How to Help Your Bank Account Recover after an Accident

Thursday, November 23, 2017, 6:00 AM | Leave Comment

Victims of accidents, whether on the road, at work, or at play, suffer physically and financially during the fallout.

Physical injuries translate into financial losses because of factors such as hospital bills, death, and even subsequent funeral and burial costs, loss of family breadwinners, lost work, and working ability, and pain.

Other losses tally in regard to replacing and repairing damaged assets or fixing or replacing property. More than the victims (who suffer directly), the person who suffers the most, financially, is the one whose fault is determined to have caused such accidents.

Liability is the weapon that will be used to devastate your bank account in the case your legal dependents and servants, or yourself are ever found at fault.

Some accidents like hit and runs will always side with obvious victims, while other accidents can be more ambiguous in terms of dividing fault.

You can never be too careful and while risks are abstract, the consequences of their manifestation. To be truly safe, you need to prepare for anything, especially accidents. 

How to Help Your Bank Account Recover after an Accident

  • Deductibles

    If liability falls on you, your insurer will only pay for damages up to the limit of your insurance premiums. In such cases, deductibles apply, and you won’t receive the full value of the losses which you incur physically and financially.

    Insurance companies exclude certain value (deductibles) in many policies so their clients exercise caution while driving.

    Therefore, you really need to be vigilant while driving and to report any offenses of which other drivers may be guilty, especially in the event an accident occurs.

  • Reporting Incidences and Making Claims

    You may not be prepared to absorb sudden losses in damages and injury.

    After an incident, report to the necessary authorities and seek immediate medical assistance for all those affected.

    Exchange contact and insurance information with all those involved.

    Most importantly, never sign any agreements and waivers without consulting both your lawyer and your insurer.

    Afterward, write to your insurer asking for immediate financial mitigation for the accident by footing critical bills and compensating for the rest within a reasonable time frame.

  • Payment Recovery

    Your bank account recovers more effectively if you are reimbursed for deductibles which get omitted by your insurer during compensation.

    Deductibles are only paid for if, legally, someone else is charged with liability for causing the accident. In that case, the insurer of the party at fault is liable to cover your deductible losses.

    You have the right to seek that amount from that third party, and its insurer, via any legal means.

    However, your insurer is best suited to recover it for you through the Payment Recovery Process.

    Always prefer insurers who guarantee to pursue your deductibles from at-fault parties on your behalf.

Any accident is scary, and it can feel even more uncertain as you face the financial consequences that follow. After an accident, if you are careful to report, monitor, and go through the right avenues, you are sure to get back to a good bank account balance.

Author BIO

Eileen O’Shanassy is a freelance writer and blogger based out of Flagstaff, AZ. She writes on a variety of topics and loves to research and write. She enjoys baking, biking, and kayaking. Check out her Twitter @eileenoshanassy.

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