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Car Features

Avoid the Financial Disaster of Car Accidents

20 Jan , 2017  

A car accident doesn’t just cause bodily harm – it also causes financial harm! It can be pretty severe sometimes…

Here are the best ways in which you can deal with these financial issues if you’ve been in a crash.


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Time away from work might not cost everyone – some people are able to do their work just as fine from home, even with a few broken bones. Others may work for companies that are willing to pay them for their downtime.

But this doesn’t represent a majority of people. Most people will feel quite a financial loss if they have to take time off work. The best thing you can do is explore all of your options with your employer. It’s possible that you can continue to work in some sort of diminished capacity that won’t damage your revenue too much.

Other than that, your best option may be to seek compensation if the car accident wasn’t your fault. More on that a bit later!


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It there’s one thing that’s going to challenge your ability to make money, it’s being dead.

Yeah, it’s morbid, but it’s something we need to discuss if we’re talking about car accidents in the context of finances! Of course, the main thing you need to be concerned about isn’t your own financial future, but that of your family or other dependants.

So you may already know what I’m going to be referring to here – life insurance.

Life insurance policies will cover you if you are killed in a car accident, so there’s no need to worry about “what kind of accident” a life insurance policy will or won’t cover. It won’t cover the expenses of the accident itself, though – that will need specific car insurance policies.

The right life insurance policy can ensure that your dependants are looked after if you die in an accident. But you should also ensure that your will is up-to-date, otherwise your assets may not be handed to your family in the way that you want them to be.


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Legal fees

If you weren’t at fault in the accident, or if there’s a dispute with regards to whose fault it was, then you’re going to have to get some soft of legal assistance. And when things go to court, they’re not exactly famous for being inexpensive!

You can’t exactly avoid all of this if the accident becomes a legal concern. But it’s not as if you don’t have any control over this. The best way that you can protect yourself in this sort of scenario is by working with the best auto accident attorney you can find.

Ensure that you check the credentials of the law firm you’re looking to work with – and make sure that you’re actually working with a firm that specialises in car accidents!

There may be some firms out there that are willing to take on any case that looks lucrative, but your best chance of winning – and, thus, being properly compensated – is by winning the case.

If the attorneys/lawyers don’t have much experience winning car accident cases, then you need to look elsewhere.


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Property damage

Sure, you should be much more concerned about the damage that is done to your actual person. But what about the damage done to your property?

A car doesn’t usually come out of a car accident without a scratch, after all. And getting those problems fixed isn’t always the most affordable things in the world. But is it actually possible to save money in this area?

The problem here is that a lot of people end up looking for quick and cheap fixes. We can sympathise, of course. These things happen out of the blue, and the timing can be pretty awful. Y

ou need your car back on the road and safe to use again as soon as possible.

So you go to the first cheap mechanic you find that can get things done in a manner of hours. But if you really want to save yourself some money in the long run, then you need to make sure the quality of the work is impeccable – not something that the quick, cheap fixes can usually claim.

If you have substandard repairs made to your car, then the problem at hand might not actually be fixed correctly. And that problem still being around may lead to even bigger trouble sometime in the near future – resulting in even more expensive repairs.

So you need to ensure that you’re willing to spend a bit more than the cheapest price available when it comes to getting your car fixed after an accident.

It might not sound like the best advice for saving money in the short term, but it certainly is the smartest of the options available to you if you want to consider your long-term finances.



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By  -  
Owner / Editor of Carwitter - French car fiend, hot hatch lover. Follow @car_witter