What Types of Expenses Are Common After an Accident?
Automobile accidents create significant expenses that include medical bills and lost wages. These expenses can negatively impact an individual’s finances and should be closely tracked and accurately recorded following motor vehicle accidents in Illinois. Accurate recording of these expenses helps an individual recover their losses when they pursue an automobile accident claim in Lake County.
Common Automobile Accident Expenses
Medical bills pile up quickly following a motor vehicle accident. These include the cost of x-rays, emergency room visits, and therapeutic treatment. Even with health and automobile insurance coverage, patients often have to bear the responsibility for these bills until they receive a settlement.
Automobile accident survivors may also need to replace their vehicle with either a car rental or a new car. This leads to rental bills and new car loans. When vehicles can be fixed, individuals may be required to cover significant automobile repairs. When an automobile is considered “totaled” following an accident, the insurance company will typically only pay the vehicle’s cash value. If the individual still owes more on the vehicle, it is his or her responsibility to pay the difference to the lender.
Lost Earning Capacity
Most automobile accident injuries require time away from work to heal. At a minimum, the person’s earning capacity can be diminished due to the need for doctor’s visits, court appointments, and therapeutic treatments. Individuals in Illinois can recover lost wages and the impact to their earning capacity as part of their automobile accident settlement. People can also pursue automobile accident claims for the impact to their quality of life that the accident causes. These include non-economic expenses like emotional injuries, loss of enjoyment, and loss of consortium.
Calculating Automobile Accident Expenses
People should carefully monitor and track their automobile accident expenses. A personal injury lawyer in Illinois can help individuals track their receipts and calculate the full financial impact of the accident. A full and accurate accounting helps justify a requested settlement. The more accurate and thorough the documentation, the harder it is for the opposing party to argue that the expenses are not related to the automobile accident.