A car accident, even one that is minor, can cost a lot of money. The costs are more than just the surface expenses, such as medical care and car repair.
Motor Era explains that the impact of auto accidents leads to various financial consequences.
The main costs in car accidents are medical care for any injuries and property damage repair. Depending on the accident, these costs can add up quickly. Serious injuries can lead to years of expenses, even lifelong costs. Property damage can also be extensive and sometimes results in a total loss of a vehicle.
If you lose your auto in an accident, then you have additional costs associated with that. You will need to buy a replacement, but in the meantime, you may have to miss work because you lack transportation. You may also have to forego paying bills so you can have money to put towards purchasing a new vehicle. This could lead to debt issues that will cost you a lot more in the long run.
If you suffer a life altering injury, then the additional costs may include alterations to your whole life. You may need to move to a new home that will accommodate a wheelchair or buy medical supplies. You may be unable to work or have to find new employment because you cannot do what you used to do. The various change can all mean financial consequences.
A car accident can be simple and only cost a few hundred dollars to clear up, but for serious accidents, the costs can be huge.