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Totaled Car: How to Recover Financially After Your Accident

A car accident is something every driver will eventually have to deal with. Unfortunately, some drivers have painful, catastrophic wrecks leaving them with a totaled vehicle, medical problems and financial uncertainty. If you have been in a wreck like this or want to know what to do in case it ever happens, the four sections below will help you recover your life after a terrible wreck.

Retain an Attorney to Protect Yourself

Consulting with a personal injury lawyer after totaling your car is the first thing you need to do. Personal injury lawyers are well versed in what you deserve if the accident was not your fault, such as financial offsets and damages you are entitled to. A skilled lawyer will push for slow-moving insurance companies to pay, keep hospitals fond of over-billing honest, and at times, the other driver. According to Trammell and Mills Law Firm LLC, you should never count on the other driver's insurance to cover your damages in full or at all, so you need to get legal representation.

Audit and Rework Your Finances and Formulate a New Budget

In a worst case scenario, like getting no settlement for your accident or barely enough to pay the large, mounting bills, you need to do an audit of your finances. If you are lucky enough to have an emergency fund large enough to cover the bills, then you are in a good position. Unfortunately, not everyone has a large enough stash or a stash at all. Comb your personal budget meticulously, and see if you can cut down on or cut out anything. There are numerous ways to reduce debt and spending without having to pull up your roots.

Safeguard Your Credit

You might want to take out a loan to cover outstanding bills the insurance money will not be able to cover. After physically recovering and going through the long process of trying to get an insurance check, if you are lucky enough to be involved in an accident that was not your fault with someone who has good insurance, there will still be expenses. If you have good credit, there is nothing wrong with getting a low interest cash loan, but if you do not, then protect your credit by negotiating low payments.

Ask for Help or Donations

A lending platform like GoFundme or Kickstarter is a better alternative than high interest payday loans or defaulting. A catastrophic wreck is a good enough reason to post a link asking for help. It may hurt your pride, but this is money that will help clear debt, and you do not have to pay it back. Friends, family, philanthropists and empathetic people take part in these kind of campaigns all the time. According to TIME, peer-to-peer landing platforms are something investors take a great interest in for a variety of reasons, so give them a shot if things get really bad.

 

A bad car wreck is not the end of the world, and it does not mean your financial world has to end either. The four tips above and many others can help you get back on track and avoid bankruptcy. Prepare ahead of time, and if it happens to you, be proactive as soon as you are physically able.

Views: 96

Tags: accident, auto, car, collision, totaled

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