We don’t think about how a car accident might impact our finances until it happens. Even though it’s not an event anyone wants in their lives, with over 12 million vehicles involved in crashes yearly, you never know when it will be your turn.
Therefore, it is wise to be prepared and go through the steps to take after the initial period of medical and mental recovery. An accident can leave behind financial burdens like medical bills or insurance claims that you will have to sort out.
However, if you have a clear plan, good professional guidance, and some savings, you might get out of this ordeal with only a scare and a few bruises.
Since we know information can be confusing and misleading, here are some of the most common steps legal and financial specialists recommend:
Contact Your Insurance Provider
Time is critical after a car accident. First, you must get checked out by a medical professional. Once you clear out this step, your next move should be a call or email to your insurance company. Any delays can complicate the claims process or even jeopardize your ability to receive compensation.
Most policies require prompt reporting, so notify them as soon as possible. Keep things simple and clear and offer the following information:
An accurate and honest account of what happened. Stick to the facts and avoid speculations about fault.
Share any evidence, like photos of vehicle damage, injuries, road conditions, and anything else that helps document the scene.
Keep track of police reports and medical records; these are often requested during claim processing.
Assess Medical Bills and Expenses
The average cost of medical treatment after a car accident injury is about $15,000. Of course, this depends on local and state policies, but for serious injuries, costs can exceed $100,000, especially if surgery, intensive care, or long-term rehabilitation is necessary.
Keep track of all your medical bills and other documents proving your expenses. This includes hospital stays, physical therapy, medications, and even travel costs for doctor visits.
Don't panic if your insurance doesn’t cover everything or leaves you with high out-of-pocket costs. There are ways to handle high medical bills, such as devising a payment plan or negotiating the price with the help of a patient advocate.
To increase your chances of recovering these expenses, track all your documents and hire a car accident lawyer.
Hire Specialized Legal Counsel
Personal injury claims and compensation requests are not easy to handle by yourself, especially during recovery. The best way to save your time and money is to work with a local car accident lawyer who knows the legal system like the back of their hand.
It’s best to research the market ahead of time. This way, should you ever need legal assistance for a car accident, you know who to call.
The good news is that local legal specialists are easy to find nowadays. For instance, if you live and drive a lot in the Denver area, all you have to do is type Denver car accident lawyers into your search engine. You’ll get a list of the best representatives in the area and a quick peek at their portfolio.
Do your research and identify several well-prepared legal professionals who you’ll feel confident calling in case of a car accident. You want them to take over negotiations with insurers and represent your interests.
A good lawyer is more likely to negotiate a deal that will cover medical expenses, lost wages, and the pain and suffering you had to go through.
Wrap Up
Financial recovery after a car accident takes careful planning. Follow these steps to regain control, reduce stress, and create a stable foundation for your financial future.
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