How to Recover Your Finances After a Truck Accident

If you own or operate a truck regularly, you know accidents happen from time to time. According to Truckinginfo, fatalities involving large trucks went up by 9% from 2016 to 2017, totaling 4,761 lives lost. If you survive the accident but suffer injuries, getting back to life as you know it will take some time. A car accident affects you not only physically but also financially. You’ll need to cover medical expenses and any other necessary car repairs. Here are five tips for how to recover your finances after a truck accident.

1. Consult a Car Accident Lawyer

To ensure you recover most of your finances after getting into a truck accident, file a personal injury claim with the help of a car accident lawyer. These legal experts have the knowledge and connections to help you secure due compensation. They’ll also give you legal advice on how to handle witness accounts, liability waivers, and interactions with the other party. Even if you’re certain that the other party is at fault, proceeding with a personal injury claim without legal representation would mean giving up your best advantage in court. According to RhettBernstein, the United States has 1,315,561 lawyers, so finding one to represent you in court shouldn’t be hard

2. Make the Most of Your Insurance Coverage

After getting into a truck accident, your car insurance will be quite useful. It can cover a share of your medical bills, car repair costs, lost wages, and the cost of a rental car, and even cover damage you may have caused to the other party. Getting insurance for your truck is extremely important. You won’t realize how valuable it is until you need it. With the majority of large trucks being 53 feet in length, according to Pretty motors, accidents may happen.

The best thing you can do to protect yourself is to prepare for it. Even if you have insurance coverage, setting up an emergency fund for such situations is a good idea. Even if the funds don’t finance all your expenses, having a financial buffer will prove to be helpful.

3. Renegotiate Your Loans

If you have any active loans, contact your lenders and explain your situation. Most lenders are happy to renegotiate your loan terms. They’d rather have lower regular payments than missed payments. By doing this, your credit card won’t be affected by missed payments, ensuring that you’ll still have access to loans in the future.

4. Gather All Relevant Documents

Be sure to keep all documents and records of the accident at hand, including any medical treatment that may have been administered following your truck accident. You should also keep all replacement or repair receipts for your truck if it was damaged in the collision. Although the insurance company for the other driver will cover damages directly related to your injuries, they’re exempt from paying for damages to your car as a result of the accident.

5. Use Your Settlement Money Wisely

After receiving your settlement money, it’s your responsibility to use the funds wisely to recover your finances. If you suffer injuries, you’ll likely have urgent medical expenses that you need to settle. After settling all important expenses, save the remainder of the cash. Don’t spend it on frivolous living expenses or impulse purchases just because you can afford them.

Just carry on with the financial plan you established before your accident and keep any extra money safe for future medical expenses. This will ensure you get back the quality of life you had before the accident. Put every cent towards a good cause, and you’ll eventually feel better.

The days following a truck accident can be overwhelming. From nursing your injuries to filing a personal injury claim, there’s a lot to do. Use these tips to help you recover your finances after a truck accident.