Accidents happen at the most unexpected times. Unfortunately, when accidents happen, they almost always result in massive property damage, as well as personal injuries — both of which require money. This can have broad-reaching financial implications, especially if you have to pay out of pocket.
If you are involved in an accident, the best way to ensure you stay out of debt is to prepare in advance. Experts recommend getting the right car insurance beforehand, to ensure you can take care of potential income loss after an auto accident. In this article, we will highlight some of the ways to avoid debt after an accident.
Get adequate insurance
Insurance is not only critical for your financial survival following an accident; it is also a state requirement. Driving without insurance is an offense. If you’d wish to stay out of debt in the event of an accident, it’s essential to take out adequate insurance so that even if the accident is catastrophic, you will still have enough funds to live as you normally would. Your policy will need to take care of hospital expenses and pay for any lost wages. Note that insurance companies have standard accident benefits to keep insurance premiums down. To increase your limits, you may need to buy additional benefits. And don’t forget to read your policies to know what you are paying for.
Understand the claim process
Knowing how to file a claim is critical, as it is the first process of getting compensation for your injuries and damages. If you are uncertain about how the process goes, you might want to consult with reputable personal injury lawyer like those from Quirk Law Firm. Lawyers are well versed with personal injury claims and will guide you every step of the way. They will also help with the negotiation process and represent you in court in case you fail to reach an agreement with the insurance provider.
Ask for a paid time off
If the accident-related injuries are making it impossible or difficult to work, you may want to ask your employer for some paid time off so you can focus on getting better. Depending on your working arrangement, you may be able to use a certain number of sick days and still receive full salary. Getting a letter from your caregiver indicating the extent of your bodily injuries can help persuade your boss to give you the time off that you need. In some cases, you may qualify for paid medical leave if you’re working full time and your injuries keep you from working.
Have some money saved for the rainy day
Rainy days are sure to come. So, its best to start saving money every month – and it doesn’t have to be a lot. Some percentage of your paycheck, like 10%, can go a long way. In which case, you will still have instant money to depend on even when you are not working.