Understanding the Financial Impact of a Collision
Car accidents are a common occurrence on our roads every day. Even minor accidents can have significant short- and long-term consequences that go beyond the immediate costs of vehicle repair and medical bills. While these immediate expenses are easily identifiable, several hidden costs regarding the aftermath of a car accident are often overlooked.
Our seasoned Baton Rouge lawyers can help you better understand some of the uncommon consequences of a vehicle collision, including emotional distress, financial losses, insurance premiums, and more.
The Emotional Toll of a Car Accident
One of the often-overlooked costs of a car accident is the potential long-term psychological impact and emotional trauma on the victim.
Even minor accidents can cause the following issues:
- Anxiety – Anxiety is a mental health condition characterized by excessive worry, nervousness, and fear. A car accident can exacerbate anxiety because it is a traumatic event that can leave the victim with physical injuries and emotional scars. The victim may experience intrusive thoughts, flashbacks, nightmares, and avoidance behaviors related to the accident.
- Depression – Depression after a car accident can be challenging to manage, especially when coupled with physical injuries and emotional trauma. Seeking professional help from a qualified mental health professional is essential to manage depression effectively and prevent its development into a chronic condition.
- PTSD – Post-traumatic stress disorder (PTSD) is a mental health condition that can occur after a traumatic event. Car accidents are one such event that can trigger PTSD symptoms, including intrusive thoughts, avoidance behaviors, hypervigilance, emotional numbness, and more. The severity of the symptoms can vary from person to person and can be influenced by several factors, including the accident’s severity, the extent of the injuries, and the victim’s pre-existing mental health conditions.
All of these conditions can lead to long-term mental health issues, and they can be challenging to diagnose and treat, making it essential to seek the help of a qualified medical professional for support.
Potentially Lost Wages and Financial Burden
Lost wages refer to the income that an individual loses because of being unable to work due to injuries sustained in a car accident. When someone is involved in a car accident and sustains injuries that prevent them from working, they may be eligible to receive compensation for lost wages.
The compensation can cover wages lost during the recovery period, including time spent in the hospital, rehab, or any other medical treatment required to recover from the injuries sustained during the accident. Whether you are an employee or self-employed, lost wages can be financially devastating. This factor can be especially significant if the victim is the primary breadwinner in the family.
Calculating lost wages can be complex, and it typically involves reviewing the injured party’s earning history, including bonuses and overtime pay, to determine their average weekly or monthly income. This average is then used to calculate the income lost during the period impacted by the injury. In some cases, a vocational expert may be consulted to determine the potential earnings lost over the course of the individual’s career if their injuries prevent them from returning to their previous line of work.
Adjustments to Insurance Premiums
According to the Louisiana Department of Insurance, insurance companies cannot raise your premium for a not-at-fault accident. Additionally, insurance companies in Baton Rouge cannot tack on extra fees or cancel or refuse to renew your coverage due to an accident. Reviewing your insurance policy and speaking with your insurance provider to understand how policies and premiums work in your specific situation is always a good idea. It is also important to note that Louisiana has some laws that limit the recovery options of drivers who do not have insurance or are underinsured.
Other Miscellaneous Consequences of a Car Accident
In addition to the seemingly hidden consequences mentioned above, several other factors must be considered when calculating the true cost of a car accident. These factors include legal fees, car rental, and property damage costs. These expenses can add up quickly, leaving you in a difficult financial situation.
Seek Legal Support from Chris Corzo Injury Attorneys
The results of a car accident can persist long after the physical injuries have healed. Seeking legal support from experienced car accident lawyers like Chris Corzo Injury Attorneys can help you prepare for the worst-case scenario.
If you have been in a car accident, it is important to seek legal help immediately. An experienced car accident lawyer in Baton Rouge can help you navigate the complex legal system, protect your rights, and help build a strong case to receive the compensation you are entitled to.
Contact Chris Corzo Injury Attorneys online or call (225) 999-1111 to schedule a free initial consultation today!