- What Is The Average Cost Of A Car Accident
- Average Cost of a Car Accident
- Cost of a Car Accident- Easy Ways to Protect Yourself
- Eligibility Criteria for Home and Auto Insurance Discounts
- What factors determine the average cost of a car accident?
- How can A Plus Insurance help me find the best rates after a car accident?
- Do you offer assistance over the phone? How can I reach you?
- How much do most accidents cost?
- What We Do at A Plus Insurance
- How to Get a Free Quote and Save!
Cost of a Car Accident: Minimum Limits
The average cost of a car accident can vary significantly depending on the severity of the incident. Here are some general estimates for different types of car accidents:
- Minor Accidents (e.g., fender benders): The average cost ranges from $500 to $3,000, covering minor vehicle damage and possibly some medical expenses.
- Moderate Accidents (e.g., moderate damage and minor injuries): These can cost anywhere from $9,000 to $15,000, including vehicle repairs, medical bills, and possible legal fees.
- Severe Accidents (e.g., serious injuries or extensive vehicle damage): The cost can range from $50,000 to $75,000 or more, factoring in long-term medical treatment, major vehicle repairs, and potential lawsuits.
- Fatal Accidents: Involving loss of life, these accidents can cost $1 million or more, covering medical expenses, legal settlements, and other related costs.
The costs can be influenced by factors such as vehicle type, insurance coverage, location, and medical treatment required.
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Average Cost of a Car Accident
Depending on the severity of the auto crash, it will depend on the amount that is paid out. According to data collected by the National Safety Council, an auto accident where a fatal injury occurs could reach upwards of $ 1 million, whereas an auto accident that leaves the other party severely disabled could be $80,000.
These numbers are for initial medical expenses alone, then you add follow-up care, lost wages, the other parties legal fees, plus your legal fees, and the amount skyrockets. It’s easy to see your minimum limits of $25,000 will be exhausted quickly and you will be left to pay out of pocket.
That is for bodily injury alone, you also have to consider the cost of property damage. Look around the area where you drive every day. Do you live in a city full of SUV-driving soccer moms? The average cost of a car accident with an SUV is $15,000 and that isn’t going to replace a Suburban or a Tahoe, it’s best to increase your limits that fit your surroundings.
Another concern that most clients have is that their car value will depreciate due to the car accident, however, if you are not at fault in a said accident then you will be reimbursed for the lost resale value of the vehicle.
Furthermore, insurance companies will and should help you cover the difference before it was wrecked and the repair cost. The downside of this is that there’s a potential possibility that your car insurance premium will rise after said accent.
Cost of a Car Accident– Easy Ways to Protect Yourself
Even if you are thinking, I don’t have a lot of assets now; keep in mind future assets can be at stake in a liability lawsuit. Upping your auto liability limits from the state minimum to a policy with 100,000/300,000/100,000 isn’t a huge price jump and is worth the peace of mind.
If you have more assets to protect, it’s wise to consider adding a personal umbrella policy as well. Most umbrella policies will add a million dollars worth of liability coverage for a relatively inexpensive annual premium. However, can you really put a price on knowing your financial future is secure especially when the average cost of a car accident can be so expensive?
We are here to help, if you have any questions about your current coverage or are looking to upgrade, give us a call
Eligibility Criteria for Home and Auto Insurance Discounts
- Multi-Policy Discount: Combine your homeowners insurance and auto insurance under the same provider to qualify for a multi-policy discount. Call us at 1.888.445.2793 to bundle your policies.
- Good Driver Discount: If you have a clean driving record with no violations or accidents in the past few years, you may be eligible for significant savings on your auto insurance rates. Text Us to see if you qualify.
- Home Safety Features Discount: Installing features such as smoke detectors, burglar alarms, or sprinkler systems in your home can lower your home insurance premiums.
- Low Mileage Discount: If you drive less than a certain number of miles annually, you could qualify for a low mileage discount on your vehicle insurance. Call now for more information.
- Good Student Discount: Students with a high GPA may be eligible for discounts on car insurance. Text Us to check eligibility.
- Anti-Theft Device Discount: Vehicles equipped with anti-theft systems or tracking devices can often qualify for reduced auto insurance rates. Contact us at 1.888.445.2793 for details.
- Military Discount: Active and retired military members may qualify for special savings on both homeowners and auto insurance policies. Text Us to find out more.
- Paperless Billing Discount: Opting for electronic billing and policy documents can often result in a small discount on your insurance premiums.
- Pay-in-Full Discount: Paying your insurance premium upfront for the entire policy term can save you money compared to monthly payments. Call us today for payment options.
- Claims-Free Discount: If you have gone several years without filing a claim on your home or auto insurance, you may be eligible for a discount. Text Us to check if you’re eligible.
Frequently Asked Questions
What factors determine the average cost of a car accident?
The average cost of a car accident depends on various factors, including the severity of the collision, the extent of property damage, medical expenses, and legal costs.
How can A Plus Insurance help me find the best rates after a car accident?
A Plus Insurance shops multiple carriers to help you find the best rates. Our experienced team works with various insurance providers to ensure you get competitive and customized coverage.
Do you offer assistance over the phone? How can I reach you?
Yes, we offer assistance over the phone. Call us at 1.888.445.2793 to speak with one of our representatives for personalized assistance.
How much do most accidents cost?
The cost of a car accident varies significantly based on its severity. Minor accidents may involve costs in the lower thousands, while accidents resulting in injuries can start at around $40,000. Severe crashes leading to disabilities or fatalities can cost upwards of $155,000 to $1.8 million respectively. These estimates include medical expenses, lost productivity, property damage, and other associated costs.
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Last Updated on by Shawn Christie