The Hidden Financial Costs of a Car Accident
A car accident can cause issues and expenses that go way beyond what the insurance companies will usually tell you. Financial damages can be more than just medical and repair costs. Expenses can accumulate over the following months and years. Insurance companies will rarely volunteer this information, only to let you discover the truths later.
Having an attorney that understands these costs after a car accident is vital to your recovery. If you were injured in a car accident in Nevada, contact the Law Offices of Richard Harris. We will make sure that you are not taken advantage of by the insurance companies.
Our attorneys will protect your rights and seek the maximum compensation for your injuries. Here are some of the hidden costs that insurance companies rarely discuss.
Increased Insurance Premiums: After an at-fault accident, insurance premiums will almost always increase. Nevada increases are often larger than in most other states. It is common that a first at-fault accident increases your premiums at least 25% or higher. This can last on your policy for years later. Sometimes even up to 5 years. If you have serious or multiple accidents, you will be considered high risk. Even if you switch insurance companies, this will continue to follow you.
NRS 687B.385 protects Nevada consumers from insurance companies raising their premiums or any other rate hikes. However, certain criteria must be met. First, the accident was not your fault. If the insurer paid nothing on the claim or recovered 100% of the payout. This is a powerful rule to know, and many drivers are unaware of these protections. Some insurance companies will try to bypass these protection laws. Our lawyers will challenge these increases if they attempt to do so.
Future Earning Capacity: This is one of the most overlooked and biggest financial losses after a Nevada car accident. A car crash can cause loss of income into the future. Lack of hours on the job can be burdensome. In serious injuries, returning to the job may be impossible. This can cause a loss of income over the rest of your working life. Insurance companies will often dispute any calculations of earnings lost in the future. Future earning capacity includes long-term income loss, career path disruption, permanent or chronic limitations, and forced job change.
There are several factors that courts and insurance companies will use to calculate future earnings. Age and the remaining working years, rewards younger victims more due to the amount of income lost. Education and training will increase claims. Jobs with more physical expectations often have higher compensation. The person’s career will be looked at to see if there were promotions, and salary increases over the years. Industry projections, wage growth, and inflation are factors to be considered.
Prescription and Medical Equipment Expenses: These can become major costs that are often not discussed by insurance companies. In Nevada, these expenses can be fully recovered. You must provide proof that the medication and equipment were necessary and reasonable due to the car accident injury. These expenses can continue long after the accident. Insurers will often try to dispute these costs. When there are neurological, spinal, or orthopedic injuries, these expenses can last for months or several years.
Nevada law covers expenses in the present and future. This includes prescription medications like pain relievers, antibiotics, and muscle relaxers. It also includes over-the-counter medications if recommended by the doctor. Medical equipment like braces, walkers, crutches, and canes is covered.
Wheelchairs, hospital beds, and prosthetics should be reimbursable if necessary. Even gauze, ointments, disinfectants, back supports, or any other item that is reasonable and necessary is covered under the law.
Childcare Expenses During Recovery: Many Nevada households rely on dual incomes to stay afloat. Childcare expenses can have significant costs after an accident. If these expenses are reasonable, necessary, and tied to your medical limitations, they are recoverable. Insurance companies may hide from you the fact that these expenses are economic damages. The costs are often related to injuries where the victim has limited mobility, lifting ability, or stamina.
Childcare that is recoupable includes temporary childcare. Babysitters, daycare, and after-school programs fit into this category. Specialized caregivers and special needs assistance are recoverable if necessary. Nanny services that are due to the injury are covered if reasonable. Nevada allows recovery for household and family duties that you can no longer perform due to the injury. Insurance companies will often neglect to inform you that childcare is in this category of services.
Transportation and Rideshare Costs: These are some of the most common hidden costs and financial burdens for those especially in Las Vegas. Long repair times, limited public transit, and the high cost of Uber and Lyft can quickly add up. The truth is, these expenses are recoverable if these economic damages are directly related to the car accident. Rides to medical appointments, work, or daily errands are necessary expenses.
Rental cars can be costly. Gas and insurance are needed when renting a car. If you decide to take public transportation this is also recoverable. There are many other expenses related to this category. Parking costs, medical transportation, and child transportation may be covered after an accident. It will be up to you to find out and have the proof needed. Insurance companies will not always volunteer this information.
Home Modifications for Serious Injuries: This can be one of the largest long-term expenses after a car accident. In Nevada, these costs are considered economic damages and are fully recoverable. These modifications can help you maintain your independence and help prevent further injury. You must show that these modifications are medically justified and have the proper documentation.
Costs for home modifications can be wide-ranging. If the injury is serious, they can be in the tens of thousands. Some of the most common modifications can include widening of the door, wheelchair ramps, and grab bars for support. Walk-in showers are often put in to prevent slips and allow seated bathing. Lowering the countertops and non-slip flooring may be necessary modifications. Lighting may be added to make for a safer environment.
