A truck accident can have a dire impact on your physical and mental well-being due to the sheer size of the vehicle that crashes into your car. Injuries are often debilitating, and fatality rates run high for such victims. Even if you are lucky enough to survive the ordeal, you may encounter mental health issues like PTSD, anxiety, depression, insomnia, and nightmares.
Beyond the grave health concerns, a financial crisis often looms large for truck mishap victims. Medical bills are only the tip of the iceberg, as rehab expenses and wage losses can topple your budget beyond your imagination. You may even lose your earning capacity due to a disability.
Although the struggle is real and daunting, you can set your finances on track with the right approach. Let us share some practical money advice for truck accident victims.
Estimate your damages
Getting immediate medical treatment should be the first step after a truck crash. You cannot get complacent even if the injuries do not seem severe because a deep-seated one may lead to dire complications. Follow the same mindset for estimating your damages because every dollar counts, specifically when someone else is responsible for your injuries.
Keep hard copies of medical bills, rehab expenses, physiotherapy costs, and home modification expenditures. Also, calculate the lost wages due to staying off work due to your physical injuries and mental anguish. Factor in the cost of repairs for your vehicle because it is also a part of the damages.
Rework your budget
A truck accident can disrupt your budget in more than one way. Your expenses increase as you may have to spend a fortune on medical treatment and long-term rehab. Conversely, injuries often hit your income as you may have to take an extended break from work.
Debilitated injuries can affect your long-term earning potential by leaving you bedridden. You may end up incurring debts and exhausting your emergency savings. Consider reworking your budget to prevent such problems. Trim the extra expenses, steer clear of debts, and save every dollar you can.
Seek compensation for your injuries
Experts recommend seeking compensation for your injuries to resolve your money woes. The good thing is that you can rightfully claim compensation for all your expenses and damages if a negligent driver is responsible for the mishap.
Look for a specialist truck accident lawyer because these cases often involve seasoned legal teams of trucking companies. You have better chances of getting the claim you deserve with an expert representing you during settlement. Do not hesitate to file a lawsuit if the trucking company’s insurer tries to settle the claim with a lowball offer.
Get the money flowing in again
Getting the money flowing in again should be your top priority, even if you sustain severe injuries. You may not be in a position to rejoin work during the recovery period. But connect with your employer to seek WFH alternatives once you feel fit to work remotely.
Explore the option to join a different role that is apt for your limitations. Your employer may not allow you back if they do not have a suitable role for you. But you need not be disheartened as you can check other income routes such as freelance work or a home-based business. Meanwhile, your spouse and grown-up kids may hold the fort by contributing to the family income.
Plan for the long haul
Survival is only a short-term goal for truck accident victims. Since your injuries may have a lasting impact, you must plan for the long haul. Fortunately, a legal claim covers short-term expenses and provides a financial safety net for the long term in case of permanent disabilities. Not surprisingly, truck accident claims run in high-dollar value because of the severity of the injuries.
Seeking professional advice is a good option, as an expert can guide you about investing your funds for financial independence and security. Also, consider factors such as your home mortgage, car loans, and education planning for your kids while thinking about the long haul.
A truck accident can hurt your finances as much as it affects your physical and mental well-being. But you can use savvy money planning to stay afloat despite a severe injury or disability. Staying ahead of money woes keeps you stress-free and enables you to focus on recovery.
It also enables you to ensure financial security for yourself and your loved ones, even if you are physically incapacitated after the mishap. A compensation claim is the cornerstone of financial recovery, so ensure getting the value you deserve.
