Car crashes come with a long list of expenses: repairs, medical treatments, insurance fees and possibly a new vehicle. However, drivers rarely think about how a severe accident impacts investments, especially their retirement funds.
Unfortunately, it’s relatively easy for a car accident to turn into a life-altering event. In 2017, over 1,000 people were killed on Pennsylvanian roads with over 80,000 people injured. Amongst the injured drivers or passengers, there are people whose lives are completely halted by the experience.
A car accident puts retirement to a halt
Fran O’Brien, a division president in North America Personal Risk Services, discussed an example of how retirement funds are easily drained in the cases of car crashes. O’Brien recounted a specific client who suffered several broken bones after an accident.
An uninsured motorist plowed into the client and the client required surgery for their injuries. Then, they attended a rehab facility for physical therapy. The recovery process made the client unable to work for an entire year.
The client filed for disability benefits but still lost over 65 percent of their annual income. The expense slowly adds up as the client covers therapy costs, medical fees, at-home assistance and standard living costs.
While this client was lucky to have additional savings, they did have to stop making contributions to their investments, which means fewer funds for future retirement. Many drivers aren’t so lucky because they end up dipping into investments or savings to cover the costs of treatments or lost wages.
This experience is only one example; there are thousands of drivers across Pennsylvania who are injured in car accidents every year. It makes it crucial to seek out compensation when it is necessary to cover those hidden costs to protect your retirement funds.
To protect yourself you should make sure your auto insurance provides the maximum protection to you and your family: full tort, uninsured and under-insured motorist coverage with stacking. If you have questions about these coverages send your auto insurance declarations page to our George B. Faller Jr. at [email protected].
At Martson Law Offices, our attorneys can also guide you through the post-accident process and keep your money where it should be – in your retirement account. Meet with one of our experienced lawyers to ask questions and learn the right strategy for you.