When you’ve been in a motor vehicle accident, the recovery process can certainly take a hit to your bank account. Not only do you need to worry about medical expenses and car repairs but you also need to worry about how you’re going to temporarily get around without a vehicle. Fortunately, by making the most of your settlement after your car accident, you can help to keep these costs under control.
Understanding Your Rights
After a car accident, it’s crucial to understand your legal rights. You have the right to seek compensation for any injuries or damages caused by the accident. To determine if you’re entitled to compensation, you should consult with a personal injury attorney who can assess your case and advise you on the best course of action. It’s important to take steps to protect your rights after a car accident, such as gathering evidence, seeking medical treatment, and not admitting fault.
Determining Fault
Fault in a car accident is typically determined by examining the actions of each driver involved. If you’re found to be partially at fault for the accident, it can impact the amount of compensation you receive. In states like Missouri, you can still sue for a car accident even if you were partially at fault. However, the amount of compensation you receive may be reduced based on your level of fault. Determining fault is important for your compensation because it helps establish liability and ensures that the responsible party is held accountable for their actions.
Use Your Compensation for Medical Treatment
Seeking medical treatment after a car accident is essential for your health and well-being. It’s important to document your injuries and follow your doctor’s recommended treatment plan. If you can’t afford medical treatment, your compensation from the car accident can help cover these costs. Be sure to keep detailed records of all medical expenses for reimbursement. Therapy, such as physical therapy or mental health counseling, is considered medical treatment and can be included in your compensation for the car accident. One in five people live with mental illness, and car accidents can cause anxiety and even PTSD in some cases.
Use Your Settlement for Medical-Adjacent Reimbursements
In addition to medical treatment, you can also use your compensation fees to reimburse yourself for items you may have purchased to help with the injuries you suffered due to the car accident. For example, your doctor may have recommended that you wear compression clothing to help reduce swelling after the accident. While compression wear is popular with a market value of $5,576 million as of 2022, it may not necessarily be within your budget after you’ve been in an accident. Your settlement fees can help to reimburse you, so you can focus on healing rather than the costs of your treatment.
Use Your Compensation for Damages
After a car accident, you can claim various types of damages, including economic and non-economic damages. Economic damages cover lost wages and property damage. Economic damages are calculated based on actual financial losses incurred as a result of the car accident. Non-economic damages, such as pain and suffering, emotional distress, and loss of enjoyment of life, are more subjective and depend on various factors. Calculating damages after a car accident is a complex process that takes into account both economic and non-economic factors to ensure you receive fair compensation for your losses.
Protecting Your Compensation
To ensure that your compensation is used for your recovery, it’s important to keep detailed records of all expenses related to your car accident. This includes medical bills, therapy costs, and any other expenses incurred as a result of the accident.
If you require further medical treatment in the future, your compensation should cover these costs as well. Be sure to keep in touch with your attorney to discuss any ongoing medical needs and ensure they are included in your compensation plan.
There may be tax implications for car accident compensation, so it’s important to consult with a tax professional to understand how your compensation may affect your tax situation.
After a car accident, it’s crucial to understand your rights and seek compensation for any injuries or damages you’ve suffered. By following the steps outlined in this article, you can make the most of your compensation and ensure that it’s used for your recovery. Remember to document all expenses, keep in touch with your attorney, and prioritize your health and well-being.