The United States has nearly 280 million vehicles in operation but at the same time, it has one of the highest levels of road traffic globally. Car accidents are becoming increasingly costly and research from the National Highway Traffic Safety Administration (NHTSA) stated that motor vehicle crashes in 2010 cost about $1 trillion in the value of losses from reduced productivity and lost lives. A study by Esurance found that about 77% of drivers have been in an accident, meaning you are always at risk. So what’s the best way to financially manage a car accident should you be involved in one? Here are four points to consider to avoid being faced with a hefty bill.
Take note of insurance and contact information
After a car crash, the first thing you should do if you are not injured is to get all the relevant information about the other driver and the occupants in their car. Details you should take include names, license plate numbers, insurance information, phone numbers, and willing witnesses’ contact information. Doing this gives you the necessary information your insurance company would need to process your claims.
Notify your insurance company immediately and start the claims process
According to NHTSA, private insurers foot the bill for about 50% of all motor vehicle crash costs, with victims paying about 26% of these costs. Your insurance company will most likely bear the financial burden of your accident. Many insurance experts recommend calling your insurance agents even while you are at the scene to make them aware of the crash. It would be best if you did this so your insurance company can start the claims process to make funds available to you for repairs within the typical thirty day period.
Hire a lawyer for potential legal developments
In 2005, the United States Justice Department’s Civil Justice Survey of State Courts stated that car accident lawsuits accounted for about 60% of state courts’ filed cases. A reported 64% of people who filed motor accident lawsuits won. In the aftermath of a motor accident, injuries are common and financial burdens often arise, making accident litigation still very common today. Consequently, it would help if you endeavored to seek first-class legal representation on matters like deciding whether to sue or settle and personal injury claims.
Take paid time off from work
Statista indicates that about 71% of workers in service-related occupations had a fixed number of days for sick leave annually, with the percentage being 68% for employees in other industries. The US Bureau of Labor Statistics in 2019 also indicates that 71% of civilian workers have access to paid leave benefits. Therefore, it would be best if you asked your employer for paid time off after an accident. By getting a doctor’s report of your injuries’ extent, you may convince your boss to allow you all the time for paid medical leave. You are more likely to succeed if you are employed full time, and your injuries prevent you from working.
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