How much does the average car accident really cost, continued

Category: Accidents

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The normal costs associated with automobile accidents that involve only minimal damage are usually between $200 and $1000 for the driver. Minor damage usually means that there is nothing seriously wrong with the car and it is still drivable. Additionally, a minor auto crash is classified as one with no physical injuries to those involved. Minor car crashes are usually not very costly when compared to lagers accidents; however, they are even less costly for those with insurance coverage.

Car crashes impact premiums

If an insured individual is involved in a car crash, there is a good chance they will have a hike in their car insurance payments. As such, an automobile collision can drastically increase an insured driver’s car insurance rates. Furthermore, for each accident, the car insurance rates can increase even more. If a driver has been involved in multiple car accidents, it may be hard to find an insurance provider willing to offer auto coverage. 

Typical yearly costs for car accidents

The statistics for car accidents nationwide are quite alarming. In one recent year, a study from AAA revealed that automobile collisions cost over one billion dollars annually. Additionally, the study reports that approximately 43,000 individuals are fatally injured in car accidents yearly. There are large costs linked with car accidents and there are many motorists on the country’s roadways.

If you were involved in a car accident as a result of another’s negligence, and you were awarded monetary compensation in the form of a structured settlement annuity, it is possible that the periodic payments you’re receiving aren’t enough. Although they are meant to cover the costs of the damage and injuries that the other driver caused, the periodic payment schedule may no longer be working for you. Perhaps you need to purchase a new car or you have large amounts of medical bills to pay off as a result of the accident. There is also the possibility that the car accident you were in has left you unable to work, and now you need money to help pay for your daily and monthly expenses, and the annuity payments aren’t quite cutting it any longer. Peachtree Financial Solutions has a solution for you: we can provide cash for annuity payments now. When we offer payment stream recipients cash for annuity payments, they have the option of selling only some of their payments or all of them. We can discuss the various options that are available to you and help you figure out the best type of annuity funding transaction for you.

Even if you were recently involved in a car accident that has nothing to do with your settlement and it resulted in substantial damage and/or large medical costs for you, we can still help. We can provide you with a lump sum of cash for either a portion of your annuity payment stream or for the entire thing.

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Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.

Tags: car accidents, car insurance, car repairs

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