What’s The Average Cost Of A Car Accident?

One popular way to lower your car insurance rates in California is to lower the amount of coverage you have on older paid-off cars.

Typically, cars that have been financed via a loan must have complete coverage in order to protect the lender, and some drivers decide to lower their coverage once their car has been paid off.

While this is an option, it’s one that some may wish to reconsider once they see what the true price of a car accident truly is.

Without insurance, an accident will typically cost thousands or more, which is not an amount that most Americans have at their disposal at any given time.

The cost of the average American car accident can vary widely. For instance, a “fender bender” will be a lot lower than a full head-on collision.

However, neither option is particularly “affordable”, and having full coverage on your car can lower your out-of-pocket costs by a substantial amount.

Costs Associated With Car Accidents

There are various costs associated with car accidents, and not every cost may apply to all accidents.

For instance, injury costs might not factor into a fender-bender accident, but property damage costs will still be important. Some of the costs associated with car accidents are:

• Cost of property damage with non-disabling injuries – The average cost of an accident that results in property damage without disabling or serious injury is around $7,500.
• Cost for injury in a crash – If a party is injured in the crash, but that injury is not considered serious, the average cost can be around $11,900. For a slightly more serious injury that is not disabling this average will rise to more than $20,000.
• The average cost for a crash with an incapacitating injury – If the injury sustained in the crash is serious, the average cost will rise to about $65,000 and sometimes more.
• Average cost for a fatal accident – If the accident results in a fatality, the costs associated can be $1,100,000 or more. In these cases, families of the deceased will often pursue a wrongful death lawsuit against a negligent driver to cover funeral costs, lost wages, and more.

For those who are underinsured, drivers may wind up incurring some of these costs themselves or facing lawsuits for damages incurred in an accident they caused.

Even the safest drivers can make mistakes from time to time, which is why it’s important to remain protected should the unexpected ever occur.

What Is the Average Cost of a Non-incapacitating Injury?

The average cost of a non-incapacitating injury varies based on the facts and circumstances of each case. If you sustained a severe injury, you’re likely to incur hefty medical bills, necessitating a higher settlement award.

Many car accident injuries result in financial and intangible costs, highlighting the need to work with an experienced attorney who can pursue comprehensive damages for your losses.

What Are the Economic and Non-Economic Damages Costs Associated?

Economic Damages

Economic damages include the financial losses an injured victim suffers from a car accident. You can put a specific value on monetary damages because they involve a tangible value.

Here’s a list of economic damages you might need after a car accident:

• Medical Expenses: If you sustain an injury in a car accident, you’ll incur medical costs related to the treatment plan. Medical expenses comprise a substantial percentage of injury-related costs and a settlement award. Medical expenses include medication, physical therapy, diagnostic tests, hospitalization, and travel costs to medical appointments.
• Lost Income: When you sustain an injury in a car accident, you may be unable to work to your usual capacity. For instance, per your treatment plan, you may miss work for a few months. You should, therefore, receive compensation for the financial losses you incurred due to missed work.
• Out-of-Pocket Expenses: You can also pay other expenses related to the injury, which you can claim as part of economic damages. Out-of-pocket costs include unique medical supplies and supplies, modification to your home or car, assistance with household chores, and long-term nursing care.

Non-economic Damages

Non-economic damages compensate for the intangible losses you suffer due to the accident.

Examples of non-economic damages include:

• Emotional Distress: If the incident leading to the car accident was traumatic, your mental health could suffer. Learning you’ve sustained a permanent injury may also trigger mental health issues such as anxiety, depression, or Post-traumatic Stress Disorder. 
• Pain and Suffering: Some injuries cause devastating pain; for instance, a broken bone can cause months or years of pain or unending pain for the rest of your life. You deserve compensation for the physical pain you feel as a result of an accident-related injury.
• Reduced Quality of Life: An injury can cause one to not enjoy life as previously or prevent you from participating in an activity you once used to love, resulting in a considerable loss—for example, a passionate swimmer who no longer engages in swimming because of an amputated arm.

Insuring All Cars And Their Drivers

It’s important that cars old, new, sporty, safe, fast, and slow can be insured with all of the desired coverages to keep drivers safe while on the road.

Our professionals are ready to walk you through the insurance process no matter the car you drive, ensuring that you’re covered no matter what may befall you while out on the road.

Tips to Avoid a Car Accident

Many car accidents occur due to human error and disobeying traffic laws. Since many car accidents lead to injuries, fatalities, and financial and emotional ruin, drivers can take specific action to minimize car accidents.

Here are a few tips to prevent car accidents:

• Do not text while driving
• Maintain a safe following distance
• Obey traffic signs and red light
• Don’t drink and drive
• Exercise caution while it rains
• Stay alert while driving at night
• Do not engage an aggressive driver
• Be courteous and yield to other drivers
• Keep your vehicle in good working conditions

Contact a Car Insurance Provider Today

If you’re seeking a car insurance policy that provides peace of mind and helps safeguard against potential economic losses from accidents, reach out to us today. Contact us or call us at 818-781-6630 in Panorama Northridge, CA to find the coverage that suits your needs.