Getting involved in a vehicular accident is the last thing that anybody would want to happen. Not only is this traumatic, but it can also put your finances in disarray, especially when you’ve acquired your set of wheels through car financing.
You also have many things to consider like insurance and vehicle repairs along with other miscellaneous. Later then you will have to figure out what your next steps would be. But before you get ahead of yourself, it helps to know what you should do immediately after the fender-bender happens.
1. Check for injuries. Find out if you’ve sustained injuries or the people you’re travelling along with. And in case anyone is seriously hurt, try not to move them. Then you should call 911 to request for emergency assistance straight away.
2. Get yourself to a safe location. If you can, go to a safe place, like a sidewalk. Check if your car is safe to drive. If it is, you can move it the side of the road. If not, just leave your car where it is.
3. Wait for help to arrive. Turn on your hazard lights or light up some flares to signal other cars to slow down. You can try flagging for other motorists for assistance.
4. Exchange information. After you’ve made sure that you and your passengers are not seriously injured, you can swap contact details and your insurance information with the other person involved in the accident. This information should include:
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Complete name and contact details
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Driver’s license and license plates
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Insurance company and policy number
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Location of the accident
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Model and of the vehicle
5. Take some photos. If you’re travelling with a camera or a smartphone, it helps a lot if you can take pictures of the vehicle involved in the accident. Get clear shots of the damage, license plates, etc.
6. Contact your insurer. Call your insurance company while you’re at the scene of the incident. This will help them tell you exactly what you need to do to get your insurance claims process started. You’ll also know what to expect during this process.
7. Have your car towed to your insurer’s preferred body shop. Most insurance companies have shops they directly work with, and this helps to speed up your claims process. You can also save some money on storage fees of your vehicle is towed to your insurer’s preferred shop.
8. Check how much money you still owe. If you took out a loan on your vehicle, you need to determine the value of your car first. Then check if it will be considered as a total loss. It will be ideal if you have GAP insurance, especially if the amount you owe is higher than your car’s value. GAP insurance can pay the difference between your vehicle’s actual cash value and how much money you still owe.
However, keep in mind that since GAP insurance only covers the remaining amount of your loan, you won’t receive any money to put down for a new vehicle. If you want to have money to put toward a replacement car, you need to owe less than the amount of your loan.
Your insurer is only committed to paying the pre-accident value of your car. But they are not obliged to help get you a replacement vehicle.
Some car accidents are just unavoidable. If you happen to get involved in one you should seek out car accident attorneys who can help you to be well-informed, and know what to do to protect yourself, and know what steps you should take to have a smooth and faster insurance claims process.
Have you been in a car accident? What steps did you take after it happened? How was your experience? Do you have any recommendations to share? We’d love to hear them. Please leave a comment below.