3 Types of Accidents That Can Cause Financial Distress

You’re probably already on a pretty tight budget when it comes to your money and your bills. Unfortunately, you may run into situations where accidents put stress on you financially beyond what you are used to. It can be challenging to prepare for these incidents because they are so unexpected, so all you can really do is figure out how to swing with it and move forward in the most logical way possible.

Think about three types of accidents that can create these financial hardships. Probably the most common one is if you get in a vehicle accident. Cars are expensive. Auto insurance is expensive. Fixing your vehicle can come with a startlingly high price tag. Especially if you need your vehicle to get back and forth to work, this can be an incredible hardship.

Slip and fall accidents can also end up putting you in financial straits. If you have to take time off from work, that’s lost income. If you have medical bills, that can further exacerbate the situation. And then a final type of accident that can be economically distressing is if you end up with property damage somehow. Maybe a piece of equipment that you own gets damaged by accident. Maybe there’s trouble with your home and natural loss that occurs. But any manner that it happens, repair bills can be astronomical.

Vehicle Accidents

Getting in a vehicle accident is expensive. Even if it’s not your fault, you may have to pay for repair bills, lawyer bills, and increased insurance costs. None of these expenses are fun, and all of them can chew up your budget where you didn’t have a lot of room to spare. Even if you have some savings, often it will be not quite enough to handle all of the associated expenses that come from the consequences of a car wreck.

Slip and Fall Accidents

If you are injured in a slip and fall accident, that can have immediate consequences to your financial situation as well. Medical bills and lost wages are a big part of this. And not only will you be struggling financially in this event, being in pain is no picnic either, and it can prevent you from pursuing economic opportunities that you would be available for otherwise. Do your best to avoid risky situations where slips and falls can occur, and then just maintain situational awareness in general.

Property Damage

What happens when expensive property of yours gets damaged? It might be that a valuable piece of equipment that you own gets hit by someone by accident and begins to malfunction. Especially if this equipment is for professional purposes, you have to repair or replace it immediately. Sometimes if you have renter’s insurance for expensive equipment, it will cover the costs, but you will still have to pay a deductible and potentially the increased insurance costs in the future.