The repercussions of an accident can be unbearable, and if you are lucky enough to have survived, you can do a few things to ease your trauma and pain. One area that might leave you feeling helpless after the accident is the finances required to restore your health and repair your car.
Will You Need a Lawyer to Recover Compensation?
After the adverse effects of an accident, you will want to visit the doctor or repair your car as soon as possible. However, if you decide to do it on your own, you might not get what you need in time. You will need a lawyer to help you fight for what you deserve and get your life back on track.
According to a law firm in Charlotte, North Carolina, a personal injury can throw you out of balance. That is why you will need a lawyer to walk with you and advise you on the best steps to take according to your situation to get funds that will pay off medical debt and auto repair; otherwise, you will end up with a financial loss.
In this article, we will discuss ways to recover financially after getting involved in a car accident.
1. Health Insurance
You are likely to have suffered severe injuries after the accident, that is why you will need to pay attention to your health first. Medical bills can seriously drain your account. Fortunately, you can choose to receive aid from your health insurance. The coverage can pay for a more significant percentage of your medical bills and only leave you with a small portion that is manageable out of pocket.
2. Car Insurance
Your car has suffered damages, and the repair expenses must be costly. Another option is to repair it temporarily, but that is even more expensive in the long run. If you are not responsible for the accident, you can seek compensation for damages from the other party’s insurance company. Otherwise, your own car insurance company can help get your car back to working condition. The insurance company will send their inspector to assess the extent of the damage, after which you obtain a fair amount for servicing your car.
3. Personal Injury Claim
While you focus on your recovery, this is where your injury lawyer should hold your hand firmly and help you get the compensation you deserve after the damages. With the money you obtain from the insurance company, you can clear your medical debts and have a bounce-back in your finances as soon as you get back on your feet since the settlement will have stopped you from tapping into your personal financial reserves.
4. Contingency Payment
If your case is taking longer than expected to obtain your settlement, then you can discuss contingency payments with your doctor. The fees will be delayed until you get your compensation. Ensure that when negotiating your settlement, contingency medical expenses are included.
5. Personal Loan
Save this one as the last resort if every other channel has failed and you need to cover your medical payments as soon as possible. Opt for a loan plan that will enable you to pay comfortably over a manageable time period. Please do not apply for a loan blindly; your lawyer can help you understand the terms before accepting it.
Seek Financial Assistance to Return to Normal Life Without Debts
You will experience a dent in your finances whether you bring an insurance claim or not. However, with the strategies laid out above, you can instantly have the financial aid you need instead of lifting hefty sums from your savings to pay for damages.