A car accident can have a significant impact on your health and your financial life for years, and when accident survivors consult with the legal team at Flaxman Law Group, one of the main topics of conversation in these consultations is rebuilding financial lives.
We’ve put together this guide to help you navigate your financial life after an accident. In these situations, it’s important to act fast to protect your financial life, so if you’ve suffered financial losses or a serious injury in a car crash anywhere in Colorado or in South Florida, reach out to Flaxman Law Group for a consultation. We can explore ways you may be eligible for financial recovery and we can answer your questions about injury costs, too.
How to Take Care of Your Finances After a Car Collision
You can end up with a pile of bills after a car crash, and at the same time your ability to earn a living may be impacted by your injuries. Here are some steps you’ll want to take to protect yourself and your financial future:
- Create a budget. If you don’t normally keep track of your income and spending, do so now. Make a list of all the money coming in, all your assets, and any expenses you have. This can help you see how much you’ll need to pay for your bills.
- Find ways to reduce costs. As soon as possible, start thinking about ways you can eliminate expenses, especially if you can’t work. For example, can you cancel some subscriptions or eliminate clothes shopping temporarily to save money?
- Review your medical records and medical insurance. Find out what medical bills are covered by your insurance, what your co-pays are, and any other details. Look at any information you get from initial medical consultations about your car crash injury. Do you have a sense of how much your medical costs will be? This can help you start planning long-term.
- Get estimates for car repairs. Get more than one estimate, so you can compare costs and determine what, exactly, needs to be repaired and replaced.
- Get estimates for damaged personal property. In a car collision, your phone, laptop, jewellery, and other personal items may have been damaged. Find out how much it will cost to replace or repair these items so you understand how much it will cost.
- Keep track of your costs. Even small expenses, like taking a taxi to and from a doctor’s office or paying for pain medication can add up. Keep track of all the expenses related to your injury and collision. Keep all your receipts, too, in case you need to make a claim.
- Explore all ways to seek compensation. If you were driving as part of your work duties, you may have a workers’ compensation claim and may be eligible for benefits that cover your medical expenses and part of your wage losses. Otherwise, you may be able to make a claim against your own car insurance policy’s personal injury protection (PIP) coverage. Review your insurance policies to determine what you may be eligible for.
- Evaluate your career position. Work with your doctor to determine if you can return to some work duties. Never attempt to return to work before you’re medically cleared. Not only can you end up harming your health, but returning to work prematurely can impact your eligibility for benefits and compensation.
- Talk to a car accident claims attorney. Understanding your insurance policy and getting what you are eligible for isn’t always easy. As soon as possible after your accident, it can be worthwhile to speak with a car accident claims attorney in your area. A lawyer can explain your compensation options and may be able to represent you, seeking the fairest financial recovery for you.
If you need to speak to a lawyer after your car collision, you can reach Flaxman Law Group at 866-352-9626 any day of the week, 24/7, to set up a free consultation. Flaxman Law Group is a boutique law firm and a family business. Our father-son attorney team works closely with clients in Colorado and South Florida and we understand the financial stresses that can happen after a car accident. It’s why we make ourselves available to you for a free consultation if you’re injured. With our more than 50 years of combined experience and our more than $100 million secured on behalf of our clients, we’re in a position to make a difference.