What Happens When Car Accident Claim Exceeds Insurance Limits
What happens when a exceeds limits? limits are something many people do not understand when they are purchasing for themselves and filing a claim after an .
When you are purchasing your policy, it may be tempting to save money and only buy what is required by Georgia law. But declining coverage can mean you are left vulnerable after an . Even if you are the most careful driver and an is not your fault, not having uninsured/underinsured motorist and property damage can mean the financial burden of an falls on you. If your injuries are serious, not having enough can be devastating.
At The Graham Firm, we want to equip our Georgia neighbors with information and knowledge, so that they can be legally protected in a situation where an occurs. Today we will review basics, and discuss the unfortunate but all-too-common scenario of the cost of serious injuries exceeding available policy limits.
What Is An Claim?
An claim is a request for financial compensation after an . This can be filed with your own , or another at-fault driver's . Claims can be for car repairs, medical costs, lost wages, and other damages, along with pain and suffering. A claim can escalate into a lawsuit, filed in court if a fair settlement is not reached. It is always best to speak with a before filing a claim. A lawyer can give you valuable advice on what to say, what not to say, and how to preserve critical evidence.
Understanding Limits In Georgia
When you are involved in an or motorcycle that wasn't your fault, the other driver's can pay you for your - and compensate you for your , lost earnings due to being unable to work, and general pain and suffering. How much you can recover will be determined based on your medical bills and how your injuries will affect you - with a catch. Every has coverage limits - which is the maximum amount the will cover for a . When higher levels of are available - for example, a one million dollar - obtaining policy limits can be a satisfactory settlement. When minimum policy limits are available, a policy limits settlement can be frustrating and unfortunate.
In Georgia, every driver is required to have at least a minimum amount of . The minimum limits of required under Georgia law are:
- - $25,000 per person and $50,000 per incident
- - $25,000 per incident.
Any injury beyond a minor strain or sprain can result in financial damages that far exceed these claims. According to Healthcare.gov, the average cost of a 3-day hospital stay is around $30,000. Many people who suffer serious injuries require lengthy hospital stays and ever longer stays in rehabilitation facilities. Injuries that cause permanent physical disability can financially impact you for the rest of your life.
For Georgia attorneys, one of the most heartbreaking scenarios is a catastrophic resulting in devastating injuries or a wrongful death followed by the discovery that minimum - or no - was available. This is essentially a double heartache. The individual or family must endure the major followed by the financial blow of minimal or zero compensation to alleviate medical bills, being unable to work, and loss of future earning capacity and income.
It is possible to file a lawsuit for damages that exceed policy limits, but this is not always successful. If the individual does not have assets or money to compensate you, you may not see a penny. You should speak with your lawyer about your unique and individual situation.
Another scenario to consider is the possibility of having an with a driver with no . According to Bankrate.com, about 12% of Georgia drivers do not have . This means that if you are in a collision with another motorist in Georgia, there is a 12% chance that they will not have any at all. If you and a car full of passengers were injured, this could be devastating physically, mentally, financially, and emotionally.
The Importance Of Having
Although you cannot control who hits you in a , you do have control over the potential financial outcome. Purchasing an uninsured is valuable protection should you be hit by a car by an uninsured/underinsured driver or a hit-and-run. In our opinion, no driver should go without it. If you cannot afford to come out of pocket for medical bills and vehicle replacement, is a must. Additionally, if you have a high net worth, your agent may recommend higher levels of to protect your financial interests. It may be tempting to decline these "premium" options when you are purchasing . However, you should always consider the risks, costs, and benefits of not covering yourself.
When To Contact An Attorney For Help With A
Time is of the essence following a catastrophic and what happens when a exceeds limits can depend on your specific actions after an . After a , motorcycle , truck collision, or other in Georgia, contact a lawyer at The Graham Firm as soon as possible to discuss your legal rights and options to file a claim. Do not accept any compensation offer or denial without first speaking with a qualified and competent Georgia .
How To Find The Right For You and Your Case
Because lawyers handle claims on a contingency fee basis, victims can hire the best representation with no upfront fees or costs. The Graham Firm offers a free consultation to answer your questions. If we represent you, we will only be paid if and when we recover money for you. Contact us today to arrange a case evaluation with one of our lawyers.