4 Apr

4 Tips for Recovering Financially After A Florida Auto Accident

Car Accidents, Personal Injury, Tips

recovering financially after a Florida auto accident

If you have been seriously injured in an auto accident in Florida that was caused by someone else, you may have a long road ahead of you physically – and you also may have financial healing to do. Unfortunately, all it takes is a single careless or reckless moment that wasn’t even your fault to leave you in pain (for months, years, or permanently) and with extensive medical bills on top of your suffering. Depending on how badly you were injured, you may have to pay tens of thousands or hundreds of thousands of dollars out of pocket for treatment. You may have to take weeks or months off of work, without pay, until your injuries subside. This isn’t fair, but auto accident victims facing monetary struggles do have steps that they can take to rebuild their financial futures! In this article, we’ll share 4 helpful tips for recovering financially after a Florida auto accident.

We know that these tips work because we’re expert Florida auto accident injury lawyers who have recovered over $1 billion in damages for injured plaintiffs across the state! Our aggressive, highly knowledgeable attorneys have over 100 years of combined experience; as a firm, we’ve been serving Florida communities and equipping injured victims with the legal support they need to win maximum compensation since 1984. If you were in a financially devastating collision, call The Florida Law Group today to schedule a free consultation.

Call an auto accident injury lawyer who charges on contingency and offers free consultations.

Ambulatory transport, imaging tests, surgeries, blood work, hospital stays, medical devices, medications, copays, deductibles, emergency room care…these are just a few of the costs you may incur if you’re injured in an auto accident, and they’re not cheap. Under Florida law, all drivers are required to carry PIP (personal injury protection) coverage, which kicks in first after an accident. However, PIP only covers up to 80% of approved medical costs. This means that if you break your arm in a car accident, and go to the ER, and are billed $3,102 for the ER fee (that’s the average cost in Florida), you would still have to pay $620 out of pocket…and that’s just to be seen, not even to be treated, hospitalized, or followed up with. If you have good personal health insurance, they may cover part of your bills, but if you have a high deductible you haven’t met yet, much of the costs may wind up on your shoulders.

You shouldn’t have to pay a single dime, though, if you didn’t cause the accident. The insurance company of the driver who caused the crash, or your own insurance company, if the other driver was uninsured, is the party who is ultimately responsible for paying for your medical bills. You can make a claim with them for compensation! However, they will do everything in their power to avoid paying you fully, which is where hiring a Florida auto accident injury lawyer comes in. Injury lawyers know the law and what tactics to use to make insurance companies give accident victims fair settlements. They can communicate and negotiate with the insurance companies, and even threaten to take them to court in order to get you paid. Working with a local attorney gives you the best chances at recovering financially after a Florida auto accident!

The best part, or perhaps most convenient part, about working with a law firm is that almost every one offers free consultations and charges on a contingency fee basis. Free consults are a chance for you to meet the lawyers you’ll be working with without having to pay anything to do so. You can ask questions and learn exactly how they can help you recover maximum compensation. A contingency fee arrangement is one where you don’t pay any part of your attorney’s legal fee until they win your case. When you are paid a settlement, their fee comes as a percentage of that settlement. It’s entirely risk-free for you, and can help you save money while you are healing because you are getting legal representation essentially at no cost!

Set up payment plans with the parties you owe

Many hospitals, surgeons, or specialists understand that it simply isn’t possible for accident victims to pay for the costs of treatment. Depending on your situation, they may be willing to work with you to draw up a payment plan or even reduce the costs of treatment. You can write a letter to them explaining that you are working with a lawyer to earn compensation and start the communications process. This is highly recommended, as it costs you nothing to do and has the potential to drastically decrease your bills.

Buckle down on budgeting.

In any financial crisis – and in many cases, an accident can rightfully be considered a financial crisis – the first thing you should do is review your budget. Do you have an emergency fund? Now is the time to use it to pay for the big medical bills you are facing. If you don’t, that’s okay – there are other areas of your spending that you can cut back or cut out. If you don’t have a budget, you can quickly make one using an app that connects to your cards and bank accounts, or even just make a simple spreadsheet of your bank transactions. Look to see any places where you can spend less or halt spending, at least temporarily. For example, maybe you can make it without streaming services for a month, or maybe you can cook at home more often until you receive your settlement. When it comes to recovering financially after a Florida auto accident, budgeting more carefully is key, as it helps you gain and stay in control of your money and can provide much needed peace of mind in a difficult time.

Consider taking out a pre-settlement loan.

A pre-settlement loan, also known as a litigation loan, lawsuit financing, or by other similar terms, is a loan designed to give you financial relief until your case settles. In most cases, you don’t have to repay the loan or any interest accrued on the loan until you receive your settlement, which can help you save money while you are healing from your accident injuries! These loans may also not affect your credit. There are many companies who offer these types of loans in Florida. Be sure to do your research carefully and review the terms of the loans before signing any agreements, though, as sometimes the interest rates may be hidden and higher than you would expect! It is not worth it for every injured accident victim, but lawsuit financing may be a good option for you if you don’t currently have income or extensive savings and need to pay for treatment.

Injured? Call The Florida Law Group.

Accident injuries can be financially devastating – we’re dedicated to winning the full amount your injuries are worth, and we have a winning track record you can trust! You never pay us until you win your case. Call one of our 11 Florida offices today to schedule a free consultation.