Life changes in the moment when you have a serious car accident. This can put a major stumbling block in you path as far as your finances are concerned as many parts of your life become affected by your accident, not the least of which is your sense of financial stability. But dealing with the aftermath should be the end of the world for you. Take a look at a few great suggestions when it comes to managing this type of crisis.
Your Life Has Changed
Several things can go wrong at once in a car accident. Often your car is totaled, making transportation a problem. Trips to the doctor or hospital are needed, sometimes long term. Depending on the seriousness of injuries, work may be postponed, or stopped entirely. In addition to all of this upheaval, there is the necessity of dealing with the other parties involved in the accident, and their insurance companies.
All of these factors take a financial toll and in spite of all these drastic changes you can bet that your attention will eventually turn to how you are going to pay for all of this. If you are fortunate and able to plan for the forthcoming future then you have insurance to help along the way. But insurance is not the end-all-be-all of financial stability during this time. Read on for what you can do to get back on your feet.
Take Stock of Your Current Financial Situation
Regardless of where you may be in a year or two from now when you are rehabilitated, it is important to be realistic about your current financial situation. Hopefully, you have had the foresight prior to your accident to save for a rainy day. If not, then you will have an immediate problem to solve – paying bills for medical care, prescriptions, and ordinary day-to-day bills that will inevitably arise while you are off work. Since there is usually a delay in the amount of time it takes for auto insurance claims to pay out, it’s important to plan for the delay.
Now may be a good time to obtain the help of a trusted friend or family member. Sit down with them and review your daily necessary expenses, as well as any income you may have coming in. Discover if there is an immediate deficit, and if there is, ask them to help you determine a plan to deal with it. You will need to tap as many resources as you can for obtaining assistance to pay for your expenses. Some of these could be:
- Your current health insurance
- Social Security payments
- Community aid programs
- Discount programs for the elderly
- Programs for the handicapped
- Consumer credit organizations
- Personal loans
Enlist the Help of a Lawyer
If your injury was caused by someone else, it may be a good idea to find a personal injury lawyer to help you obtain a cash settlement. Personal injury lawyer usually operate on a contingency basis, which means no fees are paid until a settlement has been won. A lawyer, like Taylor & Blair, can help to smooth out the process of dealing with difficult insurance companies, and the amount of financial compensation will usually be much higher with the help of a lawyer. In any event, you can obtain a free initial consultation with an accident lawyer, who will advise you as to whether you have a strong legal case or not.
Although bills are an imminent problem, stress can significantly slow down your healing. Take the time necessary to recuperate from your injuries and regain your strength, until things in your life have gone back to normal.