The Hidden Cost Of An Auto Accident, Part 2 of 2

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Last month, the Nagelberg Bernard Law Group related a series of important tips centered around those costs that can appear following a serious automobile accident. Now, the firm has delved further into those unexpected costs with even more tips put together in Part 2 of a two-part series.

It’s these lesser-known costs that tend to pile up over time, leaving accident victims scratching their heads and wondering how they got to such a precarious point financially.

Many people understand the basics of what an automobile accident is going to cost them. They figure that repairs and basic medical costs will be covered by insurance and that that will be the end of the story.

Unfortunately, there are many fees that victims of automobile accidents may not consider in the aftermath of a crash, and these are the very costs that can compromise an individual’s financial future. Typically, the more serious the accident, the more time it will take for an individual to crawl out from under the mountain of debt that can accumulate.

The Nagelberg Bernard Law Group wants to make sure that citizens are kept financially secure even as they set out to get their lives back in order. The practice previously delved into some of the major hidden costs associated with a collision, but as lead attorney Larry Nagelberg explains, those were only the tip of the iceberg.

“Most people that come into our office for a consultation have a basic idea of what they should be entitled to in a lawsuit,” said Mr. Nagelberg. “Things like medical bills and repairs to their vehicles. But this fails to take into account all the repercussions felt in a person’s life. It’s these lesser-known costs that tend to pile up over time, leaving accident victims scratching their heads and wondering how they got to such a precarious point financially.”

Tips are being offered by the Nagelberg Bernard Law Group so that accident victims know how to handle some of the costs that can easily be amassed following an accident (and for even more insights, readers should view the law firm’s initial press release at this link):

•Higher Deductibles: An insurance company that has just paid out hundreds of thousands of dollars certainly won’t be thrilled with the prospect of continuing to insure an individual at the same rates as before. Following an accident, many injured parties will see their rates rise, sometimes exorbitantly. Accident victims would do well to shop around for auto insurance following a crash, especially if their dealings with the previous insurance group led them into legal contention with that company.

•Training and Educational Services- Those who have suffered debilitating injuries in an accident may not be able to maintain their previous employment position. But because most injured persons will want to continue to work in some other capacity, they may feel inclined to seek training and education for another vocation.

All of this will take money. Persons interested in embarking upon a new career following an accident should work with a lawyer to determine what the cost of training for such a vocational switch would take. This can then be factored into any personal injury claims filed against the liable parties.

•Loss of Earnings, Earnings Capacity, and Opportunity- When evaluating the potential income that could be taken away in an accident, it’s important to take into consideration the likelihood of future opportunities. For example, a person in their 20s who just embarked on his or her career will miss out on decades of promotions, bonuses, and career opportunities if they are involved in a life-altering accident. The potential increases in salary and quality of life that would have been afforded by these now-unreachable goals must be carefully weighed during claim negotiations.

•Psychiatric Counseling- Even though treatment may have been sought for physical damage accrued during a crash, many who have had their lives turned upside down by such stress will benefit from psychiatric counseling that can help them overcome the distinct emotional trauma that is common with such incidents.

Look into the most qualified professionals in the area to see who offers such therapy, keeping an eye out for those who have specific experience dealing with persons who have lost loved ones or undergone extreme life changes due to trauma.

•Home Assistance and Placement- If someone has lost his or her ability to walk in a crash, for instance, then a multi-level structure will no longer be appropriate, at least not without new accommodations installed. An injured party may have to make substantial alterations to their home, hire someone to offer in-home assistance, or move to a new residence entirely. These costs are not insubstantial and should be weighed early on.

“As you can see,” said Mr. Nagelberg, “the debt created by an auto accident extends far beyond the initial impact. By working with an attorney, accident victims can make sure their claim takes into account the totality of a crash and its impact on a given living situation. We would advise seeking legal counsel prior to accepting any offer from an insurance firm so that you don’t struggle to secure the necessary compensation for yourself and your family.”

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 here.

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Larry Nagelberg
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