How can auto insurance help me after a car accident?

Posted by:  Financial Planner  on 22 Jun, 2011

Recently, actress Tori Spelling was involved in a minor car accident that occurred while trying to evade the especially over-zealous paparazzi. Spelling, who is presently pregnant with her third child, ran into a small partition located near the school her other children attend. Such an incident, while relatively small, can all the same affect your finances. So it’s important to know how to properly handle a car accident, should the situation ever arise. We’ll talk you through how to proceed in just a few easy steps, and also explain how auto insurance can save you thousands.

1. Before the accident, make sure you have all of the things you need – updated insurance and registration information, your driver’s license, and if possible, cones, warning triangles and/or flares.

2. The most important thing is to remain calm. An accident can be rather scary, and could cause injury. If you think you may have suffered one, make sure to call for an ambulance, and try not to move. No matter what, call 911 to alert the local police department of the accident.

3. Do not move your cars until the proper authorities arrive. If you’re mobile, exchange insurance information with the other driver(s). Document as much of the accident as you can, as soon as you can, by taking pictures or writing notes. The more information you have while it’s fresh, the better. Once the authorities arrive, follow their instructions carefully.

4. Reach out to your auto insurance agent or company, to let them know about the incident. Then, begin filing your claim as soon as possible.

Once you’ve done this, your insurance company will take steps toward assessing the damage by assigning a claims adjuster to your case. The claims adjuster will take the information about the accident, and the information he or she has about your policy, and reach out to you with further information. If there were no injuries sustained from the accident, the adjuster will likely issue a check for the estimated repairs, and the matter will be settled. Should there be more complications involved in the accident, however, a more substantial investigation will have to take place.

But overall, your auto insurance company is there for you, to help you deal with the costs of getting your car – and yourself – back in order after an accident.

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