In an auto accident, the injured party has a list of issues and damages they have to deal with. In more severe cases, this may include physical injuries as well. To get compensated for these damages, the victim will have to deal with the insurance companies and filing claims. Fortunately, most drivers have insurance, and insurance companies overwhelmingly settle claims outside of court. However, these damages normally don’t exceed the policy limit. For those with injuries and damages that go past the policy limit, additional challenges are to be expected.
Liability Insurance and Policy Limits
In Texas, the law requires you to have at least $30,000 of coverage per person up to a total of $60,000 per accident. An additional $25,000 is also required for property damage. This is called 30/60/25 coverage. These coverage amounts are often the maximum settlement amount the insurance company is willing to offer. However, some drivers have policies that are over this amount.
Damages Over the Policy Limits
As with any auto accident, you might want to consider hiring a lawyer. However, this is especially true if the damages are over the policy limit. An experienced personal injury attorney can review all claims, policies, and settlement offers relating to the accident. When it comes to these situations, there is no guarantee that you’ll be able to get a reward passed the policy limit, but there are a few options.
The three options you typically have are suing the insurance company for failing to act in good faith, suing the at-fault driver, or suing other at-fault parties. When an insurance company refuses to settle for the policy limit when the damages exceed the policy limit, the insurance company could open itself to a bad faith claim. If the case goes to court, and the jury awards damages in excess of the policy limit, the insurance company could be responsible for the full amount rewarded.
Suing the at-fault driver personally can be tricky. If your claim exceeds the policy limits, you may seek to ultimately sue the driver for the additional damages not covered. Whether you take this approach depends on a number of factors. For example, does the at-fault driver have assets from which you could collect a judgment? You should consult with a lawyer to figure out the best solution.
In major accidents, it is possible for more than one party to be responsible. You could collect the damages under more than one insurance policy depending on the circumstances. An attorney can help you identify other potentially responsible parties.
Call The Law Giant, Personal Injury & Accident Lawyers After an Uninsured Motorist Accident
You may be scared after an accident with an uninsured driver. You may be unsure of where you will get compensation. Call The Law Giant to learn more about your claim: (866) 523-4167. You can also use our online contact form to reach out.
