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The High Cost of a Motor Vehicle Accident

You are probably not surprised to hear that a large percentage of worldwide traffic fatalities occur in the U.S. In fact, about 37,000 Americans die in crashes each year, and millions more suffer catastrophic and life-changing injuries. If you or a loved one recently suffered injuries in an accident, you know how the long recovery from those injuries can affect the entire family.

In addition to the time and concern your family will spend on you after your accident, you will certainly be spending a great deal of money. Nationwide, the cost of motor vehicle accidents each year reaches over $230 billion, averaging $820 per person. However, you may be painfully aware that your cost after an accident can be much greater.

Typical expenses

Medical bills following a catastrophic injury are one of the most common causes of personal bankruptcy. Expenses from an accident can quickly skyrocket based on any of the following factors:

  • Emergency responders transport you to the hospital by ambulance.
  • You receive treatment in the emergency room.
  • You need surgery.
  • Your injuries require rehabilitation or an extended hospital stay.
  • Other family members in your vehicle were injured in the crash.
  • You miss time at work because of the accident, or you are unable to return to your job due to the severity of your injuries.
  • You suffer more than physical injuries, for example, emotional trauma or the loss of a loved one.
  • The other driver accuses you of sharing liability for the accident.

In Colorado, if you are partially at fault for the accident, your liability may reduce the amount you would recover.

Paying for your recovery

You have several options for paying for the expenses resulting from an accident. Some advisors recommend taking out a personal loan, and you may be able to depend on the insurance company to come through with a fair settlement. However, there is no guarantee that the insurer will cover the expenses you incur, and it will certainly not consider your pain and suffering.

Seeking compensation through a personal injury claim is another alternative. With the help of a skilled attorney, you can evaluate every aspect of the suffering you have endured because of the carelessness or recklessness of the other driver to present to the court in an effort to recoup your damages. Your legal counsel can also assist you in pursuing a fair settlement from the insurance company so you can focus on your recovery.

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