chat text
5 Hidden Costs of a Phoenix Car Accident You Didn’t Know About

5 Hidden Costs of a Phoenix Car Accident You Didn’t Know About

Shapiro Law Team January 15, 2024 Car Accidents

Car accidents happen all too often, with Americans experiencing an average of two car crashes every 10 seconds. That’s 14 crashes per minute.

From minor fender-benders to life-threatening collisions, the immediate costs associated with a car crash are significant. Well-known costs include medical bills, car repairs, and legal fees—but there are a few hidden costs as well. Continue reading to learn about the hidden financial costs of car accidents and how Shapiro Law Team can help.

What Are the Hidden Financial Costs of Having an Accident?

Over six million car crashes happen each year in the United States. Of that number, 119,991 crashes were accounted for in Arizona. These accidents resulted in various degrees of property damage, injuries, and, unfortunately, fatalities.

To put things into perspective, take a look at the estimated costs associated with different types of car crashes:

  • A crash that resulted in property damage (per vehicle) is estimated at $5,700.
  • A crash that resulted in a possible injury is estimated at $24,000.
  • A crash that resulted in an evident injury is estimated at $40,000.
  • A crash that resulted in a disabling injury is estimated at $155,000.
  • A crash that resulted in a fatality is estimated at $1,788,000.

Those are some big numbers, and damages such as lost wages and emotional expenses are typically tucked within those costs. Let’s take a look at the hidden expenses associated with car crashes in Phoenix and why settling too early could put your financial future at risk.

Call for a Free Consultation

Hidden Cost #1: Lost Wages and Missed Work

Loss of income due to missed work can often be overlooked following a car crash—not just for the car crash victim but also for their loved ones.

Whether it’s recovering from injuries or showing up for court, the time you spend away from work can and will add up. Factoring in these lost wages is important when calculating fair compensation.

Hidden Cost #2: Long-Term Medical Expenses

At Shapiro Law Team, we see various types of car accident injuries—and many of those injuries come with long-term costs. While immediate medical bills can be astronomical, long-term medical expenses are often what drain your bank account.

Long-term expenses can be considered ongoing medical treatment, physical therapy and rehabilitation, future surgeries, and more. All these expenses can become financially burdensome for car crash victims well beyond the date of the accident.

hidden cost of car crash

Hidden Cost #3: Emotional and Psychological Trauma

Sometimes the worst injuries are those you can’t see. Emotional and psychological trauma are real and can take a toll on the car accident victim or victims.

Examples of emotional and psychological trauma include anxiety, depression, and post-traumatic stress disorder (PTSD). Victims who experience psychological trauma will most likely require long-term counseling and other mental health services.

Hidden Cost #4: Damage to Your Credit Score

Yes, a car accident can damage your credit score. If you’re in the thick of a car accident claim, chances are bills aren’t the first thing on your to-do list. Issues such as late payments on medical bills, auto loans, and credit cards can all result in damaged credit, which can take years to rebuild.

Shapiro Law Team understands this hidden financial burden and is committed to helping you reach financial stability again by fighting for your rights.

Hidden Cost #5: Dealing with Insurance Companies

Insurance companies are not your friends, especially when dealing with the aftermath of a car crash. Between high deductibles and low payouts, insurance companies will do everything they can to get the most money out of you while paying you the least.

Don’t accept a low offer. Legal representation from Shapiro Law Team will help you secure your rightful compensation.

phoenix car accident lawyer

Why It’s Essential to Understand All the Costs Before Settling Your Claim

Time is money, and vice versa. At Shapiro Law Team, we understand you want to feel some sense of normalcy in your life again—and we can help you get there sooner. We also understand you want to settle as soon as possible.

However, rushing into a settlement without considering the hidden costs can leave you scrambling to cover future expenses. As mentioned above, insurance companies will try to offer you an extremely low payout for their financial gain. Settling on a low number not only jeopardizes your current financial situation but will compromise future expenses as well.

By working with Shapiro Law Team, we can help assess your current and future financial situation so you get the best outcome possible.

How a Phoenix Car Accident Attorney Can Help You

The best step you can take following a car accident is to contact an experienced car accident attorney. Shapiro Law Team is well-versed in navigating the legal complexities of car crashes in Phoenix. Our team can also help you secure compensation that will cover the hidden costs of a collision.

All you have to do is contact Shapiro Law Team to get started. Once you contact us, we’ll get to work on retrieving vital information and evidence to support and build your case. We’ll even go to court if we find it necessary to do so. Don’t represent yourself—let the Phoenix car crash attorneys at Shapiro Law Team do it for you.

Call Shapiro Law Team to Schedule Your Free Consultation

If you find yourself dealing with financial hardships after your car accident, don’t hesitate to call Shapiro Law Team. It’s our job to provide the support you need to win your case and receive the maximum amount of compensation possible. We’ll evaluate your current and future needs to calculate a payout that covers your losses, including those hidden costs.

Were you or a loved one involved in a car accident? If so, call Shapiro Law Team for a free, confidential consultation. Our attorneys work on a contingency fee basis, which means you won’t pay us a dime unless we win. Let’s get your life back on track.

Free Consultation

  • All fields required *
  • Hidden
  • This field is for validation purposes and should be left unchanged.
  • Hidden
  • This field is for validation purposes and should be left unchanged.