Breaking Down The 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 coverages 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.

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.

Contact us

If you’re looking for a Car Insurance policy that you feel comfortable with, contact us at Panorama Northridge, CA today. Call :818-781-6630