Fickle Finance: 4 Steps To Recovering Financially From A Car Crash

Wednesday, April 26, 2017, PM | Leave Comment

Car accidents can be extremely traumatic events. In addition to the possibility of injury and damage to your vehicle, you may face a significant legal and insurance paperwork.

As a result of the time needed to address legal issues and to recover from injuries, your personal finances may take a hit.

Here are some suggestions for achieving a quick financial recovery after a car crash:

Fickle Finance 4 Steps To Recovering Financially From A Car Crash

  1. Contact Your Insurance Agent

    As soon as it is safe to do so after your accident, contact your insurance agent.

    You can minimize the financial impact of the crash by following his or her instructions regarding issues of liability and vehicle repair.

  2. Get Legal Advice

    Getting in touch with a car accident lawyer, like the professionals at Loughlin Fitzgerald P C, can also be important to your financial recovery.

    An experienced attorney can review your case and help determine whether you are entitled to compensation for your injuries and damage to your vehicle.

    An attorney may also be able to assist in obtaining a fair settlement from an insurance company.

  3. Talk To HR

    Contact the human resources department at your workplace. It’s important to do this for two reasons:

    The first is that you need to protect your job during this stressful time.

    The second reason is that your employer may already have programs in place that can assist you.

    If necessary, you may be able to make use of short-term disability insurance or other employer accommodations that enable you to take time off work without loss of income.

    Some companies even offer employee assistance programs(EAPs) that provide free financial counseling. This type of aid may be helpful in organizing your finances after a significant crash.

  4. Communicate With Creditors

    A serious accident may impact your ability to earn a living and increase your expenses. The last thing you need at this time is damaged credit.

    To prevent this, contact your creditors and explain your situation. They may be willing to work with you on reducing payments, interest rates or even giving you a grace period during which you won’t have to make your normal monthly payments.

    Be sure to ask the customer service representative to send you a written confirmation of your agreement.

An accident does not have to derail your life or your finances. Getting appropriate advice and seeking out resources can make a huge difference in how quickly every aspect of your life recovers after an accident.

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