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Avoiding Financial Disaster after a Truck Accident

Being in a truck accident in Hollywood or any South Florida community is terrifying. In addition to the pain and suffering you may face after your collision, you may also face financial disaster and panic because of the high cost associated with these types of traffic crashes.

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People who are injured in truck accidents may lose time at work and therefore substantial amounts of income. In addition, they need to pay for medical care that may not be covered by their medical coverage. On top of that, many patients find that they have many incidental expenses. For example, they may need to pay for a mechanic to fix their car or may need to rent a car while their car is being repaired. All of this can easily add up to tens of thousands of dollars and for someone who has been permanently and seriously injured the costs can be catastrophic.

Car Insurance Might Not Cover All Your Costs

Car insurance can help pay for some of your costs, but many people who have been injured in a truck accident find that their insurance coverage does not pay for all of the costs related to their accident. For example, insurance may not cover all of the incidental expenses related to a collision. It may also not cover all of the medical costs associated with an injury, especially because medical costs in South Florida can be so high.

The best way to prevent financial disaster after a truck accident is to be proactive and to take action before you are ever injured. There are many things you can do today to ensure that if you are ever seriously injured you don’t face financial disaster. For example, you will want to:

1) Get the best insurance you can afford.

Car insurance can help you if you have been seriously injured. Make sure that you get the best quality insurance you can afford and get more coverage than the bare minimum required by law. If you want more coverage but worry about costs, consider increasing your deductible to keep premiums affordable. Periodically, check to make sure that you are still getting the best deal on your insurance and that your insurance still offers very good coverage. Make sure that you have underinsured and uninsured motorist coverage as well as personal injury protection (PIP) and other types coverage.

2) Develop an emergency fund.

An emergency fund is a savings account filled with cash that you can use in the event of an emergency. Financial experts recommend having at least six months to a year of income in your emergency fund. If you are unable to work for some reason or are seriously injured, this money can help provide you with much-needed financial resources until you can get back on your feet.

3) Create a passive form of income.

A passive form of income is one that doesn’t require you to go into work every day. It can include renting an investment property or making dividends from investments such as stocks. If you have a passive form of income making you some money every month, you’ll be less reliant on your job so that if you are seriously injured it won’t feel financially devastating if you can’t work.

4) Know what to do in the event of a truck accident.

Many people make expensive mistakes following a serious roadway accident in Hollywood or their community, and these mistakes can end up costing them a lot of money. For example, not keeping receipts for all related expenses or not gathering evidence at the scene of the accident can affect how much compensation you can secure. Similarly, not talking to a personal injury attorney can deprive you of money that could rightfully be yours. After a truck accident, you should always get a full medical evaluation, report the accident, and contact a personal injury attorney to protect your rights if you decide to file a legal claim.

If you have been injured in a serious trucking accident, the attorneys and legal staff at Flaxman Law Group would like to be of assistance. You can contact our full-service law firm at any time to arrange for a free, no obligation case review to find out what can be done in your situation. We can offer legal advice and representation if you have been injured.