Simply having your own car is a major source of expenditures. You have to pay for the car, as well as its registration. That means you also have to pay for liability insurance for when you drive. There's also gas, oil and filter changes and other regular maintenance expenses. Whether you are in school or working full time, you need reliable transportation to get where you're headed every day. Owning your own vehicle isn't cheap, but it is practically a requirement for modern adults.
A lot of people think that if they have proper insurance on their vehicle, they don't have anything to worry about if they experience a crash or collision. In reality, insurance doesn't always pay for the expenses related to an accident. Sometimes, there's an issue with your coverage. Other times, the other driver may not have had one's legally required insurance coverage. Knowing the expenses related to a car accident can help you determine if you have adequate insurance coverage in place.
Property damage can wrack up thousands in bills
One of the common forms of property damage associated with motor vehicle collisions is obviously damage to the vehicles themselves. Newer models, imports and other premium vehicles can cost many thousands of dollars to repair. In cases where damage is severe or compromises the security of the vehicle, a replacement may be necessary. That can easily exceed the maximum level of property damage coverage for some insurance policies.
Sometimes, local infrastructure can end up damaged as the result of a collision. Street signs and traffic signs could end up damaged or broken. While they don't seem very valuable, emergency replacements of road signage can be incredibly expensive, costing hundreds of dollars in some cases. Guardrails, phone poles and other improvements to property near the road can end up damaged, costing the party at fault hundreds or thousands of dollars.
Medical costs can mount rapidly after a crash
Medical expenses associated with a motor vehicle collision can quickly exceed certain insurance policy maximums. Emergency transportation to the hospital, trauma care, surgery, bone setting and physical therapy are all quite expensive. There could be several days or even weeks of hospitalization involved in the recovery process. A single accident could result in tens of thousands of dollars in medical treatment and costs.
While the injured party receives treatment, he or she is also losing out on a regular paycheck in most cases. Lost wages can represent a significant financial blow for many families, especially when combined with massive medical bills associated with treatment and recovery from the injuries sustained in the accident. The person liable for causing the accident could face civil lawsuits attempting to recover expenses including lost wages and medical bills if that person's insurance coverage isn't enough to offset those costs.