Some people in the greater Grand Rapids area who get hurt in a car crash feel confident that insurance will meet their needs. They have excellent coverage because they have invested in the standard no-fault coverage long required of all Michigan drivers. Other people may have less available coverage because they altered their insurance policy following no-fault reform a few years ago.
Both those with a policy limit that applies and those with as much coverage as they need must make an effort to understand what the crash will cost them and their families if they want to secure full compensation for their related costs.
Most people realize that they can rely on insurance to fix or replace their vehicle and to pay their medical bills. If they days at work during their recovery, they could also make a claim for lost wages. But, there are other, secondary expenses associated with a crash that people often forget to add to a claim. Those who don’t account for secondary expenses may accept an unnecessarily low insurance settlement as a result of the omission. What kinds of crash costs do people often overlook?
1. Diminished vehicle value
The cost of a vehicle’s repairs is only one of the ways in which a car crash Alters its economic value. There will be a record of the collision that will limit how much people will pay for the car in the future, even if someone has it completely fixed. Diminished value claims can be worth thousands of dollars, especially if the vehicle was particularly valuable prior to the crash.
2. Making a house and vehicle accessible
Brain injuries, amputations and spinal cord injuries are among the injuries people may suffer in a crash that will affect their mobility for life in some cases. People may need to add ramps to their houses or build accessible bathrooms. Such renovations can easily cost tens of thousands of dollars. The same is true of making a vehicle wheelchair accessible or purchasing a brand new vehicle that someone can operate with just their hands.
3. Lost household contributions
Lingering injuries might mean that someone will never be able to fill the same role in their household that they once did. Their family may need to hire a nanny or completely alter the division of household responsibilities to take over the unpaid work someone did for the family. Such work can be very expensive to obtain from a professional.
Maximizing the value of a car insurance claim can benefit those hurt in a recent car wreck. Working with an experienced legal professional can help accident victims to pursue this consequential goal.