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  • Writer's pictureTom Fowler

How Do I Protect My Assets After a Car Accident?

Updated: Jan 11, 2022

Car accidents can be extremely distressing for everyone involved. However, it is important to stay calm and take certain steps right after it all happens to protect one’s assets. Here is a checklist that anyone should follow if they are ever in a car accident and don’t know where to start.

Protecting Your Assets After a Car Accident Checklist

Protecting Your Assets After a Car Accident Checklist

1. Get Help

Before worrying about the car and other assets, car accident victims should make sure to call the police and any other emergency service after the accident. Doing so is especially important if someone at the scene is injured in any way. They will be able to receive the help they need, and authorities will make sure that the scene is safe.

2. Gather Evidence

Accident participants do not have to wait for the police or insurance company to come to take photos of the scene. They can do it themselves. Likewise, they can write down the contact information of everyone involved, as well as any witnesses. If the parties involved are uninjured and the accident wasn’t too severe, they can and should do this immediately after.

Moreover, victims can also write down how they recall the accident in detail. They will remember it best right after it happens, as most details will remain clear. They should gather as much proof as they can, and be careful not to injure themselves or anyone else at the scene.

3. Do Not Admit Fault

While still at the scene of the accident, victims need to be careful not to admit fault in any way. Everything people say could be used against them in future claims, which is why it is best to stay calm, gather evidence, and wait for authorities. As soon as it’s possible, it is essential to contact a trusted lawyer who can offer legal advice.

4. Contact Your Insurer As Soon As Possible

Victims should make sure to contact their insurer as soon as they can. The company should do business with the other party’s insurer. Victims should not answer any of their questions or deal with them personally, as the opposing companies could use that to their advantage.

Once again, hiring a lawyer might be the best idea to ensure that all assets and interests are protected. Attorneys will always have your best interest at heart and will be able to get the best deal for your case.

Settlements and Lawsuits

Generally speaking, most people attempt to settle a car accident case with the insurance company before any lawsuits happen. If the liable party has umbrella liability coverage, the case will be over rather quickly.

If the injured party does not know how to claim if someone hits their car, their attorney will help settle for an amount of money that is within the defendant’s insurance. Usually, the plaintiff’s goal is to get the highest amount of money possible in their particular case. These types of settlements allow them to do so.

However, things are much different if the liable party does not have insurance coverage or if the coverage is insufficient. Most of the time, insurance companies do not cover personal injuries with the majority of their policies. In case that happens, the injured person can sue the liable party. That party would then have to use personal assets to pay for the inflicted damage.

In such cases, it is essential to have an excellent lawyer at hand. They can come up with an asset protection plan that will ensure the defendant’s negotiating position is the best possible. They can also take the defendant through every step of the process and ready them for what’s coming.

Overall, having a lawyer lead the case can make things easier for all parties involved. That is especially important if both parties are recovering from injuries and need the time and space to care for themselves. Experienced car accident lawyers can make things easier and ensure they do not have to worry about protecting their assets while in the hospital.

To Sum Up

Protecting one’s assets after a car accident is an essential step, especially if the party is liable. To ensure that everything goes smoothly and that the defendant is in a good position, hiring an experienced lawyer to handle the case is pivotal. Tom Fowler Law Firm is here to help ensure you get the best legal representation in the area. Contact us with any questions and doubts.

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