The ramifications of a car accident are many, especially in regards to your personal finances. It can be a devastating time money-wise, which means you’ll need all the help you can get.
This in mind, there are certain financial steps you should be taking immediately after your accident. In this situation, acting fast is key, so be sure that you do!
Step 1: In the short term, replace your car
If your insurance company won’t help you with this one, then you’ll have to do it yourself. The easiest and quicker way to do this is to get buses and trains, if possible. It’s likely you’ll have been put off driving for a little while, so this is a good way to ease back into it. Public transport is generally cheaper than weekly petrol, too.
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Or, if you want to get behind the wheel straightaway, you have several options. One of them is to get insured on your partner’s car temporarily, for a small fee. This could be a week, two weeks, a month… any time limit determined by you. Secondly, you could simply rent another vehicle, though if your current car is wrecked you may struggle to find a lender.
Step 2: Seek some form of compensation
If you believe you’re entitled, then you probably are. The costs of a car accident are many, from personal to financial. You’ll need to pay for car repairs, and you could even be off work due to injury. This results in you being stuck with basic sick pay, which really isn’t enough to cover the running of a house.
All this stuff costs money, and you could be entitled to a small sum. Different car accident claims take different amounts of time to process, but have patience and you could be rewarded.
Step 3: File an insurance claim
Depending on who caused the accident, your claim will be different. If it’s not your fault, you’ll be in a better position financially. You should contact your insurer within 24 hours of the incident, to ensure it isn’t too late. A claims adjustor may need to see your car, and will need all the information you can provide them.
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A black box could help you out here, as the insurer will be able to better determine what happened. Also check if you have any medical benefits on your insurance package. If you do, you can save a lot of cash by submitting your medical bills to the insurer.
Step 4: Ask if you can work from home if injured
As previously mentioned, sick pay isn’t that great. And if you’re injured, you could be missing out big time.
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So, enquire with your employer whether you’d be able to work from home or not. This way, you can stay on full salary and the losses of your accident will be minimal. At the very least, you can take on a little bit of work that should be able to see you through to the end of your ordeal.