How to Get Out of Debt After a Car Accident

The last thing anyone needs after being seriously injured in a motor vehicle accident is to be stuck with a massive pile of debt. Now, you may be thinking that your medical expenses will be covered by your health insurance, and any damage to your car will be covered by your auto insurance, but this is not always the case. 

If you are fortunate enough to have your health insurance kick in and your insurer pay out on a claim, chances are, the amount they will settle for will not even come close to the total amount of you financial losses. 

Debts can become so high that you may even need to consider declaring bankruptcy to clear your slate, money-wise. With this in mind, we have described a couple of ways you can get out of debt after being involved in an auto wreck below. 

Filing an Insurance Claim 

You should always start off by filing an auto insurance claim with your own insurance company, and that of anyone else who may have been involved in the accident. For the purposes of this article, we are going to assume that you were not the cause of the accident, but even if you were, it is still important to file your claim with the insurance company. 

According to one Largo car crash lawyer, “You should prepare for the insurer to make you a low-ball offer because they are going to lose money by settling on your claim. To capitalize on their profits, they’ll make you a fast offer so you feel tempted to accept. Don’t be fooled.” Getting the most out of your auto insurance claim is one of the best ways to ensure that you come away with as minimal debt as possible. 

Challenge Denials

When you’ve been made an offer and know your losses are much more, you should always negotiate with the insurance adjuster. It’s possible they won’t take you seriously without legal representation, but even just the threat of going to court may be enough to get the insurance adjuster to provide you with a settlement that reasonably meets your needs. 

In the event that your claim is outright denied, you may find it helpful to contact the insurance adjuster directly and see why your claim was denied. Perhaps they need adequate medical documentation or you made a mistake on your claim. 

Never feel too intimidated to seek the compensation that is rightfully yours when you’ve been involved in a car accident. If you do, you may find yourself in a situation where you have ruined your credit score and have thousands of dollars of debt and no way to pay it off.