Can Auto Accident Settlements Exceed Policy Limits?

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Can Auto Accident Settlements Exceed Policy Limits?

How much an insurance company will pay for an accident is determined by the policy limitations. Unfortunately, it is uncommon to receive injury compensation above the limitations of an insurance policy. But every circumstance is different. We strongly advise speaking with an accomplished vehicle accident lawyer about your situation. A New York City car accident lawyer from Siler & Ingber, Personal Injury Attorneys, is available to assist. To begin, get in touch with us immediately.

Workings of Insurance Policy Limits

Bodily injury coverage and property damage coverage are typically included in at least two different insurance categories in auto insurance policies. The limitations for bodily injury coverage are two. 

  • The first cap sets the maximum amount that the insurance provider will cover for a single person’s injuries. 
  • The second cap sets a maximum amount that it will cover for all accident-related ailments.

Can You Recover More Damages?

If your claim exceeds your policy limitations, you have the following options for recovering additional damages.

Umbrella Policy

You might be able to recover further damages from the defendant’s umbrella policy if it exists. After previous insurance has reached its maximum payouts, umbrella policies take effect.

Coverage For Uninsured Or Underinsured Motorists

You may carry underinsured/uninsured motorist coverage as part of your personal insurance plan. If the at-fault motorist lacks insurance or has insurance, but the coverage is insufficient, this insurance offers protection. Injuries brought on by drivers who flee the site of the accident and cannot be found are also covered.

By submitting a claim under your own uninsured/underinsured motorist policy, you can attempt to recover more damages if the at-fault driver’s insurance has already settled for the policy maximum.

Other Persons Liable

There are situations when multiple parties are accountable for your damages. When this happens, you may sue several defendants for damages and receive payment from several insurance plans. You can get assistance from a knowledgeable New York City car accident lawyer in determining who else may be at fault.

  • Employers

You might be able to hold the driver’s employer vicariously accountable if they were employing them when they struck you. The claim would be subject to the respondent’s superior theory if the party was acting on behalf of the business at the time of the accident. 

  • Producers and sellers of products

A manufacturer or distributor may be responsible if a faulty product or auto part in an automobile caused or contributed to your injury. You might be able to sue the product’s maker or distributor for product responsibility. 

  • Public authorities

You can decide to file a lawsuit against a government agency if a road condition caused your accident. In the event that a car accident is linked to a hazardous road condition, hazard, or defect, the state or local government may be held responsible. 

Suing the responsible party

A judgment could be obtained by suing the responsible party. But it’s unlikely that you’ll receive more money for it. The majority of people are judgment-proof when a claim exceeds policy limits. In other words, even if you win a lawsuit against someone, they might not have any assets you can seize.

Hiring a skilled automobile accident lawyer is essential if you have been hurt in a collision. A competent New York City car accident lawyer can lay out all of your choices.

Call A Car Accident Attorney Right Away

Consult a lawyer if your auto accident claims are close to your policy limits. Without first speaking with an experienced auto accident attorney, never discuss a settlement. This is your best opportunity to get the most money back. You can get assistance from Siler & Ingber’s personal injury lawyers throughout the entire procedure.

We approach your legal representation with a highly individualized strategy. We will support you all the way through the procedure. The New York City car accident lawyer you meet during your meeting will take care of your case from beginning to end. To begin, give us a call right now or send us a message online.

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