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Financial Effects of Auto Accident

Written by Ankin Law Office

The financial effects of an auto accident can be devastating. According to a study conducted by AAA last year, car crashes cost approximately $300 billion a year, which is three times more expensive than traffic congestion.

An auto accident can cost a person a great deal financially, not to mention the physical toll that an auto accident can have on a person’s body due to injuries. The financial impact of an auto accident includes:

  • Increased insurance rates. Most insurance companies increase a driver’s insurance rates, regardless of who was at fault for the accident.
  • Hefty medical bills. The costs associated with medical treatment for injuries sustained in auto accidents can be significant. And if a person lacks adequate health insurance, the medical bills can be absolutely devastating. Not only do medical bills include expenses for immediate medical care, but also expenses for follow-up treatment and rehabilitation services.
  • Property damages. Most car accidents involve some amount of damage to a driver’s vehicle.
  • Lost wages. If a person’s injuries following an auto accident are significant, he or she may be unable to work temporarily or even permanently.

Not only are car accidents expensive, but they are also tragic with AAA reporting that every hour, an average of four people are killed in an auto accident on America’s roadways.

At Ankin Law Office, LLC, our Chicago car accident attorneys focuses on helping clients to manage the legal and financial repercussions of an auto accident. If you have been injured in an auto accident due to the negligence of another party, we will vigorously pursue your legal rights to compensation to recover for medical bills, pain and suffering, property damages, rehabilitative care, and lost wages.

Whatever the cause of your auto accident accident, it is essential to hire a knowledgeable and experienced Chicago car accident attorney to represent your interests. Our firm has years of experience negotiating and litigating motor vehicle accident cases and securing maximum compensation for our clients. With our office in Chicago, we have the capacity to handle cases throughout Illinois. Contact an experienced Chicago car accident lawyer today to schedule your free initial consultation and learn how we can help you deal with the financial effects of an auto accident.

Categories: Personal Injury