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How to Protect Your Finances Before a Truck Accident Happens

Drivers are at risk for car and truck accidents in Hollywood, South Florida, and across the country. Each hundreds of thousands of people are injured in traffic collisions.

Being in a trucking accident is devastating. You are passenger vehicle has very little chance against a tractor-trailer, big rig, or other large vehicle. No matter who has been at fault in the accident, you may find yourself facing severe and even long-term injuries.

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Many people who find themselves involved in a trucking accident also finds their finances are affected considerably. In addition to losing time at work, you may have to repair your car, pay for medical costs, and more. While car insurance is meant to defray these costs, you may find insurance does not necessarily cover all of your expenses.

In addition, your expenses may be ongoing. For example, if you have suffered an amputation in your trucking accident, you will be paying for new prosthetics as well as additional medical care for the rest of your life. Long after you the insurance money is spent, these bills will continue to arrive.

The time to address the financial devastation of a trucking accident is now. Before you are ever in a trucking accident, there are things you can do to lessen the potential financial impact:

1) Get the best insurance you can.

Shop around to find the best insurance coverage you can at the best price. You don’t want to be in a situation where you are in an accident and your insurance company doesn’t pay you the amount you need.

If you drive in South Florida, it’s also a smart precaution to get uninsured and underinsured motorist coverage. While all commercial trucks are required by law to have coverage, other passenger car drivers on the road may be driving without insurance or without adequate insurance. If you are in an accident with one of these motorists, having additional overage can help.

2) Build passive income.

What would happen if you couldn’t go to work tomorrow? It doesn’t have to be a trucking accident that prevents you from earning wages. A long-term illness, a family emergency, and range of other situations can mean you are unable to go to your workplace. Having another option to earn money can help you immensely.

3) Set up a savings account.

Set up a savings of and automatically have money deducted from your paycheck and placed into that account. Financial experts recommend you have at least six months to a year in expenses in an emergency fund.

4) Reduce your expenses.

Living paycheck to paycheck is extremely stressful and if you are in a trucking accident the extra costs can cause catastrophe. Gradually reducing your expenses so you can put extra money aside can be extremely beneficial.

5) Have a financial emergency plan.

Just like you have a fire escape plan in your home, you should have a financial emergency plan. As soon as a financial emergency happens – such as a trucking accident, serious workplace accident, or other problem – you should be able to implement this plan. Your disaster solution should involve ways to immediately cut expenses, find alternate ways of earning money, and find ways to protect your credit report until you can get back on track.

6) Pay off your debts.

Having debts is very expensive and can harm you if you’re in a trucking collision. If you have a lot of household or personal debt, you may struggle to make a minimum payments if you are suddenly unable to work because you have been seriously injured.

If you have suffered an injury in a trucking accident in Hollywood or anywhere in South Florida and are worried about how you will pay the bills, contact the attorneys at Flaxman Law Group for a free consultation. Our attorneys understand the devastation trucking accidents can cause, and we work hard on behalf of our clients to help support them.