Moves To Support Your Family And Your Finances After A Road Traffic Accident

Getting into a road traffic accident can cost more than harm to your family’s health- it can impact your family’s financial security. According to recent estimates, car crashes cost $230.6 billion annually. For families, a fatal car accident can cost $1,410, 0000 while one without any fatalities can set you back up to $78,900. With a staggering amount of households struggling with credit cards or medical debts, even a minor car accident can damage a good credit score, land you in debt and, set your family back financially.

One of the first things you can do to protect your family financially after an accident is to file a claim with your insurance agent. The sooner you do it, the better. Most companies aim to settle an accident claim within 2-4 weeks. However, this is not always guaranteed and it is not uncommon for the settlement of auto accident cases to be delayed particularly if other parties are contesting your claim.

On the bright side, the process is now simpler than ever. Filing a virtual accident claim is now the norm thanks to technology. Some car insurance companies like Allstate also claim to expedite your claim if you file using their mobile app. Others like Geico and Farmer’s Insurance also offer a 24-hour claim line if you prefer to speak to someone in person.

Did you know motor accidents are the leading cause of PTSD in the US? A National Institute of Mental Health study found that 39.2 percent of vehicle accident survivors go on to develop PTSD.  For car accident victims and their families, the emotional and mental aftermath of an accident can cause them to miss work, school, and rack up additional medical bills. Getting the help you need to process any trauma or PTSD from the accident can help to get you and your family back to great overall health and back to normalcy.

If you have been in an accident that you believe is not your fault, it is advisable to speak to a personal injury lawyer quite early in the process. Even if you are not certain whether you will be filing a civil case or haven’t experienced any delays in your insurance claims, the advice of a personal injury lawyer is valuable in two ways. Firstly, they can help you decide whether you do have a strong case and it is worth pursuing. Some attorneys can charge as much as 25 percent of your payout plus a retainer fee so it is worthwhile deciding whether it is financially smart to pursue a case before you file.

Also, personal injury attorneys can be well versed and experienced in the car accident recovery process. They are a useful source of information on the costs you can expect to incur while recovering from a car accident including averages and estimated timelines. To find a personal injury lawyer, you can use personal referrals or online platforms like HG.org’s Personal Injury Lawyers In The USA database. When choosing a lawyer, look for someone with court experience since they can negotiate better settlements. Also, you should opt for a lawyer who specializes in cases like yours. They tend to be specifically trained to capture important details about your case. For instance, 18 wheeler accident lawyers will know to look beyond driver negligence in accidents involving tractor-trailers. Inefficient upkeep and fleet management are also critical factors in building a solid case and experienced 18 wheeler accident lawyers know that.

Finally, take another look at your household budget. After a car accident, you may have to have to contend with medical bills, loss of income, car repair costs, and legal fees. A combination of those costs can cause serious disruption to your finances. While you await the decision of your settlement or insurance claim, it is wise to cut your expenses where you can to account for the additional costs you will be facing. If you have an emergency fund, this can help to relieve the financial pressure. Otherwise, you may find yourself turning to high-cost sources of credit like payday loans and credit cards.

Moving on from a car accident is not always easy. The physical, emotional, and financial implications of such an event can be long-lasting for you- and your family. However, by making these simple moves soon after the accident, you can ensure your finances and your family has the support they need as they recover.