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What Are My Financial Options After A Serious Accident?

Serious car accident injuries have the potential of turning one’s life upside down.

Besides the physical, emotional, and psychological pain you must deal with, injuries can significantly impact your finances and productivity.

While pursuing compensation may offer some form of relief to your accident-related suffering, it could take months or even years before you get a settlement.

What Are My Financial Options After A Serious Accident?

On top of that, your financial obligations will not wait until you get compensation; they will keep piling and become more complex now that you must take care of your medical bills as well. 

Enlisting a reliable Orlando car accident attorney can help you identify the various financial options available for you.

Some of these include:

  1. Personal injury protection (PIP) cover 

In Sunshine State, all drivers must carry a PIP as part of their auto insurance policy.

This coverage ensures that your auto insurer is responsible for paying all your medical bills, disability benefits, or death benefits as long as it doesn’t exceed the limit set forth.

When the limit is exceeded (or property damage is involved), a victim may have to sue the party at fault to recover a settlement.

  1. Pre-settlement loans

As the name suggests, pre-settlement loans are loans offered to accident victims before they reach a settlement in a personal injury claim.

After applying for the loan, the lending company will access your case and estimate your settlement’s value before allowing you to borrow part of the estimated value. 

  1. Your health insurance

In case your medical bills surpass your auto insurance limit. You can submit claims to your health insurer. Unlike other options, medical health coverage only covers medical expenses.  

What Are My Financial Options After A Serious Accident?
  1. Contingency payments

In most cases, lawyers work on car injury cases on a contingency plan basis. The same could apply to your medical expenses.

A reliable Orlando car accident attorney can help make arrangements for contingency-based payments with your treating physician. 

  1. Income protection plan

If you are self-employed, it is always best to have an income protection cover.

This cover allows you to claim financial support when you sustain an injury that leaves you unable to work. 

Usually, the covers allow victims to receive a certain percentage of their regular income until they return to work.

However, you will be required to have one in place before the accident.

  1. Statutory sick pay

Private-sector employers in Florida have no legal obligation to provide paid or unpaid sick leave to their employees. However, many employers grant it as an employee benefit. 

When an employer promises a sick leave to employees as part of their contract, they may be legally obliged to give it.

As you decide on your financial options after an accident, sick leave pay could help you meet some of your most pressing financial obligations.

  1. Filing for bankruptcy

Although filing for bankruptcy is an option for wiping out your debts, it may present serious financial consequences in the long run and should only be the last option.

What Are My Financial Options After A Serious Accident?

It would be best to talk to your creditors and involve your Orlando car accident lawyer when you run out of options to pay off your debts before resorting to such a drastic measure. 

Hire an Orlando car accident attorney today

Accidents can be very disruptive and have a massive impact on your finances and your work life.

The options listed in this article may not be exhaustive but offer a good starting point when considering your financial options after an accident.

skilled Orlando car accident attorney can help you identify some other options available for your specific case.

Contact us online today or give us a call at 888-522-0222 if you have suffered injuries after a car accident in Florida.

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