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What Happens When Car Accident Claim Exceeds Insurance Limits?

Car insurance usually covers the costs of car accidents, but sometimes the expenses can exceeds the insurance limits. This usually happens when there is a clear proof of serious injuries and big losses. It’s not very common, but it can happen.

On average, car insurance in the United States costs around $1,982 each year. Most people find this amount reasonable to make sure they’re protected in case of a car accident.

Our personal injury lawyer in Chicago might be able to assist you in getting fair compensation, depending on what happened in your situation.

What Happens When Car Accident Claim Exceeds Insurance Limits?

If the costs of a car accident claim exceeds your insurance limits, you might need to pay the extra expenses yourself. This doesn’t happen a lot, but when it does, it’s because the injuries or losses are really serious.

So, if your car accident claim is more than what your insurance can pay, you could be responsible for the additional money. It’s essential to have enough insurance to cover potential costs and avoid ending up with unexpected bills if something goes wrong on the road.

How Do I Get Compensation Above Insurance Limit?

Usually, lawyers have four ways to help their clients get more money than what’s in their insurance policy. But it’s important to know that this doesn’t often happen because insurance companies don’t usually agree to pay more than what the policy says it’s value.
  1. Negotiate with the At-Fault Party: Try to negotiate directly with the person responsible for the accident or their insurance company. They might agree to pay more voluntarily.
  2. File a Lawsuit: If negotiations don’t work, you can file a lawsuit against the at-fault party. This involves taking legal action, and it’s recommended to consult with an attorney to guide you through the process.
  3. Personal Assets of the At-Fault Party: If you win a lawsuit and the at-fault party has personal assets, the court may order them to use their assets to compensate you.
  4. Underinsured Motorist Coverage: Check if you have underinsured motorist coverage in your own insurance policy. This coverage may help fill the gap if the at-fault party’s insurance is insufficient.

Car Accident Claim

What Are The Chances of an Accident Claim Exceeding Insurance Limits?

The chances of an accident claim exceeds insurance limit is very less, but it can happen. It depends on how serious the injuries or damages are. Most of the time, insurance is enough to pay for the costs of a regular accident, like fixing your car or covering medical bills. But if the accident is really bad, and the expenses are more than your insurance can handle, then there’s a chance you might need to pay some of the extra money yourself.

It’s important to have good insurance to make sure you’re protected. This way, even if the chances are low, you won’t have to worry about unexpected bills if something big happens on the road. Always check your insurance policy to understand what it covers and consider getting enough coverage to match the potential costs of serious accidents.

What Car Accident Injuries Can Exceeds The Insurance Claim Limit?

Certain injuries might get more money than what the insurance normally pays. This includes:

  1. Severe Injuries: If someone in the car accident suffers from serious injuries like traumatic brain injury, spinal cord damage, multiple fractures, loss of body parts, or severe burns, the medical expenses can quickly surpass the insurance claim limit.
  2. Extensive Medical Treatment: In some cases, the injured person might need prolonged and costly medical treatments such as surgeries, rehabilitation, and ongoing therapies for injuries, loss of body parts, or burns, exceeding the insurance coverage.
  3. Long-Term Care Needs: If the accident leads to a condition requiring long-term care, like permanent disability, the need for a nurse, or ongoing support due to the loss of body parts or burns, the costs can escalate beyond what the insurance covers.

What Is The Maximum Amount Of Claim That Can Be Received On Car Insurance?

The most money you can get from car insurance depends on the kind of coverage you have. Different parts of the insurance policy might have their own limits. For example, there are limits for how much the insurance pays if you damage someone else’s property or if you get hurt. Also, if your own car is damaged, the insurance will pay up to a certain amount, minus what you need to pay (called the deductible). It’s important to check your insurance policy to know exactly how much is the most you can get.

Talk To Our Lawyers About Your Case

If you’re in a car accident in Chicago and claim exceeds the insurance limit , you might have to pay the extra money yourself. It can be a bit scary, but we hope this message has given you ideas on how to handle the expenses.

Make sure to talk to our car accident lawyer who knows everything about these type of cases. They can guide you on what to do and help you get the money you should get. Contact us now at (312) 598-0917.

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