The Financial Implications Of A Car #Accident - Things You Need To Consider

Tuesday, July 11, 2017

Being in a car accident can have a huge impact on your life. Aside from any injuries you might have sustained, you might want to consider the financial implications too. Repair costs, the cost associated with being off work and others you may not have planned for might have an impact on your finances and you may need to make some tough decisions going forward.

What is the level of damage?

One of the things you’ll need to assess first is what the level of damage is and work out what elements of this you’ll need to pay for. This could be the repair costs, the cost of medical care and anything else you can think of that may have been impacted by your accident. If the cost is minimal, then you’re one of the lucky ones, but people who’ve suffered more serious consequences will have other expenses to consider.

Vehicle repair costs

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The cost of vehicle repairs could be significant if your car has been heavily damaged. If you’re lucky not to have had the car declared a write-off, you may want to think about whether it’s worth repairing or simply investing in a new car. Cosmetic damage is something you may not need to be concerned with at the moment if your car is safe and roadworthy, but and could be something you consider fixing at a later date. Significant repairs will need to be done immediately, and unfortunately, if the accident was your own fault, you would be liable to cover the costs yourself, either through your own funds or your insurance policy.

Medical treatment

Medical treatment is another area which may lead to costs you’re not expecting and may not be able to afford. If you have health insurance, the treatment for your injuries should be covered, but if not, you may need some help from a bank loan or even family to pay these costs. If the accident wasn’t your fault, it’s possible that you could get some compensation with the help of a team of personal injury attorneys which could help you recover the costs of any medical treatment you’ve had to pay for.

Legal costs

While you may be able to recover some costs associated with your accident, you may find yourself on the other side if the accident was, in fact, your fault. You may need to hire legal help to help you defend your case, or it could be easier just to settle. Most motor insurance policies have a clause for help with legal fees in their terms and conditions, so provided you were insured, these costs may be as much as you think. If you were driving without insurance, however, this could end up becoming a police matter, and you will certainly have legal fees to pay if your case has to go to court. It’s worth reading information about the process of being sued for causing an accident to make sure you’re prepared.

The financial impact of your accident could be felt for some time, and if that is the case, you’ll need to make sure you keep track of your finances, to help you stay afloat. It’s a horrible situation to be in, but we’re sure you’ll be stronger when you make it out the other side.

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