Getting into a car accident can leave a dent on your car and your finances if you’re not careful. Have a look at the tips below to enable yourself to handle the outcome of a car accident financially.
File a Report with the Police
The very first thing you should do is to file a report of the accident with the police as soon as possible. This is an important step to take as it will enable you to get an official police record of the accident. This is true even if there are minimal injuries and there’s little damage to the cars. Filing a report fast will help you to get down everything that happened before you start to forget.
If not at the scene of the accident, go to the nearest police station to file the report. This will be very helpful in case the other party sues you after some time has passed since the accident happened. Note that there are three ways to pursue compensation if you were to get hurt in a car accident. These include filing a claim with the insurance company of the at-fault driver, filing a claim with your own insurance company, and filing a lawsuit with the driver who was at fault.
Exchange Contacts and Insurance Information With the Other Driver
To make it easier to follow up on making claims and more after an accident, exchange your contact information and insurance details with the other driver. This will allow you to report the accident as soon as possible and avoid forgetting to include important details. Doing this gives you a better chance to get any compensation that’s due to you without a lot of hassle.
Take Photos of the Accident Scene
It’s true that pictures speak a thousand words, so take some good ones of the scene of the accident before moving any of the cars involved. Capture any obvious damage, such as windshield cracks, which, according to Glass, often make it necessary to replace the glass if it’s more than 12 inches long. Do this so that you can move the cars and still preserve evidence of what happened and avoid causing an avoidable snarl-up on the road.
Report the Accident to Your Insurance Company
Your insurance company needs to know about the accident as soon as possible in order for them to start the process of compensating you if you’re due for compensation. You can either do this online or via phone so you don’t violate your term’s policy. If the accident wasn’t your fault, you’ll be reimbursed in full by the other driver’s insurance if they have adequate cover. Otherwise, you could get compensated by your own insurance company if you have underinsured or uninsured motorist coverage. If the accident was your fault, your insurance company will reimburse you after they subtract the police deductible that’s due to you.
Borrow Money Cautiously
If, either for medical treatment or vehicle repair or replacement, you need to borrow money, do so cautiously. Almost 40 million cars exchange hands on a yearly basis between dealership and private party sales. If you do need to get a new car and insurance doesn’t cover it, consider getting a used car rather than a brand new one from the showroom, so you can make some savings. If possible, avoid borrowing from payday lenders, your retirement funds, and making cash withdrawals on your credit card. This way, you won’t get in trouble with your finances a long time after the accident.
With these tips, you have a good idea of how to financially handle the outcome of a car accident!