It’s stressful being involved in a car accident.
The experience is frightening, and may have resulted in property damages, personal injuries and, in extreme cases, death.
Worse still, the stress doesn’t begin and end at the accident site.
It can extend beyond the accident into your personal life and into your wallet; especially if you’re still trying to pay off that awesome 72 month auto loan we warned you about.
Here are a few things you should know that may help alleviate some of those aches.
The High Cost of Automobile Accidents
If you get in accident, expect the following expenses to go up:
- Insurance premiums may be raised
- Car rental fees or public transportation fees
- Car repairs
- Expensive legal fees
- Medical costs
An auto accident can be incredibly expensive. It could absolutely destroy your financial well-being. So, the question is, how do you navigate these expenses in order to save yourself from financial ruin and increased stress?
Saving Money on Post Auto Accident Insurance Premiums
You can almost guarantee that your insurance costs may go up after an auto accident. As if insurance isn’t expensive enough, a single car insurance may flub your perfect record and cause an increase in rates. Most insurance companies will automatically increase your premium whether or not you report the accident to them.
The best way to save is to seek out insurance companies that offer accident forgiveness. Some insurance companies may not be as steep with post-accident rate increases, so you may need to switch to a cheaper company. Additionally, you can reduce your policy and eliminate some coverage to save money. Unfortunately, this leaves you more vulnerable should another accident occur.
Saving Money on Post Auto Accident Legal Fees
Attorney’s fees aren’t cheap, but an attorney is probably necessary post auto accident. To save money on legal fees, it’s essential you document everything at the accident site. This is going to ensure you have evidence to support your case, moreover don’t just choose any lawyer – choose a lawyer who is going to win your case.
For example, if you’re in a motorcycle accident, you don’t want an attorney who specializes in workman’s comp cases. You don’t want someone who only has experience representing big rig drivers. You want someone who has specifically represented motorcycle accident victims. Only a motorcycle accident lawyer can help you win your case, and if it’s a personal injury case he may even help you to receive a financial settlement.
Additional Post Accident Financial Obligations
Rental cars, medical fees, and car repairs may all represent additional costs you could face after an accident. Being prepared beforehand may help you reduce some of these costs. Medical fees may be covered by your medical insurance. If you don’t have insurance, your medical costs could be potentially crippling. Make sure your doctor understands you’re paying out of pocket, and takes steps to ensure you’re receiving generic brand medications and the lowest cost appointment times.
Rental car companies offer discounts to certain individuals, such as students, those in the military, and senior citizens. If you fall into one of these categories, you could save on a rental. Otherwise, look online and in local papers to find coupons on rentals. Your insurance policy may cover a rental car. If you live in an area that offers public transportation, this may be a more economical option.
Towing and repairs will cost a lot, but are necessary if you want to get driving your vehicle again. If you’re really strapped for cash, ask the repairman to work out a payment plan. Or, ask if they accept credit.
Saving money is something everyone can do even after an auto accident. It’s during this stressful time that you’ll learn to carefully consider all of your financial decisions, and determine a good route. Learning something new is a positive, a silver lining, and that’s a great way of looking at an otherwise difficult situation.
Featured image courtesy of Pixabay