Many of us have either been in a car accident, seen one happen, or know someone who was in one. Sadly, accidents happen every day and they’re costing us all a good chunk of change. Follow along as we add up how much a car accident can cost you in money, time, and work-loss. Watch your decimals and carry your one because it’s time to do the math on car accidents (and be grateful for car insurance!).
A car accident can cost you…
Money on car repairs
Car accidents cost the U.S. more than $230 billion per year, reports the Association for Safe International Road Travel (ASIRT). That works out to about $820 per person. Your car accident costs could be much higher for car damage alone. Just take a look at a few car accident repair cost averages:
- Fixing a bumper: $935-$1,580 (New Look Collision Center)
- Repairing paint: $100-$1,000 (CarsDirect)
- Replacing a windshield: $150-$300 (Bankrate)
Don’t forget about renting a car while yours is in the shop, too. The average rental for a collision repair takes about two weeks, says Enterprise. At about $50/day, that’s another $700 to your car repair costs after an accident.
What can you do to limit the financial strain of car repairs after an accident? Have the right auto insurance coverage in place before a car accident happens. Once you meet your deductible for certain coverages, like Comprehensive and Collision, your insurance carrier could cover the remaining repair costs.
Time spent waiting & recovering
A car accident can hurt more than your pocketbook. According to the National Highway Traffic Safety Association, harm from loss of life, pain and decreased quality of life due to car crash injuries is estimated to be around $594 billion. Dealing with the aftermath of an accident that includes such issues — trips to the doctor, treatments and the like — can eat up an enormous amount of your time.
Depending on the severity of the car accident, you may have to spend time:
- Recovering from your injuries
- Caring for other family members
- Picking up prescriptions
- Driving to the doctor
- Undergoing physical therapy
Again, having the right insurance coverage in place before an accident is one of the best ways to protect yourself from the high cost of a car accident. Auto insurance coverages like Personal Injury Protection and Medical Payments can work side-by-side your health insurance to help pay for accident related medical expenses sooner rather than later.
Even under the best circumstances, a car accident can result in lost wages and a downturn in work productivity. Even a minor fender-bender can:
- Prevent you from getting to work on time
- Require you to take time off for car repairs or doctor’s appointments
- Keep you from concentrating at work
Direct Auto & Life Insurance offers something called an Emergency Protection Plan or EPP.** An EPP will pay cash directly to you for each day you’re in the hospital after an accident. You’re welcome to spend that cash however you want.
Apart from staying off the road entirely, safe driving is the best way to help prevent car accidents and save money. Call Direct Auto & Life Insurance at 1-877-463-4732 or visit a location near you to help make sure you have the coverage you need to protect yourself from the high cost of a car accident.
More About Car Accidents & Collisions:
- What To Do After A Car Accident
- How to Avoid Hitting A Deer
- What Happens If My Car Gets “Totaled” in an Accident?