Fixing Your Car After an Accident: How to Fund the Repairs - AllCarIndex

Fixing Your Car After an Accident: How to Fund the Repairs

Oct 08, 2024

Car accidents can leave you dealing with a lot of stress, from handling insurance claims to figuring out how to pay for vehicle repairs. Unfortunately, car repairs can get super expensive, and not everyone can afford funds immediately to cover those expenses. 

Just repainting your car can cost you upwards of $20,000, depending on the type and quality of the paint. Average car repair costs can be anywhere between $300 to $500. Major overhauls, typically necessary after an accident, can cost upwards of $10,000.

The good news: there are several ways to secure financial help to get your car back on the road without draining your savings. Let’s walk you through a few practical ways you can fund your car repairs after an accident.

Tap Into Your Car Insurance Coverage

Depending on your coverage, you might be eligible for compensation to cover most, if not all, of the repair costs. 

If the accident was your fault, your collision coverage would likely help pay for damages to your vehicle. If the other driver was responsible for the crash, their liability insurance should take care of the repair expenses.

If the driver at fault doesn’t have insurance, you might have to fall back on your own uninsured or underinsured motorist coverage. Just ensure you check the policy’s fine print because deductibles and coverage limits can impact how much you’ll really get for those repairs.

It’s always a good idea to contact your insurance company and fully understand the steps and paperwork needed to move forward with your claim.

Will car repair insurance cover my car repair costs after an accident?

No. According to Forbes, a car repair insurance policy will not cover your car repair costs after an accident. Car repair insurance is comparable to an extended car warranty, with the main distinction being that it is purchased through an insurance provider.

Can I expect my insurance to cover the total cost of my car repairs after an accident?

If you’ve got comprehensive or collision coverage, your insurance should take care of most, if not all, of the repair costs. Just keep in mind: you’ll still have to pay the deductibles. However, you may need to pay for any damage exceeding policy limits or not covered by the insurance.

File a Lawsuit and Secure a Settlement

In more serious accidents, especially those involving injuries, pursuing legal action could be a viable way to cover your repair costs and more. 

This is where having a car accident attorney on your side can really make a difference. If you’ve been seriously injured or the other driver’s negligence caused major damage, it’s a good idea to file a personal injury claim. This could lead to a settlement that helps pay for repairs and compensates for medical bills and other losses.

Car accident lawyers are trained to specialize in handling cases like these. If it goes well, you could get compensation that covers your injuries and also the cost of fixing your car. 

According to Freeman Law Firm, in the event of significant property damage, an attorney can file a car accident claim. They will then assist in evaluating and recovering the full extent of your damages.

A skilled car accident lawyer can push through these obstacles and help you secure the compensation you deserve.

Explore Payment Plans with Auto Repair Shops

Not all repair shops expect full payment upfront, and some offer flexible payment plans for customers dealing with unexpected repairs after an accident. 

If you don’t have the funds to cover everything right away, talk to your local repair shop about possible financing options. They might let you spread the payments out over a few months or connect you with third-party financing companies that offer low-interest loans. 

Just make sure to get a detailed repair estimate so you can talk about payment terms that actually work for you.

How long will it take to repair a car after it’s been in an accident?

The time it takes to repair a car after an accident depends on the severity of the damage, and the availability of parts. Minor repairs on your car could take a few days, while extensive repair work might require weeks. Your mechanic can give a more accurate estimate after inspection.

Use Credit Cards or Personal Loans

Another option is using your credit cards or getting a personal loan to cover the repair costs. While taking on more debt isn’t always the best choice, it can be a quick fix. If you’ve got good credit, personal loans usually have lower interest rates than credit cards, which could make them a more budget-friendly option.

Many banks and online lenders can provide funding within a few days, allowing you to handle repairs without having to wait for insurance. 

Dealing with car repairs after an accident can feel overwhelming, but you have options. Whether it’s working with a car accident lawyer or exploring payment plans, there are multiple ways to manage the costs. The key is to act quickly, gather all necessary information, and choose the option that makes the most sense for your situation.