Since 1924, the state of Iowa has seen upwards of 300 road fatalities just about every year. The keyword here is “fatalities,” which means the number of accidents without a fatal incident is reasonably much higher.
You must understand and appreciate the reality behind using the roadways. Even good drivers end up in accidents, often due to the negligence of others.
Should you be at fault during one of these occurrences, there can be steep financial implications. Even those who are not in the wrong sometimes find that circumstances lead them to face financial penalties too.
Numerous people end up losing some or all their most valuable assets just to cover charges laid against them from car accidents. The information below consists of actionable insights that you can use to mitigate the loss of your own assets if you end up in an unfortunate road occurrence.
Reactive Strategies
The strategies listed here help you to keep financial penalties as low as possible after an accident has occurred. Combined with the proactive actions, they can reduce your liability to its lowest point.
Refer to Your Insurance Company Only
You must understand that even the smallest post-accident actions can put you in a bind. Des Moines drivers who meet in accidents often find that the wrong choices often become costly in the future.
Promptly reporting the accident to your insurance company is one of the best ways to protect yourself. Additionally, should another party's insurance company reach out to you, it's in your best interest to refer them to yours, instead of engaging in the conversation.
Statements and Photographs
This point follows a similar line as the previous one. Evidence is crucial in making your case following an accident. Take as many useful photographs of the accident scene as possible. In doing so, you want to use images to tell a story of how the accident happened and what the effects were.
Car accident lawyers will tell you not to make any implicating statements. For example, avoid blatantly stating that you caused the accident. Doing so can be evidence for another party to misuse against you, which can affect the distribution of damage redress and put your assets on the line.
Proactive Strategies
As the name implies, these are the actions you take before an accident happens, which can heavily reduce your asset loss. If you haven't done any of these, you may want to do so as soon as you've finished reading.
Appropriate Titling
The matter of ownership is crucial in a car accident from a legal standpoint. If someone were to be driving a car that's titled in your name, accidents caused by that person can put you in a dire spot.
You can be made to have financial responsibility for the situation. So, the moment you are no longer the primary user of a vehicle, get the title updated to reflect the same.
If you have a child that is now old enough to drive and you are giving the child your old vehicle, have the necessary paperwork completed. This applies to spouses, friends, and anyone else in your life.
Going this route exempts you from the financial liability synonymous with an accident you had no part in.
Umbrella Coverage
Umbrella coverage is a convenient surplus that can help you stand financial responsibility beyond the coverage of your insurance policy. For example, imagine that your insurance company covers you for damages worth up to $1 million.
What would happen if you were involved in an accident and were ordered to pay $1.6 million? In this case, you would stand responsible for the additional $600,000, which could translate to a loss of assets.
An umbrella policy gives an extra layer of protection. In the same situation, if you had umbrella coverage of another $1 million, you would have to pay nothing out of pocket.
Combine Both Action Sets
Taking proactive steps without the reactive ones can lead to a waste of coverage. Doing the opposite makes day reactive steps feel ineffective. That's why you are advised to take proactive action now and the reactive ones if you should ever find yourself in an accident.
You may have a few doubts or further questions on what you can do and how the law affects the outcome of an accident. If so, do not hesitate to reach out to Tom Fowler Law for all your Des Moines road inquiries.