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6 Tips to Covering Your Financial Loss After an Accident

You’ve been a victim in an accident that wasn’t your fault and you’re probably now concerned about two things; how much it could cost you, and what happens with your car now? You need to know some tips on considering financial losses when you experience accidents.

The burden of having your vehicle and your property damaged can often have huge knock-on effects on how you live your daily life, unexpected financial costs- all of which will impact you on a much larger scale than any physical injury might do (and that’s not considering the cost of your medical care if you’ve been injured, too)

When you’re involved in an accident, it’s not just the costs of replacing or repairing your vehicle you’ll need to cover, it’s the knock-on loss of your money that should also be taken into account when working out the right amount of compensation you deserve. Perhaps you use your car to travel to work and now you’ve had to cover travel expenses using public transport? Or you’ve had to miss a days’ work and therefore lost earnings.

We’ve put together our 6 top tips on considering financial losses after an accident, based on previous cases we’ve worked on. 

6 Top Tips on Considering Financial Losses after an Accident

1. What is your property damage

One of the common tips on considering financial losses is to assess the property damage- was it only your vehicle that was damaged or has your laptop or personal phone been damaged too? Are there items in your car that have been damaged and you’ll need to replace now? Make sure to list everything that was damaged in your accident, including the mechanic’s review of the damage on your car. This will ensure you’re covering everything and not being left short after an accident that wasn’t your fault!

2. What is the value of the damage to your car

Once you’ve listed any other property, have your car assessed by a professional mechanic. They’ll be able to work out the costs of the property damage and give you an honest quote for repairs. Remember to add this quote and any property damage too so you have a better understanding of financial loss. You’ll then be left to make the decision of whether it’s worth paying out the cost to repair initially, which leads us to…

3. How to decide whether your car is worth fixing?

If your car repairs quote has come back and is surprisingly high, you’ll need to decide whether it’s worth repairing at all- or whether the costs outweigh the actual value of your car. If your car is older, has a lot of miles on the clock, or was generally a little worn out, the cost of repairs may not be worth covering. One of the tips on considering financial losses is to find out how much your car would cost at resale and compare it to the cost of the damage.

4. What are OEM parts and do you have to use them

If your mechanic or the insurance company handling your claim has suggested you use the ‘original equipment manufacturer’ for your car, this can often be a more expensive way to repair your car. Sometimes, it works out cheaper to use alternative parts when repairing a car but your car may be specialist and need the original parts for repair. Again, it’s your choice when it comes to repairing your own car

5. What if I’ve added additional modifications to my car?

Similar to using the OEM parts, if you’ve modified your car with anything from custom tires, DVD-players, a custom radio system or even extra bodywork make sure to get a price for those extra parts too. Adding any kind of value to your vehicle should be covered in your overall claim so add any modifications to the list you’ve got for the cost of repairs.

6. Will I get my car back even if it’s totaled?

The last tip on considering financial losses is if your car has been considered irreparable or totaled, the acting insurance company will pay out the full cost of your car at the time of the accident. This is called the ACV, or ‘Actual cash value’ and means instead of a written-off car on your drive, you’ll receive the cash straight away but your car won’t come home.

There are other tips on considering financial losses. Mostly, it depends on the weight of the situation. These 6 tips on considering financial losses are very valuable whenever you experience car accidents.

How Phoenix Accident and Injury Law Firm can Help You

At Phoenix Accident and Injury Law Firm near you, we have more than 15 years of experience helping clients obtain compensation for their property damage. When you’re ready to talk, please contact our office to arrange a free initial consultation by phone or at our Chandler office, conveniently located in your area.

If you need medical treatment after a car accident contact Phoenix Accident and Injury Law Firm near you in nearby Chandler, AZ to speak with an experienced personal injury attorney. We provide personal injury legal services to clients in your area including ChandlerGilbertMesaScottsdale, Tempe, and Peoria.

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Brenden Lewis
a month ago

So I suffered a tragic motorcycle accident leaving me injured and quite unhappy…… also the bike was totaled. This all star law team secured a large settlement for all my suffering. This process was very well advised by an aggressive and determined lawyer. All I can say is now I’m left a very happy man. Thank you karissa for working quick to bring my tragic story to a much warmer end. Just call them! You won’t regret it!

Shayianna Guyton
a month ago

They literally conversed with me every step of the way throughout my journey. Thank you guys

I was very pleased with my experience. They kept me informed the whole way through the process and checked on me through my treatment. Definitely would recommend

My dad was in a car accident and during those difficult moments, Phoenix Accident and Injury Law firm has been there for us. They care for their clients, will walk you through everything you need to know step by step, they follow up, very easy to reach and fast to respond. And one thing is for sure! they will fight for you! we felt safe with them! Me and the entire family thank them all so much for all their help! These people that works here are amazing!

Jenifer henke
a year ago

I was in an accident that resulted in getting whiplash and a concussion. I contacted Phoenix Accident and Injury Law Firm that day. Everyone was helpful (Rhea, Karissa, and Jeff) from the very beginning to the very end. They sent me to a physical therapy location that was pretty far away but the doctor and physical therapist were very kind so I did make the trek. They handled all aspects of my case in a timely manner and answered all my questions. They got the max amount possible, and from that, paid the medical bills and took their fair cut. I would not hesitate to recommend them to family or friends.

I would give ten stars if I could. This law firm is about as professional and friendly as it gets!! They stayed in constant contact with me and answered every question I had. I got a settlement that was higher than I expected and will definitely use this law firm again. I highly recommend hiring them to handle your legal issues!!

Fernando Lopez
a year ago

My experience with this team was superb, as they were ongoing with the case and making sure that the client gets what they deserve. I recommend anyone looking for a accident law group that this is the team you want to be representing you!!

Kimberly Legaspi
2 years ago

What can I say about the Thompson Law Firm? They are AMAZING!! It’s never fun when you need an accident lawyer because you are pretty much in a bad place. Shane and the staff have been wonderful, kept me informed at every step of this process. I would recommend Thompson Law Firm to anyone, in fact, I have referred several friends already!! Thank you Thompson Law Firm for everything you did for me!!!

Amanda Olney
2 years ago

These guys were absolutely amazing. They were very clear with me about what I needed to do on my end and I saw fast results. I just recommended them to a friend a week ago and he also dealt with my mother's case. I wouldn't see anyone else.

2 years ago

Karissa and Shane were amazing! They were there for any questions I had and checked up on me regularly. Highly recommend these guys!!

Karissa Murphy
2 years ago

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