Being involved in an accident is something that no one wants and that can never be predicted. It comes with a lot of life-changing conditions, and these can leave you incapacitated physically and financially. Read on to see some suggestions that you can follow to help you recover financially if you get into a car accident and your finances suffer on account of it.
Talk to Your Lawyer
The first step to take is to talk to your lawyer, especially if you were not responsible for the accident. If you experienced an injury, you should seek the help of a personal injury lawyer as soon as you’re able to do so. They will help you understand how the exact nature of your accident can impact your settlement. For example, if a plaintiff is found to be over 50% at fault for the collision, they are not entitled to recover any damages in some states. A good lawyer will help you avoid overpaying for medical treatments, not receiving an insurance claim that you’re entitled to, and more. Look for a lawyer whose fees are reasonable and that won’t charge you unless you win so that you’re not at risk of suffering more financially if you don’t receive a settlement.
Don’t Seek Help From Questionable Sources
While you may be pressed to seek assistance to cover your bills, it’s important to practice caution. Avoid falling prey to predatory loans that could see you pay a hefty fee back. You could try social lending or crowdfunding, in which case you may manage to pay your debts thanks to compassion from people around the world. If you have good insurance policies, these could also come in handy and help you get some money to boost you in time of need. Speak to your agents so that you can find a way forward without compromising your future even more.
Restructure Your Budget
When your finances are left in shambles, it only makes sense to rethink your future budgeting. Keep in mind that the latest figures from the New York State Department of Transportation share that the average cost of an auto accident depends on where the accident took place. It will cost $15,000 on the lower end and $63,000 on the higher end, with most accident costs falling between $30,000 and $40,000. These are considerable figures, so you may need to come up with a different budgeting strategy to deal with them effectively.
Get a Side Gig
If you are in a position to work, there are plenty of options of side gigs available to you to pick from. Even if you’re unable to do physical activities that involve moving around a lot, there are many online-based gigs that you can try out. If you have specific skills or talents, there is likely a way for you to monetize them and reap the financial rewards. Whether it’s writing or graphic design, you can find someone willing to pay for your services and this amount will help you in some way.
You can even rent out an extra room in your home after making some adjustments to your lifestyle. For example, by moving unused items to the garage to empty out one of the rooms in your house. For around 50% of homeowners, the garage is their home’s most unorganized room, so it’s important to get yours in order as doing so could help you get some money through a garage sale or clearing space for a tenant.
Use these suggestions to start your financial recovery after getting into a car accident. Don’t forget to prioritize your physical well-being as well because your health is ultimately your most important form of wealth.
