If you have been involved in an accident and another individual is at fault, one of the first thoughts that come to mind is, do they have enough insurance to cover all my injuries and damages? Whether you and your attorney are attempting to settle your case outside of a courtroom with the insurance company directly or have to go through a complicated, prolonged court proceeding, it is important to understand just how insurance policy limits can affect your case.
The key elements that come into play when an appropriate settlement amount is to be determined are the nature and the extent of your injuries and the policy limits of the at-fault parties. The policy limits define the amount of insurance coverage that is available to compensate a victim for injuries sustained and losses incurred as a result of an accident and plays an important role in the entire settlement process.
If the party at fault does not have sufficient insurance coverage to compensate for your losses and injuries or has no insurance at all, then indeed your case has just become a bit more complicated. You may ask why? The simple answer is that any insurance company is only liable for the dollar limits that exist in the policy and cannot, therefore, pay out large sums of money for serious injuries and damages if the insurance coverage limits on the policy are low and do not satisfy the extent of the injuries and losses. If the at-fault party does not have sufficient coverage, then it is necessary to seek out other resources to compensate the victim for injuries and losses.
Regardless of the injuries you may suffer, the loss of income you suffer, or any other expenses or losses that are incurred as a result of your accident, if the at-fault party does not have an insurance policy with sufficient policy limits to cover your losses then the insurance company is only liable to pay the limits of the policy and nothing more. With that said, your final settlement can be seriously affected by the amount of insurance coverage and the policy limits of the at-fault individual’s policy.
If the at-fault party has limited or insufficient coverage to pay for your injuries and/or losses or has no insurance at all then your own insurance company adjuster will handle the negotiation of the claim moving forward in their efforts to cover the difference of the appropriate settlement amounts for your specific injuries, damages and losses. "For a free consultation to explore your legal options call the attorneys at Popick & Rutman today" (718) 321-7460 and also visit our website.
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