In many car crash scenarios, injuries are the most expensive issues that victims address. They have to seek compensation for medical expenses and possibly also lost wages. However, property damage losses can also cause significant economic setbacks to those involved in motor vehicle collisions.
The people affected by a crash who are not actually at fault can often seek compensation through insurance claims or even personal injury lawsuits. There is coverage available for property damage losses in addition to bodily injuries.
Vehicle repair or replacement costs
It can cost thousands of dollars to repair the damage to a vehicle after a collision. In some cases, the damage may be significant enough to make repairing the vehicle impossible. Insurance companies can declare a vehicle totaled when frame damage or other significant issues have likely rendered the vehicle unsafe to drive. In such cases, people may need to purchase a new vehicle. Insurance can help cover those costs, but lawsuits may be necessary when the at-fault driver doesn’t have enough coverage to pay for repairs or a replacement vehicle.
Diminished resale value
When the vehicle damaged in the crash is repairable, the invoices issued by the repair shop aren’t the only expense to consider. The vehicle’s owner also has to factor in how the history of a prior crash could negatively affect the resale value of the vehicle. Whether they intend to sell the vehicle or use it as a trade-in at a dealership, the record of a collision can significantly reduce the value of the vehicle in the eyes of other parties.
Personal property damage
Perhaps a driver had a trunk full of work equipment that ended up seriously damaged in a rear-end collision. Maybe they had their laptop or a suitcase full of designer clothing in the vehicle at the time of the crash. Personal property destroyed by a crash can potentially be worth thousands of dollars. Damage to personal property can warrant its inclusion in the insurance claim or personal injury lawsuit pursued against the party at fault for the collision.
Creating a realistic estimate of the financial costs associated with a recent motor vehicle collision can help people hold another party accountable for the economic harm they caused. Crash claims often need to factor in a variety of expenses, not just the obvious and immediate losses generated by a wreck. Seeking legal guidance can make such calculus easier to manage.