How Often Do Car Accident Claims Exceed Insurance Limits?

Last updated on: September 5, 2022

If you have been involved in a motor vehicle accident, you have likely had to deal with an insurance company to get compensation for your injuries. Unfortunately, insurance adjusters are trained to offer you the lowest amount of money available in your case, if any at all. This is why you should not typically accept the first offer the insurance company gives you. Hiring an experienced personal injury attorney can help you deal with insurance companies and may help get you the maximum amount of compensation for your injuries and for any damage done to your property.

Insurance companies may try to manipulate the facts of your claim by using loopholes or technicalities to deny the claim. Zinda Law Group attorneys have experience with these tactics, and we can stop them dead in their tracks. Our knowledgeable attorneys have the ability to negotiate with insurance companies, conduct thorough investigations into the facts relevant to your case, and discover evidence of bad faith. We can help you prove that your claim was treated unfairly, despite its validity.

If you believe the insurance company is not giving you enough money for your claim, contact Zinda Law Group today. Do not accept the first offer the insurance company gives you before consulting an experienced attorney. Our personal injury lawyers are here to help you make the best decision for you and your family.

What Happens When a Car Accident Claim Exceeds the Insurance Limits?

Most states require automobile drivers to carry a minimum amount of liability coverage in their auto insurance policies. But what happens when the amount of your claim exceeds the at-fault driver’s liability limits? After all, many states require very low minimums in terms of their liability policies. For example, drivers in Florida are only required to have $10,000 in bodily injury liability.

If the at-fault driver purchases the minimum liability limits and then totals your car, the at-fault driver is responsible for all damages caused. This means that the at-fault driver can be held responsible for thousands of dollars in damages out-of-pocket. That’s why it’s important to carefully consider the amount of coverage included in your auto insurance policy.

How Can I Tell if My Accident Exceeds Policy Limits?

Do not try to guess how much your claim may be worth. Instead, the best way to figure out whether an accident exceeds policy limits is by talking with an experienced injury lawyer. A lawyer can help you calculate the expenses associated with your claim to help you determine if policy limits suffice to cover your claim. Here are some expenses that can drive up damage awards:

Specific Expenses That Drive Up Damages

Personal injury cases typically involve different types of damages that make a victim eligible to receive compensation. These damages include economic, non-economic, and punitive damages. Each type of damages refers to various expenses that could increase how much your claim is worth.

First, economic damages refer to compensation for verifiable monetary losses, such as past and future medical expenses, loss of wages and future earnings, loss of property use, costs of repair or replacement, and loss of employment or business opportunities. These types of damages are relatively easy to calculate because they can be added together using receipts, medical bills, and timesheets.

Second, non-economic damages refer to compensation for non-monetary losses such as pain, suffering, inconvenience, emotional distress, loss of companionship, loss of consortium, and loss of enjoyment of life. This type of damages is more difficult to calculate because it is far more subjective than economic damages. You can work with an injury lawyer to accurately determine non-economic damages.

Finally, some states award punitive damages to punish the wrongdoer rather than make the victim whole. Punitive damages exist to deter reckless conduct or actions motivated by malice. Punitive damages are neither economic nor non-economic, as they do not provide compensation for a monetary loss.

Problems When Car Accident Settlements Exceed the Policy Limits

Many defendants carry some sort of auto insurance policy as required by law. If your car accident settlement exceeds the defendant’s policy limits, you can still recover the amount you are still owed. Insurance companies assume financial responsibility for damages stemming from car accidents. However, if you file a personal injury claim, the defendant’s insurance is only required to pay policy limits. If a judge or jury awards you a higher amount, however, you can sue more than one defendant, recover under an umbrella policy, or the defendant personally.

What Should I Do if I Think My Accident Exceeds Policy Limits?

If you think your accident exceeds policy limits, do not simply take the amount of compensation offered by the insurance company. Speak with a personal injury lawyer first to go over your options. A lawyer can help you calculate your economic damages and non-economic damages to help you get an idea of the value of the claim.

How Long Do I Have to File a Lawsuit?

The amount of time a personal injury victim has to file a claim for compensation is called the statute of limitations. The statute of limitations for filing a car accident claim varies between states. For example, Texas law provides a statute of limitations of two years from the date of injury to file a claim. Other states, such as Louisiana, have a statute of limitations of one year from the date of injury to file a claim.

Frequently Asked Questions

Zinda Law Group attorneys have extensive experience in handling a wide range of personal injury cases. We have the ability to help you with almost any type of claim, including relatively minor fender benders, to more complex and serious cases, such as wrongful death claims. If you have been injured in an accident and are wondering if you should take the insurance company’s offer, contact an experienced personal injury lawyer first to discuss your case.

Who Pays the Damages That Exceed the Policy Limits?

When it comes to sources of recovery, an injured victim typically has a few options. The first source of recovery is typically the defendant’s insurance company. When the insurance policy does not cover all damages, you are entitled to recover from another defendant, including the wrongdoer personally.

Need Help? Contact Zinda Law Group Today

Zinda Law Group personal injury attorneys are here to help you deal with insurance companies. If your insurance company is giving low amount, we may be able to help get you the compensation you deserve. Our experienced attorneys know how to efficiently investigate your case, negotiate on your behalf, and fight for you in court if a favorable settlement cannot be made. Call a Zinda Law Group personal injury attorney today at (800) 863-5312 to set up your free consultation. Further, you do not pay us a thing unless we are able to win you compensation in your case. That is our No Win, No Fee Guarantee.

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