The Cost of Car Accidents in Ohio Are Rising

The Cost of Car Accidents in Ohio Are Rising

car-accidentThe cost of a car accident is on the rise in Ohio. Even someone with legal insurance can be left with a great financial burden after an accident. It’s important to understand why costs are on the rise so that insurance plans can be updated and future financial decisions considered when necessary.

Medical Costs
There is little argument that overall healthcare costs are rising. Victims of car accidents may require both emergency care and long-term treatment, even after a relatively minor incident. With more treatments available, modern medicine is better able to treat even more injuries, but it comes at a high price. Serious accidents can keep the bills coming long after the insurance has paid and the legal matters have been settled. As the price of an emergency room visit and in-home nursing care increase, so does the cost of an accident.

Vehicle Prices
As portions of the state see an uptick in economic growth and personal income, those affected upgrade their vehicles. Newer models with fancy gadgets don’t come with small price tags, and having to replace one may not be fully covered by insurance. Even those who have not seen a boost in income are affected by high-dollar vehicles. While the driver at fault may be driving an old jalopy, if he hits a new SUV with all the trimmings he could end up paying more to replace the other vehicle than his own is worth, even after insurance.

Insurance Rates
A person without accidents or tickets may have avoided recent insurance rate hikes in Ohio, but even a single accident will wipe out a significant amount of savings. On average, it can be expected that a driver with a previously clean record could see an eighteen percent increase in her car insurance premiums from a single accident. If the driver is at fault or is found to have been intoxicated the increase could be even greater. It may also be difficult for consumers to switch insurance companies or even find a company willing to cover them once the original policy has terminated. Insurance companies may also charge additional fees related to mandated reporting in certain cases.

The costs after an accident may be very difficult to control and budget. It is possible to limit the damages, though a good car accident attorney may be necessary.

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