Many people do not foresee the need for a financial safety net after accidents, as we have a Road Accident Fund in place.
However, accidents are unforeseen, often overwhelming events that can turn one’s life upside down in the blink of an eye. Beyond the physical pain and trauma, the financial repercussions can be equally daunting. While you may indeed have a claim with the Road accident fund, your expenses are immediate and your claim payout may take time.
What is the MVA Fund?
The MVA (Motor Vehicle Accident) Fund is here to offer immediate financial relief to victims of accidents. While many are aware of compensatory bodies like the Road Accident Fund, it can take years for the RAF to consider and pay a claim. The MVA Fund’s primary focus is to provide immediate financial support after an accident.
Benefits of the MVA Fund
Medical Costs:
In the aftermath of an accident, medical expenses can pile up rapidly. Whether it’s immediate medical attention, surgery, or rehabilitation, the MVA Fund can assist you to cover these costs, ensuring that you receive the required treatment.
Day-to-Day Expenses:
Life doesn’t pause post-accident, and neither do regular expenses. The MVA Fund recognises this and offers support for daily financial obligations. This can include covering a bond or rent, and ensuring that a roof remains over the victim’s head.
Vehicle Repairs:
For many, a car is an essential means of transportation for work, errands, or school runs. If your vehicle was damaged in an accident, the MVA Fund can assist with repair costs, ensuring you get back on the road as soon as possible.
School Fees and Food:
The MVA Fund also ensures that essential expenditures like school fees for children and daily meals are taken care of. This ensures that the accident doesn’t disrupt the education of the young ones and that families don’t have to worry about putting food on the table.
Before You Claim from the Road Accident Fund...
You don’t need to wait until you’ve initiated a claim with the Road Accident Fund to seek assistance from the MVA Fund, subject to terms and conditions. Victims may approach the MVA Fund immediately post-accident, to consider their matter and decide on the best possible approach to accommodate the applicant’s needs.
Accidents can disrupt the normal flow of life, bringing with them physical, emotional, and financial distress. However, with safety nets like the MVA Fund in place, victims have a source of immediate financial support. If you or someone you know has been involved in an accident, remember that the MVA Fund is there for you ready to assist, providing relief when it’s needed the most.
