Even with a solid car insurer behind you, the immediate costs of being in an accident can have significant repercussions for your finances. Here are some major expenses related to your property damage that you can expect to incur:
Most people carry a deductible of $500 to $1,000 on their own insurance policies. If you have been hit by an uninsured driver or the other driver’s insurance is dragging their feet with regard to the damage done to your vehicle, you may be required to utilize your own insurance coverage to have necessary repairs made to your vehicle. Unfortunately, this means that you will be individually responsible for the payment of your deductible. If your insurance company is later able to recover the cost of your vehicle repair from another source (e.g. the responsible driver or his/her insurance carrier) you should receive a check from your insurance company compensating you for your deductible cost. However, this can often take months and sometimes never occurs at all.
You can also be stuck paying hundreds of dollars if your vehicle has to be towed from the collision scene. You can have your vehicle towed to the destination of your choice but often times, in the case of a serious accident with injuries, it is towed to the operator’s yard. You’re paying out-of-pocket in either case, but if you’re having it towed to the operator’s yard, you’ll also be paying a high daily storage fee. Storage fees aren’t cheap and can add up to hundreds or thousands of dollars depending on how long your vehicle remains in the tow yard.
You’ll still need go about your daily life, and that’s nearly impossible for many of us without a vehicle. The only alternative may be a car rental. Even if you have rental insurance, it’s probably not going to cover the full cost of the rental vehicle. The daily balance is often left up to you.
This is a hidden cost until it slams you. If you have to file a claim with your insurer, expect a premium increase the next time you’re up for renewal. Even though insurance exists to be used in cases where coverage exists, insurance companies just want to collect your premiums and will often punish you for actually using the coverages you pay for every month.
Many of these costs can be mitigated or recovered on your behalf by an experienced Austin car accident attorney. If you’ve been involved in a car accident in and around Austin, talk with an Austin car accident attorney at Terry & Kelly, PLLC. We’re experienced and aggressive courtroom lawyers and will fight to obtain to justice you deserve.
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