Getting into any situation that can have severe financial implications is uncomfortable for even the most organized and prepared. Unfortunately, some eventualities can simply not be foreseen or avoided. Car accidents unfortunately fall into that pool. No matter how well you drive, how many years of experience you have and how accurately you follow speed limits, the combination of drivers and awkward weather situations can always lead to some form of hiccup.
Now, just because car accidents cannot be completely avoided, does not mean that you should stop planning for them. Car accidents can have a significant impact on your pocket, so planning ahead is the best way forward. This article aims to shed light on some of the most important aspects that you need to know when it comes to the financial impact of a car accident.
Get a Lawyer
When it comes to car accidents, things can unfortunately turn ugly. This is not always the case, there are many instances in which both parties know their legal and financial obligations and are able to operate as two consenting individuals when it comes to contacting insurance companies and arranging for repairs. However, should there ever be a time where other party involved in the accident is trying to either change the story, be unwilling to offer personal information (such as their driver’s license) or create any other unnecessary problems, then you might want to consider getting a lawyer.
It is important that you don’t simply contact any lawyer, you must hire one that is reputable and reliable so that you know you are getting one of the best car accident lawyers in florida to handle your case. You can speak to your lawyer about any concerns, worries or thoughts that you have around the car accident – in fact, it in imperative that you speak openly and candidly about the accident, so that your lawyer can represent you as best as possible. Including even the smallest details can open a case wide open and give you more grounds to lay a claim. Lawyers are there to help you increase the chances of you navigating the case and trying to ensure that you are able to receive what is due to you. You do not only need to hire a lawyer when things go wrong, you can also get one just in case you feel the other party is taking too long to respond or the insurance company is ignoring your claim for too many months. Lawyers do not only need to swoop in when the going gets tough, they can be implemented earlier than that as a pre-cautionary measure, for which they are mightily helpful.
Car Insurance Excess Fee
When it comes to taking car insurance, you need to be very careful about how you do so. Now, if you are with a car insurance company already and you’ve already been in an accident, you might be aware of a little term called ‘excess fee’. This is something that the insurance agents tend to explain to you and in order to get them off your case as fast as possible and simply have an insurance, you might not give it the attention it is due. The excess fee is the amount of money you have to pay in order for the insurance company to cover the rest. You see, the higher your excess fee is, the lower your monthly rate. This is why many people often have a high excess fee because they want to pay as little per month as possible, which is completely fair, however, is something you need to plan for financially when it comes to financial car accident planning. One of the best ways to prepare is to simply save for the excess every month. If your monthly car insurance payments come to $200 per month and you know that your excess is $4000, then you need to put aside a further $200 per month so that within approximately two years, you have that excess amount lying in your savings. This is the best way to go about it because if you are in an accident and have been paying your monthly insurance fee diligently for years but do not have the excess fee to get the repair process started, then the insurance company will go pay out a single cent. Therefore, planning ahead for the excess is paramount.
Time-Off for Repairs
Last but certainly not least is the fact that actually taking your car in for repairs requires a lot of time. If you use your vehicle for work or transporting goods, then you need to take those days off when your car is in for repairs. Depending on the size of the accident will naturally determine the length in which you will be without a car. Some insurance companies think about this and offer a free car for the period of yours being in repairs, at an increased monthly rate. If you did not take this option, the you are either stuck without a car for that repair period or you need to invest financially for a rental car. Again, something you need to plan for as this would be an expense coming straight out of your pocket.