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Are You Worried About Your Finances After Your Trucking Collision?

Trucking collisions in Hollywood, Miami, and other South Florida cities can be extremely expensive. That’s why you might be relying on your insurance to help cover your costs after a collision. Even with excellent coverage, though, you might find yourself worried about money. For many people in this situation, financial distress is just as much of an issue as physical pain stemming from injuries.

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What are Your Expenses After a Traffic Crash?

Traffic accidents can be very costly, and that is especially true of truck collisions, where the force of impact can cause especially catastrophic damages. There are many things you may have to pay for after a crash:

  • Increased insurance premiums
  • Car repair or replacement costs
  • Medication
  • Physical therapy or rehabilitation
  • A trip to the emergency room
  • Braces, wheelchairs, and other medical devices
  • A hospital stay
  • At-home care
  • Renovations and upgrades to your home and car if you have mobility issues
  • Incidental costs
  • Taxis to and from appointments while you recover
  • Long-term care
  • Repair or replacement costs for your mobile devices or any other personal property damaged in the crash
  • Dental care or eye care if you’ve suffered from facial injuries

In some cases, the costs can last a lifetime. For example, if you have suffered an amputation because of your accident, you will need to replace your prosthetics periodically for the rest of your life. If you have suffered a permanent injury such as spinal cord or brain trauma, you may need around-the-clock care for the rest of your life. At the same time, you might not be able to return to work, so you might take a significant income decrease.

Insurance is meant to address these issues, but in reality many people who are seriously injured in car accidents find that their insurance money runs out before they have paid for all the costs of their accident. Insurance companies may not consider long-term care costs (including the impact inflation may have on future health costs) or incidental costs, even though you need to pay for these expenses, too.

The Basics of Protecting Your Finances

If you’ve been injured in a roadway collision, you need to think about your finances as well as your physical health. The reality is that if you don’t act quickly to secure fair compensation and take steps to protect your finances, you could find yourself struggling to pay your bills.

Here’s how to avoid that situation:

  • Talk to a personal injury attorney in Hollywood or South Florida immediately following your crash. Before you sign anything or get any expenses, get legal advice about the likely costs of your injuries and your legal rights. Explore all options for getting compensation.
  • Pursue compensation. Work with a personal injury attorney to seek out all avenues of compensation. Getting a fair and just amount will help you pay for your medical costs and other costs.
  • Start reducing expenses immediately. Cut out any subscriptions and “extras” at once so that you can save money that you can put towards your expenses.
  • Keep receipts of everything. This can help you at tax time and also when you have to make a claim.
  • Get financial advice. Talk to your attorney about your legal concerns and also to your tax preparer and financial advisor, if you have one. Find ways to balance your budget and your tax situation to ensure you have the financial supports you need.
  • Have a budget and financial plan. Write down what you need to pay, where your income is coming from, and how you will be spending your money. Having it all on paper lets you control cash flow and lets you see at a glance where you can reduce expenses.
  • Focus on your credit. This is not the time to try fancy new investments or start paying off your debts. Instead, focus on paying the minimum amount due on your credit cards and paying your bills on time. Your goal is to preserve your finances and your credit until you can start rebuilding your life.

If you’ve been injured, you deserve every advantage possible. Before you make any decisions that could affect your financial life and future care, contact the attorneys at Flaxman Law Group to explore your options for legal claims and other sources of compensation. We’re happy to offer free consultations to those who have been injured, so you don’t have to pay to get an honest initial evaluation of your situation.