The Hidden Cost Of An Auto Accident

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In an automobile accident, the first thing many people will worry about is how pricy the repairs to their vehicles will be. However, there are far more expensive costs to consider beyond simple repair work, and the Nagelberg Bernard Law Group has compiled tips in Part 1 of a two-part series centered on understanding and coping with these costs.

...understanding the hidden costs of any accident can provide a guide to financial security in both the immediate and longterm future.

The high traffic count in Southern California means that being in an auto accident is something of a rite of passage. The odds are that the road will get the better of most people sooner or later.

One always hopes that vehicle repairs will be the only cost incurred following an accident, but this is unfortunately not always the case. There are myriad costs associated with even fairly standard fender benders, and those costs tend to escalate the more serious the collision is.

A couple years ago, AAA carried out a study designed to deduce precisely how much money the average fatal auto accident costs. The results of that study were featured in a USA Today story from November 3, 2011 whose title speaks for itself: “AAA: Fatal motor vehicle crash costs $6 million.” Even an injurious collision that doesn’t claim someone’s life contributes to $126,000 in expenses.

The Nagelberg Bernard Law Group has witnessed firsthand the human cost that follows in the wake of a motor vehicle tragedy. For 30 years, Larry Nagelberg has dedicated his life to helping persons involved in an accident handle the overwhelming financial burden placed upon them, so he and his team are well-positioned to offer key insights on the toll an accident can take.

“A fatal crash can leave a family reeling from the devastation that’s suddenly been hoisted upon them,” said Mr. Nagelberg. “And coming to terms with the actual cost of a collision may be the furthest thing from a grieving family’s mind. However, understanding the hidden costs of any accident can provide a guide to financial security in both the immediate and longterm future.”

To that end, Larry Nagelberg has directed his staff to compile tips on identifying the hidden costs often associated with a fatal collision, the hope being that families can use this information to secure their position in the wake of tragedy.

•Repair Costs- This is perhaps the most obvious cost to accrue in the wake of an automobile accident. The most important thing for an individual to weigh is whether or not the cost of repairing the vehicle is greater than the inherent worth of the automobile. If so, affected persons may be better off procuring an entirely new vehicle.

•Medical Costs- Whether an individual is injured or loses their life to a collision, the extensive medical response that a crash entails will send costs skyrocketing. By the time you factor in the prices of EMT transportation and response, emergency medical care en route to the hospital and at the hospital itself, and any additional procedures that must be carried out in the future, hundreds of thousands if not millions of dollars in costs can take shape.

This is made abundantly clear by a New York Times article from December 2, 2013 entitled, “As Hospital Prices Soar, a Single Stitch Tops $500.” That article relates how hospitals are charging exorbitant prices for commonly available equipment, i.e. nearly $40 for a 50 cent Tylenol and thousands of dollars for a few stitches. Those costs will add up fast, especially in a serious collision.

•Funeral Costs- When a person’s life is taken in an instant, the family is often left to bear the burden of various funeral services. This is a cost that often doesn’t get factored in, but it can’t be ignored considering the thousands of dollars needed for today’s typical burial.

•Lost Income- Someone’s income stream can be suddenly snatched away in a car accident, forcing the rest of a family to pick up the slack. Although it’s not a cost that will necessarily appear on paper, this missing income will add up over the course of years. Affected individuals must look into the possibility of Social Security Disability compensation.

•Emotional Grief- This is harder to put a price tag on than just about any other cost associated with a fatal crash, but for families, it’s the one debt that’s more difficult than just about anything else to pay.

“For persons dealing with these costs,” said Mr. Nagelberg, “the best advice we could give is to protect what you can. In some cases, that may mean hiring a personal injury lawyer capable of minimizing costs and making sure that your family doesn’t get stuck with an unwieldy bill.”

The Nagelberg Bernard Law Group represents the victims of numerous types of personal injury accidents, including automobile accidents, dog bites, slip and fall incidents, defective products, and wrongful death in any of the above. They have guided injured persons through the legal process for more than 30 years and their efforts have helped secure more than $400 million in compensation for clients. Free consultations and a host of personal injury resources can be found at this link.

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