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How much does a car accident cost?

On Behalf of | May 22, 2020 | Car Accidents

The aftermath of a car accident involves determining how much it will cost to fix everything. When you are not at fault, you need to come up with the proper settlement amount to propose to the other party for all of the expenses you incurred from the crash.

Determining how much someone owes you can be tough because there are so many considerations. Not only do you need compensation for the damage to your vehicle but you also deserve payment for medical costs and any other losses you had due to the accident. Coverhound explains that the average costs of a car accident vary greatly because of the many different factors involved. However, there are some general cost estimates that can give you at least a starting point.

The minimum

If your car accident is rather simple and minor, you can still expect to have expenses of almost $10,000. This would cover damage to your vehicle and minor injuries.

More complex accidents

If your accident is more severe, the expenses will rise. This is especially true if you suffer a serious injury that will require long-term care and rehabilitation. You will lose wages and have additional costs from the changes in your life due to the injury. The average cost of an accident that includes a serious injury is about $79,000. If someone dies in the accident, that jumps to an average cost of almost $1.5 million.

What is even more alarming is that costs are always on the rise. Medical care continues to get more expensive, and newer vehicles will have higher repair or replacement costs. So, it is possible for even a minor fender bender to result in expenses that would be tough for anyone to pay out of pocket.