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Evaluating the Cost of an Accident

October 31, 2022

Getting into an accident can put your life on hold. You may suddenly have to deal with immense medical bills, lost income from having to miss work and a multitude of other costs. When filing an injury claim in Colorado, it is necessary to accurately calculate the full cost of your accident. Getting help from a medical expert, accountant or Denver personal injury lawyer is often necessary to fully understand what an accident will cost in Colorado.

Evaluating the Cost of an Accident

Medical Expenses

If you or a loved one gets injured in an accident, the medical bills can be significant. The physical trauma from an accident may require tests and x-rays, a long hospital stay, surgeries, appointments with specialists, rehabilitation, therapies, prescription medications, and medical devices. The more severe the injury, the more expensive the necessary health care.

Catastrophic injuries can cost millions over a victim’s lifetime. A spinal cord injury that causes paralysis, for example, has an average lifetime cost of $1,202,832 to $5,100,941 (depending on the severity of the disability) in health care costs and living expenses, according to the National Spinal Cord Injury Statistical Center.

One of the most common causes of serious injuries – motor vehicle accidents – cost Colorado a total of $9 million in medical costs alone in 2018, according to the Centers for Disease Control and Prevention. Keep copies of all of your medical bills, receipts, records and other health care documents so that you can prove the full extent of these costs during a claim. You may also need to hire a medical expert to explain how much your injuries will cost in the future.

Property Damage Repairs or Replacement

You may suffer expensive property damage in an accident such as a motor vehicle crash. Even a car accident that causes property damage only, with no injuries, costs an average of $4,700 per vehicle in repairs. In a more serious accident, where a motor vehicle is significantly damaged or totaled, the price of repairs can exceed $10,000.

If the vehicle is totaled, meaning the cost of repairs is more than the value of the vehicle, you may be owed the full pre-crash value from an insurance company. In Colorado, the mandatory automobile insurance for drivers includes $15,000 per accident in property damage costs. If your property losses exceed the at-fault driver’s policy limit, your own insurer may offer supplemental coverage.

Losses of Income

Lost wages and productivity is one of the highest costs associated with an accident. Colorado data from 2018, for example, shows that while the average annual medical costs of a car accident are $9 million, the work loss cost is $934 million. These losses are so significant because a victim with a catastrophic or disabling injury may never be able to work again. This results in a lifetime of lost wages, promotions, bonuses and earning opportunities.

When calculating the value of your accident claim, add up your existing lost wages as well as your projected foreseeable losses of income due to a long-term injury. If you are only able to work in a limited capacity or cannot work at all after an accident, future lost productivity is an important loss to include. You may need to hire an accountant or financial expert for accurate predictions based on your pre-accident salary, age and various other factors.

Securing Fair Compensation for an Accident in Colorado

The National Safety Council reports that the average total cost of a disabling car accident is $101,000, while fatal car accidents cost around $1.75 million. These amounts include medical expenses, wage and productivity losses, property damage, and administrative fees. Do not settle your accident claim for less than you deserve from an insurance company. Contact a personal injury attorney at The Fang Law Firm to speak with an attorney about pursuing maximum financial compensation for the full extent of your losses.