The Real Cost of a Car Accident
A car accident is scary enough as it is, but the costs that follow can feel even more daunting. Here’s a breakdown of the true cost of a wreck (financial, emotional, and physical) and how your attorney can help you navigate this process from the time of the incident to years after.
Vehicle Bills and Repairs
The amount of property damage you sustain during the crash can affect your deductible and premiums. In Missouri, if the accident causes at least $500 worth of property damage, you are required to report it. However, your premiums should stay the same if the damage is less than $500. For this reason, you may still need to pay a deductible, even if you and the other driver involved in the crash have insurance.
The cost of vehicle repairs will mainly depend on your vehicle’s pre-collision actual cash value (ACV). Your insurance company will cover the repairs if they total less than your vehicle’s ACV.
Repair costs + Salvage value > Actual Cash Value → Total Loss
If the total amount of your repair costs combined with the salvage value of your car is more significant than its ACV, it’s labeled a ‘total loss,’ and you will be compensated for your vehicle’s current value.
Insurance Premiums
Many people are afraid to submit a car accident claim because they’re afraid their insurance rate will increase. Here are situations when your premiums should not increase:
You’re not at fault for the crash
You’re involved in a hit-and-run and were legally parked
The accident was caused by an animal, falling object, or flying gravel
Your insurance includes accident forgiveness, if it is your first accident
If none apply, your increased premium will not take effect until your insurance renewal period. If your insurance premium does go up, compare the value of your claim with the cost of your premium. For example, your premium may increase a couple of hundred dollars annually, but your claim may result in thousands of dollars worth of payment.
Additional factors that lead to an increase in insurance premiums include:
The cost of the accident claim
Your driving record
A history of accidents
How many average miles you drive
Where you do the majority of your driving
An at-fault collision will stay on your insurance record for as long as three years in Missouri.
You may think you should call your insurance provider immediately after you get into a wreck, but we recommend contacting your attorney beforehand. Read more about why.
Unseen Costs of an Accident
Unfortunately, many ramifications can come from a car accident that you wouldn’t consider in the moment. Therefore, it’s essential to take note of other ways a wreck has impacted you to recover and rebuild more effectively.
If you are awaiting repairs or your car is considered a total wreck, it’s stressful to find an alternative mode of transportation and recoup your financial losses. In addition, it may be more costly, or nearly impossible, for you to accomplish everyday tasks like getting groceries, picking your kids up from school, or getting to work.
Other consequences of a car wreck may be entirely internal, but that doesn’t make them less important or equally damaging. If you’re experiencing PTSD, sleep issues, depression, anxiety, or pain and suffering after an accident, it's important you have the means you need to heal.
These issues, whether more of an inconvenience or a real trauma, can unfairly disrupt someone’s life. That’s why it’s crucial to discuss the fallout from an accident with an attorney and see if you’re owed compensation.
Hiring a Car Accident Attorney
There are two pricing options for a car accident attorney that will be considered based on several factors of the accident: a retainer/hourly fee or a contingency fee. At the Law Office of Matt Uhrig, we only charge contingency fees. A contingency fee means that you don’t have to pay any money up front and the attorney’s payment is a percentage of your recovery.
Hiring a lawyer is often the best and only way to ensure you receive fair and just compensation after an accident that wasn’t your fault. Unfortunately, insurance companies and other entities may try to talk you into accepting a low settlement or deny your claim entirely.
If you or your loved ones are suffering the consequences of a car accident, reach out to Matt Uhrig and get on the road to recovery. Schedule a consultation today.