Dealing with the financial aftermath of a car accident, such as property damage, medical bills, and insurance claims, is often challenging. When a car accident exceeds insurance limits, it can compound the stress and uncertainty that accident victims face.
Injuries can be expensive, and many drivers have limited coverage that is insufficient to compensate for the full damages and injuries sustained. This can leave accident victims unsure of how to proceed. The best thing to do is seek professional legal advice.
If you have been in a car accident and your losses exceed insurance limits, don’t wait to seek legal advice and explore your options. Contact a Virginia car accident lawyer near you who can assess all your options. They can determine liable parties and available coverage to ensure you seek maximum compensation for your losses.
Understanding Insurance Limits
Insurance limits refer to the maximum amount of coverage that an insurance policy provides. This can include both property damage and bodily injury liability coverage. Most states require drivers to carry a minimum amount of auto accident liability coverage, and the minimum limits vary from state to state.
Most states require at least $25,000 for bodily injury coverage, though California only requires $15,000. States like Virginia and North Carolina require a bit more, at $30,000, and a couple of states even require $50,000 in bodily injury coverage per person. There are also per-accident coverage limits, which often reduce the coverage available significantly when multiple people suffer injuries in the same collision.
Drivers can certainly opt to purchase higher coverage, and some do. However, it is common for drivers to only carry the minimum amount necessary to comply with the law, and injury-related costs can quickly surpass these limits. For example, if you require emergency care, surgery for a broken bone, a few days in the hospital, and rehabilitation for months, your bills can quickly exceed the $30,000 minimum coverage in a state like Virginia.
What do you do if some of your bills are left uncovered?
What Happens When Your Accident Exceeds Insurance Limits?
If the at-fault driver's insurance coverage is not enough to fully compensate the accident victim for their damages and injuries, a car accident lawyer can identify other options to pursue additional compensation. These depend on the circumstances but can include:
- Filing a Lawsuit Against the At-Fault Driver: Even if the at-fault driver's insurance coverage is not enough to cover the full extent of your damages, you can still file a lawsuit against the at-fault driver. This means that you will be seeking compensation directly from the individual responsible for causing the accident. However, not everyone has sufficient personal assets to cover the costs of a serious accident, especially if they only carry minimum coverage. This is where hiring an attorney can be important for uncovering additional avenues for compensation.
- Uninsured/Underinsured Motorist Coverage: If you have uninsured/underinsured motorist coverage as part of your own insurance policy, you may file a claim with your own insurance company to receive compensation for your damages. This coverage is designed to protect you in situations where the at-fault driver does not have insurance or if their insurance limits are not sufficient. Your car accident lawyer can handle this UM/UIM claim and ensure you receive the maximum compensation available through your policy.
- Negotiating With the At-Fault Driver's Insurance Company: Even if the insurance limits are not enough to cover your damages, it's still worth engaging in negotiations with the at-fault driver's insurance company up to the limits. A skilled car accident lawyer can negotiate a full settlement up to policy limits that take into account your damages and the available coverage.
- Seeking Compensation From Other Parties: In some cases, there may be other parties involved in the accident who may share liability. For example, if the driver was working, their employer might share liability. If the accident was caused by a defective auto part, the manufacturer may be held responsible for your injuries. A thorough investigation by your car accident attorney can identify additional parties who may be liable for your damages.
Why You Need a Car Accident Attorney When Insurance Limits Are Exceeded
Dealing with a car accident that exceeds insurance limits can be complicated, and having an experienced car accident lawyer by your side can make a significant difference. Here are a few reasons why you should seek legal representation in these situations:
- Understanding the Legal Process: Personal injury laws can be complex, and the legal process can be challenging without the guidance of an attorney. They know the laws surrounding auto insurance claims and can explain your rights and legal options.
- Evaluating the True Value of Your Claim: Determining the full extent of your damages and the appropriate amount of compensation can be difficult without professional assistance. An attorney will analyze all aspects of your case, including medical bills, lost earnings, pain and suffering, and future medical expenses, to ensure that you receive fair and just compensation.
- Settlement Negotiations: Insurance companies are businesses and aim to settle claims for the lowest possible amount. An attorney can negotiate with the insurance company on your behalf to ensure you secure a fair settlement that covers your damages.
- Preparing for Litigation
: If negotiations with the insurance company are unsuccessful, your attorney can prepare your case for litigation. They will gather evidence, interview witnesses, and build a strong legal strategy to present your case effectively in court.
Contact a Car Accident Lawyer Near You
If you've been in a car accident that exceeds insurance limits, always seek legal advice and explore your options. You do not want to have remaining losses after your claim is resolved, as this can continually affect your financial future.
Contact a skilled car accident attorney who will identify and manage your options when your damages exceed insurance limits. They can protect your rights to compensation throughout the legal process. Don't hesitate to reach out for a consultation and take the first step toward obtaining the compensation you deserve.
