Hidden costs of a car accident that insurance doesn’t always cover
A car accident involves many expenses, and insurance may not cover them all. Common hidden costs include storage fees, increased premiums, and more.
Have you received an initial settlement offer from your insurance company? If so, your best bet is to sit on it. The true impact of a car crash may not be clear for months, and insurance companies count on you not knowing the difference.
What Are Some Hidden Costs of Car Accidents?
Your hidden accident costs will always depend on the details of your crash. That said, here are four things that could leave a hole in your wallet.
1. Vehicle Damage
After the crash, your car will be worth less than it was. Insurance will cover labor and parts, but it doesn’t automatically cover diminished value. Most insurance companies won’t volunteer to cover it, and most accident victims won’t ask.
You also need to consider the logistical costs of a crash. Towing fees can already set you back several hundred dollars, and storage fees at a tow yard compound fast. Renting a vehicle while your car is in the shop isn’t cheap either.
2. Medical Expenses
After an accident, financial burdens mount quickly. The various medical expenses often generate costs that extend far beyond the initial treatment. Every expense directly connected to the crash should be in your claim, including:
- Follow-up appointments
- Diagnostic imaging
- Specialist consultations
- Physical therapy costs
- Home care costs
3. Income Losses
As far as unexpected car expenses go, lost income can get out of control quickly. Beyond missed workdays, you’ll miss out on career-advancing opportunities. You’ll also deplete your earned sick days, which have a lot of financial value.
A car crash may also make your insurance premiums go up, even if you weren’t at fault for the accident. The increased rates may persist for years, potentially causing you thousands of dollars in additional payments.
4. Mental Health Costs
Unseen accident fees can also involve your mental health. Many victims suffer from PTSD, sleep disruption, and other traumatic conditions. However, insurance adjusters will often minimize mental health treatment options, such as:
- Therapy sessions
- Prescription medications
- Psychiatric consultations
How Can You Get What You’re Really Owed?
Car collisions involve two categories of costs: visible and hidden. Vehicle repairs and medical bills are visible, but everything else can accumulate quickly.
This is why insurance companies often design their first offer to close the claim quickly, ignoring many of the expenses we outlined above. Accepting this early settlement is very unlikely to lead to recovering maximum compensation.
The best way to protect your rights is to consult reliable Brooklyn vehicle crash lawyers. They’ll go over your car insurance exclusions, document all hidden costs, and help you receive every dollar you’re legally entitled to.
This Is What to Do After a Car Accident
Going through a car accident is a stressful affair, particularly if your insurance company is trying to lowball you. The above guide will allow you to identify hidden costs you may need to pay and help you get what you’re owed.
Want to make sure you’re properly insured? Keep reading our content for more insurance tips and tricks from our resident experts!
