Five Ways To Protect Your Finances After A Car Accident

A car accident is just that – an accident that no one can see coming. It can happen in a blink of an eye and yet the results can be devastating like getting injuries, a damaged vehicle, and other repercussions that you might not have expected. So how do you protect your finances in the event that you have a car accident? We’ll be sharing with you five simple ways to protect yourself and your finances in the event that you find yourself in a car accident. 

  1. Get Medical Attention Right Away. This should be the first thing to do in order to ensure that you and everyone involved in the accident is okay. It also comes in handy in protecting your finances. For example, defense lawyers and insurance claims adjusters love any sort of delay between being in an accident and seeing a doctor as they use long delays to poke holes and weaken your claim. This is why seeing a doctor straightaway is advisable not just for your health but also to find evidence that may prove or not prove liability.  
  2. Call the Police. One of the other actions you want to take immediately is to call the police. Even if the accident appears minor, this is an important step in protecting your rights and your finances. The police will come in and do an investigation to identify the car owner, his or her insurance company, and find out who is at fault for the accident. By notifying the police, you will also be making a statement about the seriousness of the accident, thus ensuring that the insurance claims adjuster or the insurance defense lawyer doesn’t argue that the accident wasn’t as major as claimed.
  3. Document The Accident. If you aren’t hurt in the accident, then you should document the scene in the best way possible. This includes taking pictures of the vehicles involved and noting down the damages and the positions of the physical evidence. You should also take pictures and notes about the place the accident occurred in. For instance, you could document things like the lane marks, traffic signs, and any physical evidence related to the accident. You should also take information about witnesses present including the names and the contact information. If possible, take the pictures of the witnesses and the police present as this may be vital should an attorney want to contact them later. Documenting might actually be the difference between a successful insurance claim and an unsuccessful insurance claim.
  4. Call Your Insurance Company. One of the most common misconceptions is that you don’t need to get in touch with your insurance company if you are not at fault for the accident. The truth is that you should always notify your insurance company if you want to use coverages on policies like the towing insurance, medical insurance, collision insurance, etc. They’ll also give you information on what to do or what not to do like not signing anything that hasn’t undergone review by the insurer yet.
  5. Purchase a SR-22 Insurance Policy. You may also need to buy an SR-22 certificate in the event that you are the guilty party in the accident and your state’s Department Of Motor Vehicles (DMV) requires you do so. This type of insurance is known as a financial responsibility insurance that you will be required to carry if your driver’s license has been suspended or revoked in relation to a traffic offense. In other words, it’s proof to show that you are able to pay for any damages you’ve caused while driving. This will helps protect you by covering the claims others make against should you be involved in another accident within the stipulated time.