Psychological Treatment Costs: Physical injuries are much easier to see than emotional and psychological trauma. It often develops over time and can last for months and years in some cases. These damages are also recoverable if it is proven to be related to the car accident. Costs can easily go into the thousands depending on the severity of the injuries.
Emotional injuries can be even more devastating than the physical harm. Some of these psychological injuries include PTSD, depression, and anxiety. Fear of driving and sleep disorders can also be long-lasting. Therapy sessions and psychiatric care are often ongoing. Follow-up visits, medication, and specialists can be costly. Treatments are often necessary and essential to the victim’s recovery.
Lost Retirement Contributions: Lost retirement contributions from missed work are another damage that insurance companies will be quiet about. Most people are unaware of the financial loss that comes with missed paychecks. Your 401(k) is also affected because you are not contributing to it. This will have an impact on your pension, employer match, and long-term growth.
If you miss work due to an injury, you may lose years of retirement growth. Nevada law makes these losses fully recoverable. It will be important that this is properly documented and presented with evidence that supports these losses. Insurers will rarely mention this because the value of the claim can be dramatically increased.
Why You Need a Lawyer?
Insurance companies will most likely try to minimize your payouts. Having an attorney on your side will protect your rights and help you receive the compensation you deserve.
Here are some of the ways Richard Harris can help!
- Expert Legal Knowledge: Our lawyers know how to build a case. We know how to protect you from the insurer’s tactics.
- Calculations and Damages: It is vital to understand all the damages that you are entitled to. This goes beyond just medical bills. Some of the other damages you may be entitled to include lost wages, diminished earning capacity, psychological treatment, home modifications, and many others.
- Evidence Gathering: An attorney will collect medical records, police reports, and witness statements. In some crashes, an accident reconstructionist may be needed. It will be important to use all the evidence to prove liability.
- Negotiations: Insurance adjusters are trained to protect their companies. This means using tactics in order to get you to take less than you deserve. Our expert negotiators know how to take on the insurers and their low-ball offers.
- Representation in Court: Not all claims can be handled through negotiations. In these cases, we will file a lawsuit and represent you in court. Our experienced and well-respected trial attorneys will fight for you.
FAQ’s
What is the Statute of Limitations on Car Accident Injuries in Nevada?
The statute of limitations for car accident injury claims in Nevada is generally 2 years from the date of the accident. Missing this deadline will most likely get your case dismissed by the courts. Even if you have all the evidence necessary for a successful claim. This is a strict deadline. Claims involving property damage have a little more time. Property damage has 3 years from the date to file a claim in Nevada.
What Are the Risks of Waiting to File a Personal Injury Claim?
It is recommended that if you were in a Nevada car accident, you speak with an attorney immediately. The longer you wait to file your claim, the more difficult it can be to win your case. Evidence will disappear over time, and your case will weaken. Insurance companies know this and will gain the upper hand. Medical records will have gaps, and insurers will claim that you were not as injured as you say. Adjusters will often use delay tactics and drag out negotiations. All damages will become more difficult to prove over time. Witnesses will be harder to get a hold of. Memories fade, and their testimonies will become less reliable. Once again, if you miss the 2-year statute of limitations, your case is legally dismissed.
Why Is It Important to Keep Your Receipts?
Receipts are critical to a personal injury claim in Nevada. You will need proof of the expenses that you are looking to recover. Insurers will dispute and try and minimize costs related to your car accident. Medical receipts of the pharmacy and equipment will provide the evidence of your treatment.
Uber, Lyft, and car rental receipts will prove transportation costs that directly relate to your injury at the time of your car accident. Other receipts to keep may include baby sitters, cleaning services, and any other household invoices. If there were home modifications it will be important to keep all receipts. Bottom line, keep all your receipts so that you can receive full and maximum compensation.
Why Do Insurers Try to Avoid Paying?
Insurance companies’ business model depends on minimizing their losses. They are always looking to increase their profit margin. This contradicts looking out for your best interests and a fair settlement. Nevada is a costly market. High claim volumes take their profits. They are always looking for ways to save money by reducing payouts. Disputing medical necessity and delay tactics are strategies they use to make lower settlements. Hiring an attorney that understands this is a strategy that can help you get a fair settlement.
Contingency Fee Basis
Richard Harris works on a contingency fee basis. This means that we will only get paid if you win your case and receive a settlement. The attorney’s payment is based on an agreed percentage of the money recovered. There are no hourly rates or upfront fees.
If you were injured in a Nevada car accident, contact the Law Offices of Richard Harris immediately. We are available 24/7. You can call, email, or just come by our office and speak with us in person. Once we hear all the details of your case, we will then be able to advise you on your best options moving forward. Our first consultation is always free!
