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How Does Insurance Affect a Car Accident Case?
One of the most significant factors in any car accident claim is the insurance policies covering the event. Responsibility for the accident, types of insurance held by both parties, and policy limits will all play a significant role in your ability to claim compensation.
Is Their Insurance Covering The Accident?
The first thing that must be established after a car accident happens is if there is insurance covering the event. If the responsible party does not have coverage for the event, in most states, the injured party will be unable to file a claim unless they have uninsured/underinsured motorist coverage on their own policy.
If you live in a no-fault state, you will first make a claim against your own insurance for your injuries and damages. However, if your policy is not large enough to cover these losses, your car accident attorney in NJ will turn to the policy of the other driver to seek compensation. If they do not have coverage or do not have enough coverage, your ability to collect payment is limited.
In some cases, the person who is uninsured or underinsured has the assets available to pay for your damages. If this is the case, your attorney will file a personal lawsuit against the responsible party to claim for your damages. However, this is usually not the case, and the injured party finds themselves unable to cover the costs of their losses.
How Car Accident Insurance Impacts Your Claim For CompensAtion
If the fault has been established and the other party is responsible for your accident, even in a no-fault state, your attorney is going to try and seek the full value of your compensation claim from the other party. This quest, however, may not get the desired results based on the limits of the insurance policies involved.
Your attorney may review the losses you have from the accident and determine that the only fair settlement amount would be one million dollars. This would cover your medical and non-medical losses, and the figure is based on the facts of the case and not just speculation. However, the policy limits of the responsible party are only $100,000.00 or 10 percent of the actual value of your case.
Sadly, this means that your case is limited to the $100,000.00 and not the actual value of the case. Your attorney may try to seek more compensation through your underinsured driver policy if you have one or seek a claim against the other driver personally, but the chances for recovering the full amount are slim to none.
It is crucial to know the limits of your policy and to make sure that you have the right coverage in place in case you are involved in an accident with an uninsured or underinsured driver.
Speak With An Attorney About Your Case
Car accidents are always stressful, and making a claim for compensation only enhances this stress. Sadly, insurance companies often take advantage of this stress and try to push through a low settlement in an effort to reduce the payout. Insurance companies often forget many benefits that injury victims are entitled to and low-ball their compensation offers, even if the policy limits are high so that they can save money.
To avoid these types of problems with the insurance company, you re encouraged to speak with a car accident attorney about your claim. Your attorney will make sure that you receive all of the benefits that you’re entitled to under the law and the terms of the policies covering the accident.
If it is necessary, your attorney will also file the required lawsuits against the insurer or the person responsible for the accident so that you can recover more of your losses. If a lawsuit is required, it will be necessary to have legal representation.
All states require that everyone who owns a car has insurance covering the operation of the vehicle. Most states have a minimum requirement for those policies. It should be understood that these minimal policies often do not cover the actual losses that occur in an accident, especially if it caused serious injuries. If this happens, hiring an attorney will be necessary by the injured party so that they can make the best recovery for their losses as possible.