What our high cost of living means for personal injury accident victims
According to Forbes magazine, the greater LA area including the Los Angeles-Long-Beach-Glendale metropolitan statistical area is the 23rd most overpriced big city in America.
As justification for this ranking, Forbes analysts focused mainly on the affordability of housing. Despite the fact that the median income in our area is just $61,419, the median sales price for a home was $460,000. This made only 16 percent of local housing actually affordable to the average person.
The analysts also cited data showing that in LA the costs of many everyday needs are above the national average:
- Grocery costs are 3.1 percent higher
- Utility costs are 9.6 percent higher
- Transportation costs are 11.1 percent higher
- Health costs are 4.1 percent higher
The Riverside-San Bernardino-Ontario MSA was deemed even more expensive, ranking #17 on the list. Though housing is more affordable in this area, with 45.5 percent of housing accessible to the median earner, cost of living is higher. Locals here paid 10.3 percent more for groceries, 9.1 percent more for utilities, 11.2 percent more for transportation, and 1.2 percent more for healthcare than the national average.
Why It Matters for Your Personal Injury Claim
If you live in either of these southern California MSAs, the high cost of living will have an impact on any claims arising from personal injury accidents.
First of all, your medical bills are going to be higher than the national average. While this may cause some distress initially, you should not worry about it too much. After all, if the accident was not at all your fault, the person who did cause the accident is going to be liable for all your damages. This includes all your medical bills stemming from injuries incurred in the accident. It does not really matter if your doctor charged more than the national average, because your settlement will reflect this higher amount.
What may be of more concern to you is the fact that with a higher cost of living, you are going to be racking up bigger bills while you wait for your personal injury settlement to come through. For example, you may have a higher than average mortgage payment to meet due to the high cost of real estate in LA, or you may be struggling to pay your utility bills and grocery bills.
It is extremely important not to let insurance adjusters play on these concerns and convince you to accept a lowball settlement offer simply because you feel like you need the money ASAP.
Instead of dealing with the insurance adjuster yourself, hire an experienced personal injury attorney like Fernando D. Vargas to represent you. Attorney Vargas will help collect the evidence necessary to prove how much compensation you deserve following your accident, and then negotiate aggressively with the insurance company to secure a higher offer that is fair and covers your needs.
To schedule a free initial consultation with Attorney Vargas about your accident, please contact us at 909-982-0707.
