Protecting Assets After a Car Accident
Car accidents happen to even the most careful of road users. In the event of a motor vehicle incident, the party at fault is liable for damages that can reach well into the hundreds of thousands, depending on the severity of the case. Insurance companies are in place to help manage these expenses, but the defendant’s assets may be at risk if found responsible for the accident.
Protecting assets after an accident as a reactive response is tricky, as attempts to change titles in a hurry are fraudulent activities. There are, however, some things a person can do after an accident to protect themselves and their assets from liability.
Steps to Take in the Immediate Aftermath
Someone who is involved in a car accident must react as quickly as possible after the fact. Remaining cool, calm, and collected rather than allowing emotions to take the lead is the most effective way to protect assets after a car accident. Doing so allows the person in question to document as many details as they can and
● If fit and able to do so, they should call the emergency services immediately and avoid touching anything at the scene or attempting to treat injuries sustained by any involved party.
● The more information a person can relay about an accident, the stronger their case tends to be. It is essential to gather as much photographic evidence to back up a story as is possible. As well as taking pictures: collect statements, witness details, and timings and write down a detailed recollection of what happened.
● A person involved in an accident should not discuss any details directly with the other party. Instead, they should inform their own insurance company straight away so the claim can be handled from there on out by an appointed adjuster. The others involved should do the same, and all communications should be through official channels only.
● Admitting fault should be avoided at all times, even in casual conversation. Any admission of guilt declared officially or unofficially at the accident site or in the time thereafter can damage a case. It makes it far more difficult to agree upon a favorable settlement.
● Contacting the best car accident lawyer in St Louis to help navigate the case and minimize the damage should be prioritized. This applies to any person involved in a motor vehicle incident, especially one who is concerned about the safety of their assets. Lawyers can assist with the insurance negotiations and fight to protect any assets that are in danger.
How to Protect Assets In Case of a Car Accident
Ensuring one’s assets are protected across the board if an accident should happen is a far more effective and proactive way to do things. Sometimes, a person becomes liable for damages from an accident they were not even part of due to poor asset planning and protection.
A young driver causes a crash in a car their parents bought for them, but the parent is legally responsible for the vehicle. Although the driver may have limited assets for an opposing party to come after, the owner is equally liable.
All vehicle owners should take steps to protect themselves.
● Always put a vehicle under the name of the primary driver. The only exceptions are when said driver is a minor child or if the car is company-owned and covered by corporate insurance.
● Look into strategic titling. Title laws vary from state to state, so it is best to contact a lawyer to discuss the specifics of what can work for you.
● Opt for umbrella liability insurance. The best way to protect your assets in case of a car accident is to choose insurance that covers everything. Some accidents can lead to lawsuits worth hundreds of thousands- if not millions- of dollars. Umbrella liability covers the excess above car insurance up to the maximum limit of the policy. It is essentially a safety blanket to reduce the chances of assets becoming a target to recover damage costs in the event of a serious car accident.
Car accidents happen in the US roughly once every six seconds. Many people involved are safe, careful, and considerate drivers who thought nothing would ever happen to them. Because of this, everyone should protect their assets through efficient insurance and proper titling.
If you have been involved in a car accident and want to know what you can do now to protect your assets or are interested in legal advice on how best to prepare your assets and defend them against future accidents, then reach out for a consultation.
With decades of car accident law experience between us, there is nowhere better to address your needs and concerns.