How to Protect Your Assets After a Car Accident

The best way to protect your assets following a car accident is to make sure you have enough insurance coverage and know what laws are in place that can help protect certain assets. Assets are resources that have value and can be bought or sold, like property, equipment, cash, and investments. If your insurance coverage is not enough to pay for the damages in a car accident, your assets may be used to help pay the remaining amount.

Usually, only the at-fault driver’s insurance will pay for damages done to the other driver and their vehicle. But if your case is still up in the air, or if it wasn’t your fault and you’re getting pushback from insurance companies, it’s time to call a Phoenix car accident lawyer.

Car accident settlements can become complicated, even if you weren’t the driver who caused the accident. A car accident lawyer can help protect you. They’ll know if you have to pay taxes on car accident settlements and can explain if you can sue someone for lying about a car accident. When your assets are on the line, lawyers can help protect you. 

Check Your Insurance

Your insurance policies can be the biggest help in protecting your assets. If you have enough policy coverage, you typically do not have to worry about being held liable for damages beyond your insurance policy coverage. Car and personal liability insurance can help protect you and your assets.

You may want to invest in an umbrella insurance policy. These policies can add an extra layer of insurance coverage and even protect you from liability. This can act as a buffer between your car insurance and personal liability for damages that go beyond your insurance coverage.

However, your insurance rates may increase following an accident. In most cases, higher insurance rates are a better choice compared to having your assets taken.

Understanding Automatically Protected Assets

Every state has its own laws that protect certain assets in these types of settlements. You can usually count on your retirement savings account, life insurance, federal or state benefits, and annuities to be protected. If you aren’t sure which assets are protected in your state, you should consult with a legal expert at the law offices of Gage Mathers.

Car accident lawyers can help you learn which of your assets are protected in Arizona, and which ones may be at risk depending on your insurance coverage.

What If You Aren’t Found Guilty?

In car accident settlements, the person who is found responsible for the car accident is known as the at-fault driver. Many people think of this as the same as ‘guilty.’ If the insurance companies determine you are not the at-fault driver, you likely will not have to pay the other driver or their insurance company. Typically, the at-fault driver’s insurance company pays you for any damages you suffered.

However, insurance companies don’t want to pay money. This means they may argue your medical bills, your lost wages, and your pain and suffering. When this happens, it might be tempting to give up and just pay everything out-of-pocket yourself and dip into your own assets–but it doesn’t have to be this way.

Should I Hire a Car Accident Lawyer?

If you are experiencing pushback from the other driver’s insurance company and are struggling after an accident, call Gage Mathers. Our experienced legal team helps people just like you every day get the compensation they deserve so they can focus on moving on!

About the Author

Joseph D'Aguanno

Guided by the belief that being a highly skilled specialist in a narrow field is better than being ordinary in everything, Joseph “JD” D’Aguanno leads Arizona’s best personal injury law firm in Phoenix, AZ. Having extensive cross-training in pre-litigation negotiations and trial lawyer skills, with decades of experience, JD strives to provide clients with the most valuable legal services a personal injury lawyer can provide. Under his direction, Gage Mathers Law Group is an award-winning personal injury law firm providing aggressive representation to victims of a car accident, medical malpractice, dog bite, motorcycle accident, and other injurious events. Gage Mathers is trusted by thousands of lawyers and clients throughout the country because of their reputation for getting clients the maximum compensation they deserve.

Years of experience: Over 23 years
Bar number: 020421
Location: Phoenix, AZ
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