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After a car accident, the victim has the right to pursue financial compensation against the at-fault driver. This process typically involves filing a claim against the at-fault driver’s liability insurance. But what happens when the car accident claim exceeds the policy limits?
In these situations, you have options for seeking additional compensation, including potentially filing a lawsuit to recover damages. Consider the following situations from an experienced Lexington car accident lawyer.
The at-fault party’s liability insurance typically covers the costs associated with your accident’s losses, up to the policy limit. Under Kentucky insurance laws, auto liability insurance typically has a minimum coverage of $25,000 for medical bills. However, many people purchase additional compensation beyond that limit.
You have the right to be compensated up to the policy limit for the policyholder to cover your documented losses. You must determine what your losses are, have evidence of them, and then seek a claim against the policy.
Some people also have additional liability insurance, which can further cover your losses. For example, some people have umbrella insurance, a type of liability insurance that may extend their coverage for claims made against them, including in a car accident case. Not all people have these types of policies, but if available, they could help cover your costs.
If you have an underinsured motorist policy, it can step in to help you cover some of your costs. Many people purchase uninsured/underinsured motorist coverage to protect themselves in situations like this. This is a policy you purchase to cover your losses.
If the at-fault party does not have enough insurance to cover your losses, you can file a claim against your underinsured motorist coverage for the losses you have. In doing so, you can seek compensation up to the amount of coverage you purchased, but you can only claim as much as is not covered by the at-fault driver’s policy.
Uninsured motorist coverage is there just for this reason. The most direct way to meet your financial needs is to file a claim under this policy if the at-fault party does not have enough protection.
It is also possible for you to seek a lawsuit against the at-fault party for the losses you have not otherwise covered. Ideally, you will meet with a car accident lawyer, go over your case, build your claim, and then seek a settlement from the at-fault party. They may pay out of pocket to cover your losses. If not, you can file a lawsuit against them.
A lawsuit allows you to pursue compensation for your losses from the at-fault party. A judge and sometimes a jury will determine what your losses are, verifying the evidence you present and ensuring the other driver was at fault. What the judge says is what has to happen.
In situations where you have significant losses that exceed the policy limits of the at-fault party’s insurance, hiring an attorney to help you navigate your legal rights is essential.
Your attorney will go over your rights with you at that time and create a plan for recovery. Contact a Kentucky car accident lawyer at Gary C. Johnson P.S.C. today.