The short answer is yes. While insurance companies typically do not offer a settlement that exceeds the coverage they provide, there are certain exceptions that allow a car accident settlement to exceed the policy limits. These exceptions include situations where the at-fault driver was underinsured or uninsured, if multiple policies were involved in the accident, or if additional damages can be demonstrated.
Seeking auto accident settlements that exceed the insurance policy limits can be complex, especially for people with no legal experience. You may need to a car accident claim with multiple liability insurance providers or take your case to trial. You may find this process easier with the help of a personal injury lawyer from The Kryder Group, LLC Accident and Injury Lawyers who has handled cases like yours before.
How Often Do Auto Accident Settlements Exceed the Policy Limits?
It is rare, but there could be a case where auto accident settlements exceed the policy limits. This might happen if there are multiple insurance policies involved or if a jury requires a defendant to pay more than what their insurance policy covers. It is important to note; however, that most personal injury cases never go to trial and are settled out of court. This means the amount of your settlement may be at or below the policy limits.
Get Help from Experienced Auto Accident Attorneys
The best way to maximize a car accident settlement is to hire an experienced attorney who can identify all potential sources of compensation and get you the maximum amount possible. An experienced attorney can also help you negotiate with the insurance companies and make sure that your rights are protected. The Kryder Group, LLC Accident and Injury Lawyers has a team of experienced car crash attorneys who will fight to maximize the value of your case.
Maximizing the Value of Your Case Beyond the Insurance Policy Limits
If the at-fault party had no insurance or not enough insurance to cover your losses, you may be able to pursue a personal injury lawsuit against them. Your attorney will help you identify all sources of compensation available and work to maximize the value of your case beyond the policy limits. They also have extensive experience dealing with large insurers who often use tactics to minimize their responsibility and payments due. The Kryder Group, LLC Accident and Injury Lawyers will fight to ensure you receive full compensation for your losses.
Identifying Other Liable Parties
You may also be able to pursue legal action against other parties who had a role in causing the accident, such as vehicle manufacturers or the municipality responsible for maintaining roads. Again, an experienced attorney can help you identify all potential sources of compensation and work to maximize the value of your case.
What Injuries Are Most Likely to Exceed Insurance Limits?
Catastrophic injuries that may require long-term medical care or have a significant impact on an individual’s ability to work can often exceed the policy limits of the insurance coverage. Examples of these types of serious injuries include traumatic brain injuries, spinal cord injuries, and paralysis. Accidents involving multiple vehicles can also exceed policy limits when the damages are significant.
When Bills Exceed Liability Insurance Policy Limits
For example, if the at-fault driver has a basic liability policy with limits of $25,000 and the injured party has suffered $50,000 in medical bills and lost wages, the damages exceed the insurance limits. The injured party would seek the maximum compensation available from the other driver’s insurance company, then would need to pursue legal action against other liable parties or seek an underinsured motorist insurance claim from their own insurance company.
It’s important to understand that there is no guarantee that your case will exceed the insurance policy limits when pursuing a car accident settlement. However, an experienced attorney can help you identify all potential sources of compensation and work to maximize the value of your case. The Kryder Group, LLC Accident and Injury Lawyers has a team of experienced car crash attorneys who can fight for you to ensure that you are fully compensated for your losses.
What Happens if Medical Bills Exceed Policy Limits?
If your medical costs exceed the at-fault driver’s insurance policy limits, your personal injury attorney may be able to help you seek additional compensation through a lawsuit or an uninsured/underinsured motorist claim. Uninsured or underinsured motorist coverage from your own insurance policy may help cover your medical bills if the at-fault driver does not have enough insurance to cover your losses.
The Kryder Group, LLC Accident and Injury Lawyers can help you explore all of these options and get you the compensation that you deserve. We understand how difficult for accident victims to recover after car accidents, and we are here to help you through the process.
What Are the Minimum Amounts of Auto Insurance Required by Illinois Law?
Illinois requires drivers to purchase auto insurance to pay for damages resulting from an accident that they cause. This insurance must meet minimum requirements set by the state. According to the Illinois Secretary of State, the required minimum liability insurance coverage amount is:
- $25,000 for bodily injury or death of one person in an accident
- $50,000 for bodily injury or death of more than one person in an accident
- $20,000 for damage to the property of another person
Does Illinois Require Uninsured Motorist Coverage?
Yes. In Illinois, all auto insurance policies must include at least $25,000 in uninsured motorist coverage. This coverage pays for medical expenses, bills and other damages if the at-fault driver is uninsured.
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