When you’re involved in a car accident, it’s hard to get your bearings given the trauma of the event. You’ll end up with hard-hitting mental, physical, and financial problems in the aftermath. That’s why it’s so critical to make sure your finances are secure as you deal with medical bills or lost wages.
If you sustain injuries that require ongoing treatment, you’ll need to account for payments that may continue months or years into the future. Don’t put yourself in financial limbo after an accident. Stay with us to learn five financial considerations you should explore after being involved in a vehicle accident.
1. Dealing with Insurance Claims
After a vehicle accident, you’ll probably file an insurance claim to your insurance company or the other driver's. In either instance, plan on having all key documentation ready for swift processing.
Be prompt about contacting insurance companies to file the claim, as many companies have a set window of time during which you may do so. Collect photos from the accident, statements from witnesses, and a copy of the police report. And communicate regularly with your insurance agent to ensure everything has been received and get updates on the process.
Know that insurance settlements don’t always cover everything, particularly if your accident resulted in serious injuries. But to give yourself the best chance for strong compensation, look into getting legal representation.
2. Pursuing Legal Help
Accidents that result in bad injuries or damage to vehicles merit seeking legal assistance. You may need more compensation to offset bills or car repairs, for instance. And in some situations, liability issues make navigating legal language and processes challenging for the average person.
A qualified attorney can help. They’ll know what you’re entitled to and what you can reasonably expect financially. They’ll help you organize documents to make negotiations with the insurance company go more smoothly. And if the other driver was negligent, they can guide and defend you through legal proceedings.
Choose an attorney with specialization in your needed area. If you're in a truck accident, for instance, work with experienced truck accident lawyers in Las Vegas. They will know the truck accident laws governing your situation. And they’ll know how to communicate with trucking companies so you get what you deserve.
3. Budgeting for Medical Expenses
Medical bills can pile up if you’re not prepared financially. You could incur costs connected to hospital stays or surgeries. You may need rehabilitation to get back on your feet or prescription medications for pain. And insurance probably won’t cover everything.
Make a plan to manage these expenses. Know what your insurance policy covers and try to reserve funds for those procedures that are not covered.
Collect bills and prescription costs that could help in negotiations with your insurance company. And don’t be afraid to question bills that seem too high. You may be able to get a better rate or work with a repayment plan that is easier on your budget.
4. Accounting for Lost Wages
While some accidents may only result in minor injuries, others can keep you out of work for long stretches of time. With the inability to work comes the potential for lost wages. And if you sustain a long-term or permanent disability, you’ll need to understand the financial impact of both immediate losses and losses to future earnings. After all, you may need to work part-time or take on a new job that doesn’t pay as well.
Maintain records of your time off work due to the accident, including sick days or vacation time. And keep notes from your doctor that affirm your need to rest.
You may need the assistance of a financial expert or attorney if you anticipate long-term financial losses due to injuries. They can help you maximize compensation potential when you file a claim.
5. Consider Property Repairs
Don’t overlook the impact of property damage after a vehicle accident. You could need to repair or replace your vehicle. But there’s also potential for damage to personal property within your vehicle. Further, you should factor in rental car costs or transportation expenses when you’re without your normal vehicle.
Start by getting an estimate from a trusted mechanic regarding your damage. Make sure your insurance company has documented evidence of damage, including estimates or bills. And add bills for a rental car, too, if one is necessary.
When you’re not at fault, you shouldn’t have to pay for repair costs. But it’s always smart to be prepared if you need to negotiate with the insurance company for more compensation.
Be Prepared
In the aftermath of a vehicle account, be prepared to balance the details and emotions involved in seeking financial support. Collect all medical and repair bills so they’re ready for your insurance company to review.
Understand how lost wages could affect your finances. And look into working with an attorney or financial planner so you can get the most help. When you’re prepared and diligent, you’ll make both your physical and financial recovery easier after an accident.
