4 Financial Tricks to Dealing with an Auto Collision

Saturday, January 20, 2018, 12:00 PM | Leave Comment

No one wants to deal with the headaches of an auto accident. Filing insurance claims and dealing with car repairs takes precious time. But as anyone involved in a collision knows, it’s important to protect your pocketbook.

Following these tips will save you money.

4 Financial Tricks to Dealing with an Auto Collision
Image Source: Pixabay

  1. Gather All Needed Information at the Scene

    Though the other driver may be at fault, it is still your responsibility to gather all relevant information.

    Make sure to gather the contact information for the other driver(s) involved, their insurance company(s), witnesses, and law enforcement officers who responded, advises Nolo.

    Also, use your cellphone to take on-scene photos of the vehicle locations, areas of physical damage, and license plates.

    Collecting this information is crucial to your financial well-being because insurance companies try to settle claims for as little as possible.

    Without documentation, the insurance company may find ways to contest your claim, which means they are apt to offer you less or deny your claim. Being armed with this information ensures the insurance company settles quickly.

  2. Know What Property Damages You Are Entitled to Collect

    Insurance companies pay out several types of property damages to auto accident victims. These include auto repair and replacement, compensation for personal property damage, car rental, and out-of-pocket expenses. You must document any losses.

    For example, if you had to pay for a taxi because your vehicle became disabled in the accident, insurance companies require a receipt before reimbursing that expense.

    Insurance companies favor taking the least expensive route to settlement, which in most property-damage claims means a quick settlement. This quick settlement includes all documented damages.

  3. Seek Prompt Legal Advice If Injured

    Though a simple fender bender may be easy to document on your own, injury cases should never be handled without legal advice.

    Just as with property claims, insurance companies settle cases based on their own financial interests; however, the stakes for the accident victim are far higher.

    The law provides compensation for medical costs, lost wages, and pain and suffering. Settlement offers vary widely and insurance companies often try to settle for discounted amounts. A skilled litigator forces an equitable settlement.

  4. Find a Reputable Auto-body Repair Company

    It’s always a good idea to know where you want your vehicle towed in case of an accident, or where to take it for an estimate for minor repairs.

    A shop that specializes in accident work, offers free estimates, and is known for getting their client’s vehicles back on the road fast can be indispensable.

    Check out the services of Central Body Company, Inc., or a similar provider in your area.

Auto accidents can take a bite out of any budget. Collecting the right information at the accident scene and choosing a reputable auto body shop saves big money.

Author BIO

Anica Oaks is a Freelance writer and web enthusiast. Read some of her published work on her Google+ page.

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