How to Manage Your Finances after a Car Accident

Saturday, December 30, 2017, 12:00 PM | Leave Comment

A car accident is stressful enough, but the aftermath can be a challenge of its own as you need to make sure you don’t have any medical issues and either get your car repaired or buy a new one.

Those all take time and can get expensive, especially if you don’t have comprehensive insurance coverage.

Here’s how you can manage your finances and avoid any money troubles after a car accident.

How to Manage Your Finances after a Car Accident

  • Figure out Your Costs and What Insurance Will Cover

    The first thing you should do is determine what expenses you’re dealing with here, because that will make it easier to plan your next moves.

    Record any car repair bills and medical bills you’ll need to pay soon, or estimate how much you’re going to spend on a new car if yours is totaled.

    After that, calculate how much money you’ll be getting from insurance. This will depend on who was at fault for the accident and what type of insurance coverage you have.

    If the other driver was at fault, then their insurance company should pay for all your expenses, although it isn’t always that easy.

    If you were at fault, then your insurance company will only pay for your costs if you have comprehensive coverage, and you’ll need to pay your deductible.

  • Get Multiple Repair Quotes

    You’ll need to get an estimate for your car’s repairs to send to either your insurance company or the other driver’s insurance company and receive reimbursement for your damages.

    But just because you get an estimate at one repair shop doesn’t mean you need to use that shop.

    It’s better to call around and see who offers the best deal. Make sure you check reviews of any shops you’re consider, as well.

    Although it’s nice to get the lowest price on your car’s repairs, you don’t want to sacrifice quality to do so.

  • Talk to a Car Accident Lawyer

    Unfortunately, it’s not always easy to receive compensation for your damages when the other driver was at fault.

    Insurance companies want to minimize how much they pay, which means they could make it difficult for you every step of the way.

    And if you sign the wrong piece of paperwork that they send you, you could sign anyway your rights.

    For instance, car accident lawyers in Las Vegas can be a huge help when dealing with another driver’s insurance company.

    Your lawyer can advise you on what to do you and put pressure on the insurance company to pay you.

    Insurance companies have responsibilities when their drivers cause accidents. They’re supposed to pay for your medical expenses, repair costs, and any other expenses you incur, such as renting a car while yours is in the shop.

    Your lawyer will help you get everything you deserve.

  • Consider All Your Financing Options If You’re Short on Cash

    If you don’t have the money to pay for your repair costs or medical bills, either because the accident was your fault or because you’re waiting on a payout from an insurance company, there may be other financing options available.

    You could set up a payment plan with the service provider.

    Another option is putting the bill on a credit card. If you pay it off within 30 to 45 days, you won’t pay interest.

    With a good credit score, you could also apply for a 0-percent APR credit card and have even longer to pay the bill off without any interest.

Managing your finances properly can make a world of difference after a car accident. Keep the tips above in mind as you navigate your repair costs and deal with either your insurance company or the other driver’s.

Author BIO

Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.

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