Whenever you or a loved one is in a car accident, the first thing on your mind is likely about the health and safety of the individual involved. Sadly, the second thing on your mind is all too likely the cost associated with this accident and how you’ll be able to pay for what you just experienced.
At Warhawk Legal, we get this line of questioning all the time. Being in a motor vehicle accident in Oklahoma City isn’t cheap, which is why we wrote this guide. Below, we’ll discuss the costs you’ll likely experience after a car accident in Oklahoma City. We’ll also look at the other types of fees you might experience after being in an accident, no matter who was at fault.
If you have questions after reading our blog, call us at (405) 397-1717 or schedule your appointment online so we can discuss your questions with you.
Common Costs of Economic Damages in Car Accidents in Oklahoma
According to the National Safety Council (NSC), the more severe a car accident is, the more expensive it is for those involved. The average cost of a car accident is $6,100 – that’s if only property damage is involved. As soon as there is a possible injury, the average cost skyrockets to $26,000 per accident.
If an injury is considered disabling, the average cost of an accident for the victim is $162,000. If the victim loses their life, the cost to their surviving relatives and family is $1,869,000.
When contemplating how economically expensive it is to be in a car accident, here are the common costs that begin adding up:
- Vehicle Replacement or Repair Cost
- Medical Bills
- Rehabilitation Costs
- Lost Wages and Future Earning Potential
- Lowered Future Earning Capacity
- Assisted Living Costs
- Funeral or Burial Expenses
Often, a car accident is a chain reaction, causing not just financial turmoil to you but also your family and those who rely on you.
Non-Economic Damages in Oklahoma Car Accidents
After considering the direct financial costs of your car accident, there are the “invisible” costs associated with the incident. Not only do you experience intense physical injury and property damage, odds are you will have some situations arise from the accident that are difficult to quantify. Up to 48% of all car accident victims end up experiencing some form of post-traumatic stress disorder (PTSD).
Non-economic damages will help you financially if you experience any of the following:
- Pain and Suffering
- Emotional Distress
- Anxiety and/or Depression
- PTSD
- Loss of Companionship
- Loss of Consortium
Other Costs and Fees Of Car Collisions
Even after economic and non-economic damages, there are some hidden costs associated with car accidents. It makes sense that you’d likely have repairs on your car or medical bills, but there may be some costs you’re not prepared for.
You may experience the following after your car accident
- Higher Insurance Costs
- Court Costs or Traffic Tickets
- Towing Service Fees
- Vehicle Rentals
- Loan Payments on Inoperable Car
- Expert Witness Testimony
So, if you’re struggling under the weight of unexpected car accident costs like any discussed in this blog, give our team a call at (405) 397-1717 for a free case review and consultation. You can also book it online.