Car accidents can be far more expensive than you might think. The associated costs often go far beyond vehicle damage and initial medical expenses. If you have been offered an insurance settlement for a car accident that left you seriously injured, know that it may very well fall short.
Long-Term Car Accident Costs
According to the National Safety Council, medically consulted injuries in motor vehicle incidents totaled 4.5 million in 2019. Meanwhile, total motor vehicle injury costs for 2019 were estimated at $463.0 billion.
Severe injuries can result in the need for extended medical care. It is common for car accident victims to require physical therapy, home modifications, adaptive technology, and other forms of medical assistance. Lost wages, lost benefits, and a loss of earning capacity also add up.
Here is a closer look at the dire financial situation a car accident victim may find themselves in. Vehicle crashes are the leading cause of spinal cord injuries. A high tetraplegia spinal cord injury can cost $1,163,425 in health care and living expenses in the first year, and $202,032 each subsequent year, according to the National Spinal Cord Injury Statistical Center (NSCSC).
Your Options for Compensation
An insurance settlement can be very tempting — even if it is a lowball offer. After all, you have bills to pay, and you may be out of work. You might not know that you can often hold out for more. But once you accept an insurance settlement, other options for compensation go away.
You are not required to accept an insurance offer or deal with the insurance company directly. In fact, it is often in your best interest to let a car accident attorney handle all communication. An attorney like Reid B. Wissner can negotiate for a higher settlement on your behalf. When necessary to achieve the compensation you deserve, he can even take the matter to court.
Remember that insurance companies exist to make a profit. Adjusters often use dirty tricks to delay, deny, or devalue your claim. Work with someone who will put your rights first.
Talk to a Lawyer About Your Car Accident for Free
It does not hurt to explore all of your options for compensation. Call 212-903-4529 to discuss your case for free with car accident attorney Reid Wissner. We proudly serve clients from Brooklyn, Queens, Manhattan, and the Bronx.