There are many expenses that are associated with car accidents. Although nothing can replace the life of a person, hospital bills can prove to be expensive especially if you do not have any health insurance. According to the website of Insure on The Spot, medical expenses can pile up which makes having car insurance all the more important. The average cost of related medical care is dependent to each situation.
The highest price we pay in a car accident is the loss of human lives. According to the National Highway Safety Administration (NHTSA), car accidents cost the United States nearly $1 trillion in 2010 as a result of lost wages and death. The bulk of payment falls on the shoulders of the insurance carriers which pays approximately 50% of all motor vehicle accident expenses. A study conducted by Insurance Information Association revealed that the average claim for bodily injury was $15,443.
So what are the common medical expenses that you can incur after involvement in a car accident? The expenses may include ambulance, emergency department visits, diagnostic tests, medications, specialists, and others.
In addition, there are some insurance companies that offer personal injury protection (PIP) to shoulder any medical expense associated with the accident. However, not all policies will include PIP and if included, it may not be enough to pay for all your medical bills.
For severe injuries, the NHTSA reports that the mean medical expense after the accident is $503,638. A spinal cord injury, for example, could range between $992,867 from 2008 and 2010. Mild or severe traumatic brain injury could cost around $3,977 and $408,684, respectively.
Given the staggering medical expenses that you can incur after an accident, not having car insurance can put you in a deep financial hole. The cost can only get higher if you were deemed at-fault and the other driver was severely injured.read more