3 Potential Types of Financial and Property Loss After a Car Accident

Generally, people do their best to drive safely and respect others on the road. But some people drive recklessly. They can forget the sheer size and speed of their automobiles, experience road rage or ignore traffic laws, which inevitably leads to accidents.

When people think of car accidents, the first thing that comes to mind is the physical repercussions. How badly did the person get injured? Did anyone die? Questions like these tend to come up right away, but there’s another type of damage to consider after an auto accident—loss of finances and property.

Types of Financial and Property Loss People Experience After a Car Accident

Finances can take a major hit after a car accident. Property loss can be drastic and have a huge impact on the victim’s daily life. If you or a loved one have been in an accident, here are three possible types of financial and property hardships that could qualify you for financial compensation:

1. Medical Expenses

Most people would expect initial payments for immediate care, but what about in the future? It’s impossible to know how much medical attention will be required, perhaps even long after the accident. These could include basic follow-up appointments, larger surgeries, physical therapy and more.

2. Lost Wages and Decreases in Earning Capacity

Some people have a decent sum of money saved up in case a situation arises where they’ll miss work for an extended period. Sadly, plenty of others don’t have the same safety net.

For those who work in manual labor, the service industry and a multitude of other fields, getting an injury can prohibit them from earning a living. Paid time off and disability only last for certain durations and severe injuries can outlast these benefits—assuming the person is lucky enough to have these benefits in the first place.

3. Property Damage and Loss

Accidents will generally put cars out of commission for varying lengths of time depending on the amount of damage. If the crash was a major wreck and the car is totaled, the financial loss can be devastating.

Losing access to a personal vehicle can lead to increased expenses due to renting vehicles or dependency on Ubers, Lyfts and public transportation. When these payments are added to a potentially decreased ability to work, a person can rapidly fall further into debt.

Get a Free Consultation With The Fell Law Firm

If you’ve been in a car accident, you may be qualified to receive compensation for financial loss. The experienced attorneys of The Fell Law Firm can help you by fighting to get the money you need. Call 972-450-1418 or contact us online today to schedule your free consultation.

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