Protecting Your Finances From “Breaking Down” After A Car Accident

Nobody ever wants to believe that it will happen to them, but, unfortunately, car accidents are highly common among all demographics. Whether you’re a skilled driver or not, there’s a high chance you’ll be involved in an accident to some degree during your life, and, when that happens, it’s important that you’re prepared for such an incident. Even if you’re only involved in a minor accident, as soon as another party is involved, certain steps need to be taken and you need to ensure you’re financially prepared for such steps.

Car Accident

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When it comes to accidents on the road, your biggest concern is most likely the safety of both you and your passengers. That goes without saying, of course. Yet, even if you and your passengers are left physically unharmed by an accident, that doesn’t mean you’re out of the woods just yet. In fact, even if another driver and their passengers are involved and also left unharmed by the incident, this still doesn’t mean you’re out of the woods just yet.

When it comes to car accidents, tensions can grow very high very quickly, and the blaming game can spiral dangerously out of control. It’s important that you’re prepared to meet resistance and you know how to protect your financial assets in such a scenario. Here are some helpful pieces of advice to help you do that.

Have a plan of action for the first few weeks following an accident.

Yes, you read that correctly. A car accident isn’t something which you can sort out and forget about within the space of a day. Even after you’ve exchanged insurance details, you have to think about the matter of the vehicle itself. If you’re very lucky and you were involved in a minor accident, you might be able to drive it away safely and simply get your car checked out by a garage or some form of professional when it suits your schedule, but, following a major accident, you’ll need serious repair work.

In any case, if your car does end up going into a repair shop, you’ll need an alternative means of transport. You still have to go to work or drop the kids off at school. The world won’t stop turning, and it might be a good week or more before your car’s ready to go again. Ensure you don’t end up relying on costly transport, such as a taxi, because your finances are already going to take a hit from repairs and insurance cover related to the accident itself.

Make a note of all the financial burdens resulting from this accident.

Of course, no matter how much you prepare, there are going to be some frustrating costs incurred by any notable form of car accident. Insurance cover is important, but it doesn’t solve everything. You need to be ready to protect any potential damaged assets which aren’t covered by your insurance. You might want to look into personal injury attorneys Hupy and Abraham, in order to help you, in terms of compensation.

car accident

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The key is to not take the law into your own hands. Don’t admit fault, and ensure you leave matters of blame and the legality of the incident itself in the hands of the police, lawyers and your insurance company.

Figure out what protection you actually need.

It’s easy to feel bombarded by endless insurance companies and terms which seem overly-technical or make little sense. In terms of what you actually need, when it comes to protecting your finances, you need to sift through the noise. Preemptively taking out a life assurance policy, for example, is wise, because you don’t want to leave your family in the lurch, should something happen to you.


Arnel Ariate is the webmaster of Money Soldiers.

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