What to Do If Damages from a Car Accident Exceed Your Insurance Limits

Car accidents can cause result in significant damages. In some cases, the cost of that damage may exceed the limits of a person’s auto insurance coverage. When this happens, you may be left paying for any amount that is not covered. This can include both auto repairs, property damage, or medical expenses. Understanding your rights and the available legal options is the first step to recovering your financial losses. Working with a specialist makes it easier to navigate through the process of getting the compensation you need.

Insurance Limits Can Make It Difficult to Get Compensation

An auto insurance limit can make it extremely difficult to get the compensation you deserve. After an accident, payments stop once the limits of the insurance policy have been reached. When this happens, you are forced to pay for any outstanding expenses on your own. The only way to recover your financial losses may be to file a personal injury lawsuit. Before you accept any settlement offer from your insurer, know your rights and talk to a personal injury attorney to find out what options you have.

What Are Your Legal Options?

If you are involved in an accident with an underinsured motorist, you have legal options that will help you get the compensation you deserve. While you might be able to collect the money you are owed through an umbrella insurance policy, you also have the right to file a personal injury claim or a personal lawsuit against the defendant. If you have more than one defendant, you may have to stick with a personal injury lawsuit. When you have questions or concerns about your legal options when it comes to surpassing a policy’s financial limits, talk to a specialist and get the answers you need.

Personal Injury Cases with Multiple Defendants

When multiple defendants are taken to court, it may be proven that they are jointly and severally liable. This means that each one is liable on their own as well as part of the collective group. After an accident, this allows you to collect the maximum amount from each of the defendants’ insurance policies. While one may be capped by specific limits, the policies from all of the defendants will be used to compensate you for your loss.

Umbrella Insurance

Umbrella insurance policies are designed to pick up where other policies leave off. This means that when the limit of a policy has been reached, your umbrella insurance will take over and cover the remaining costs. Many people have these policies in place for their businesses. They can also be quite effective for your personal insurance policies. Umbrella insurance policies do cost a little more, but they give you the peace of mind that comes with knowing that you are fully covered.

Personal Lawsuits

If you are interested in pursuing legal action, you have options aside from filing a personal injury case. You can also choose to file a civil lawsuit. In most cases, the individual will not have the financial assets to pay what they actually owe you. While this may be an option, it may not be as lucrative as you think. Garnishing their wages for an extensive period of time may be required.

When you are involved in a car accident and have difficulty getting the compensation you deserve, contact a car accident specialist to help you resolve the situation. Don’t let the lack of coverage or insufficient limits keep you from getting the compensation you need.

When you’re looking for quality car insurance, trust the experts at Premier Risk, LLC. We have years of experience matching the right auto policy to the motorist, tailoring it to your needs, budget, and vehicle. Contact us today on Long Island, New York to get started!