto Accident

June 12, 2017

Imagine the physical impact of an auto accident. Someone rams your car, and the jarring impact destroys your hood, bumper and windshield. These types of damages can be costly. But do you think the impact ends there?

The impact of your auto accident – the true cost – can last well beyond the initial collision, affecting you for years to come and devastating your life, both physically and financially.

Auto Accidents Can Be Very Expensive

In a 2014 study, the National Highway Traffic Safety Administration estimated that car crashes cost the U.S. $836 billion. Today, that estimate may be higher because of an increase in traffic fatalities. Over the past two years, traffic deaths have gone up, resulting in the largest increase in more than 50 years.

With an estimated price tag of almost $1 trillion, car accidents are expensive for Americans as a whole. But car accidents are also expensive for the individual victims. If you’ve been in a car accident, your costs usually don’t end at the crash scene. Often, the costs of your accident continue to add up long after the wreck itself. This includes hidden costs, which can set you back thousands and thousands of dollars.

True Cost of Your Car Accident

Along with repairs, some car accident costs are more obvious than others, such as medical expenses and lost wages. Looking at a one-year period, the Centers for Disease Control and Prevention (CDC) found that car crashes cost $80 billion in terms of medical care and productivity losses. And looking specifically at deaths, the CDC found that vehicular fatalities accounted for $44 billion in medical and work loss costs.

But the costs don’t end there. In addition to repairs, medical costs and loss of productivity, you also have to include the following expenses and losses:

  • Car rentals
  • Rehabilitation
  • Increased insurance premiums
  • Legal and court fees
  • Out-of-pocket costs, such as transportation expenses or childcare
  • Emergency service costs
  • Pain, suffering and grief

If you’re the victim of a car accident, contact the lawyers at Berger Lagnese & Paul, LLC. Our experienced personal injury lawyers will fight for the compensation you deserve. To discuss your case, call us now at 412-471-4300, or email us.

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