The Financial Costs Of A Road Accident (And How To Deal With Them)

Every year in the US, there are over ten million car accidents on our roads. While there is understandably a personal and emotional cost involved in these situations, there is also the financial cost to consider. Most drivers will experience at least one accident in their lifetime, no matter how safe they consider themselves to be. If you are one of the fortunate few and have never had an accident, it still pays to be aware of the costs involved.

In this article, we will talk about some of the financial costs incurred after a road accident. While we hope you never have to go through the trauma, we have some tips on how you can save money as you begin the road to recovery and get back on your feet again.

Higher insurance premium

After a minor accident, your insurance company may look gracefully upon you and not raise your premium. However, in more serious cases, you can expect to pay significantly more on your insurance after a claim. You will also lose your good driver discount to add to your woes. If there isn’t a lot of damage involved, you might agree to settle with the other driver and avoid going to your insurance company altogether. This will save you money, and you will maintain your spotless record.

Legal costs

If the third-party insurance company doesn’t pay up, and you struggle to prove the other driver’s negligence, you may need to hire an attorney to ensure justice is done. Make sure you hire a reputable attorney, such as Hausmann-Mcnally, as there are many lawyers looking to make a fast buck who may not get you the best deal.

Car repairs

If you have comprehensive car insurance, your insurer should cover the costs in getting your car back on the road. However, if you don’t have the right coverage, you will be liable to pay for the repairs yourself. This may be expensive, so you might want to determine whether the cost is worth it. If you have an older car, or the damage is extensive, it may be worth you selling it for junk and getting a new car. Alternatively, visit a mechanic you trust to get the work done, as you don’t want to incur more expense by getting ripped off.

Medical bills

Your car insurance policy may cover you for medical costs, although there may be a period when you are out of pocket as it can take a while to sort out a claim. However, you will reduce the costs involved if you already have health insurance. Should not that be an option, you will eventually get reimbursed for your medical expenses. In the meantime, you should keep track of what you have had to spend, including travel costs to the hospital, and present the bill to your insurance company with any proof of the expense.

Final thought

It is always a good idea to save into an emergency fund for unexpected situations. The trauma of a car accident is bad enough without the monetary expense, so having some money saved will reduce your burden.

On The Fence About Moving Home?

Moving to a new home is a big step. Not only do you have to say goodbye to a household that has most likely served you, your partner, and perhaps even your larger family well with fond memories but you’ll also likely be saying goodbye to your local neighborhood, even if you’re not planning on move too far away. It’s natural to feel as if you’re still on the fence about such a big decision even if there are numerous reasons as to why you can’t continue to live in your current home. Here are some helpful tips and pointers to help you with this choice.

Do your research.

You don’t have to jump into any big decision before you do your research. There’s nothing stopping you from doing a little house-hunting and getting a feel for certain areas. If your job is taking you to a new location and you’re given yourself a certain radius within which you’re happy to search for potential homes then do a little hunting regardless of your current thought process. You don’t have to commit to moving home before you start looking at potential properties. Doing so might help you decide whether you’re actually ready to move.

It all depends on the kind of move you’re making. If you’re planning on moving alone or with your partner then you might not be committed to your new home or you may not need much from the move. You might want to look into luxury apartments if you’re planning on simply leasing out a place for the time-being. If this is a bigger family move, of course, then you might want to place new roots and create a more stable foundation for the kids. When researching the area, you need to think about these things. How good are the local amenities? How pleasant are the neighbors? If you’re only living in a place for a short while then these questions may not matter as much to you. If you’re creating a permanent home then they clearly do matter.

How do other people in your home feel?

If you live alone then this question doesn’t really help but if you live with your partner and any kids then try asking them about their feelings towards your current living situation. If you’re on the fence then the best way to move the decision one way or another is to figure out whether the people with whom you live have any strong feelings. If the kids need better schools or they feel as if the house is becoming too small for them then these might be big indicators as to your decision. It’s always smart to think ahead to the future. Maybe the house is just about okay for everyone’s situation right now but that may not be the case a few years down the line. Kids grow bigger, and houses grow older.

Declutter your home.

The last thing you can do to help clear your mindset is to clean up your house. If you can’t decide whether it’s time to move out or not then go through each room, declutter all the rubbish you’ve been hoarding, and see how the house looks afterwards. You might just surprise yourself and find that the place feels a little fresher and more spacious. You might find that, for whatever reason, it still feels old and past its heyday. Either way, it might help your decision.

Getting Back On Your Feet Financially After An Accident

If you’re stuck into your career, you’re planning to buy a house, or have just found the property of your dreams; it can be a shock to the system, and your life when things go awry. Recovering from an accident is never going to be just a physical issue; when something affects your ability to get straight back to work from where you left off, it can have a detrimental result on your finances and emotional wellbeing. Financial peace of mind will help to alleviate stress, which in turn, will help your healing process so that you can return to work. The following are some things to consider if you need help getting back on your feet after an accident, in both the physical and financial sense.

Know Your Rights

If you’ve been in your career for a while; you should have a good idea of what your insurance and sick leave entitlements cover. Although you may not want to have to deal with admin and paperwork regarding your entitlements during your time off; it’s crucial that you have the relevant documentation in place so that you can take the pressure off your next pay packet. Contact your place of work as soon as possible and ensure that they’re aware of your new circumstances; they’ll be able to work around your recovery and enable you to return to work promptly.

Claim When Appropriate

You may be entitled to more than just what your insurance covers; if you’ve had an accident that simply wasn’t your fault, it’s worth looking into companies like Gruber who can provide you with a lawyer and assist you in finding out if you can claim. Claiming after a fall or incident won’t help take the pain away from what’s happened; however, if you’re financially able to get through your recovery period, a lot of pressure will be taken off your shoulders.

Cut Back And Save

Check out all the ways that you’re able to cut back on your regular expenditures and where you can save valuable cash. If you don’t already have a contingency fund in place for such an event; there’s no time like the present to start building one. Prioritize your rent or mortgage above all else, then factor in your food and energy bills. Don’t go booking any vacations just yet; however much you might deserve one. Be savvy with your outgoings throughout your recovery will help you as you may not have much coming in.

Call In The Troops

Times of trouble and difficulty are what close friends and family are there for, as they can help you recover with as little worry and turmoil as possible. Don’t be ashamed to ask for assistance when things are challenging. Even a home-cooked meal, a ride to and from hospital, or some company are simple things people will be happy to do, and they’ll help you on the road to financial and physical recovery. The sooner you ask for help and sort out your finances; the quicker you can back to work, and you’ll be fighting fit once again.