The costs of an auto accident often go well beyond what it takes to repair your car or the cost of being treated in a hospital emergency room. Depending on the severity of the accident, where it takes place, lost wages, and potential increases in insurance premiums, actual costs can vary, and become overwhelming.
NSC Estimates
According to a 2021 study done by the National Safety Council (NSC), which analyzed such factors as wage and productivity losses, medical expenses, administrative costs, motor-vehicle damage, and employers’ uninsured costs, the cost for ALL these items in the following cases were:
- Death – $1,778,000
- Disabling Injury – $155,000
- Evident Injury – $40,000
- Possible Injury – $24,000
- No Injury – $6,700
- Property damage Only – $5,700
Cost Categories
To get a better idea of the overall cost of an accident, consider the following categorical estimates:
Medical Bills
This can range dramatically based on the nature and severity of the injuries:
- Minor Injuries (e.g., whiplash, cuts): $500 – $10,000
- Moderate Injuries (e.g., fractures, certain head injuries): $10,000 – $50,000
- Severe or Catastrophic Injuries (e.g., traumatic brain injuries, paralysis): $50,000 – several million dollars.
Vehicle Repair or Replacement
- Minor damage (e.g., “fender bender”): $500 – $1,000
- Moderate Damage: $1,500 – $4,500
- Severe Damage/Total Loss: $5,000 and up, depending on value of the vehicle
Lost Wages
This is contingent on the severity of the injury and the amount of time one is away from work. For example, if an individual earns $52,000 annually, and misses a week of work, they would lose approximately $1,000 in wages.
Increased Insurance Premiums
After an accident, especially one where you’re at fault, you can expect your insurance premiums to rise. The increase can range from anywhere from 20% to 100% or more, based on the severity of the accident, your driving history, and other factors. Over a few years, this increase can total several thousand dollars or more.
Call GOLDLAW to get the representation You Deserve!
A car accident can be a devastating experience, so it’s essential to know your rights and what actions you need to take to protect yourself both physically and legally. The West Palm Beach car accident lawyers at GOLDLAW are here to help.
- We have the financial resources smaller firms don’t, allowing us to battle the insurance industry.
- We have experienced, board-certified lawyers that handle ONLY personal injury cases.
- We have served the legal needs and supported the West Palm Beach community for over 20 years. We live here, and are locally owned and operated. GOLDLAW truly cares about your well-being.
If you or someone you love has been injured in a car accident, contact GOLDLAW today or call 561-222-2222 to schedule a free consultation with one of our experienced West Palm Beach personal injury lawyers.