What are Other Sources of Compensation Beyond Car Insurance Policy Limits?
Insurance claims can help you recover compensation to cover medical cost and repair cost in Kentucky. Your recovery can depend on the insurance coverage. Typically, this seek compensation is available from car insurance company for the at-fault driver. An attorney can handle disputes on liability. Also, they can communicate with an insurance company about the amount it should pay. A great attorney can stand up to established insurance providers. They will demand that you get a fair settlement. But what if your medical bills exceed the liability insurance policy limit of the at-fault driver? You can learn more about this below:
Understanding Insurance Policy Limits
Insurance policies are binding agreements. A policyholder pays premiums while their provider takes financial responsibility for injuries and losses caused. An insurance policy gives details on the coverage available and the amount it will pay.
Car liability insurance will pay a maximum of $25, 000 for medical expenses in Kentucky. In general, insurers do not pay the full amount of settlement a claim demands. Also, you may get less than the average payouts if you navigate the insurance claim process without an attorney. A lawyer can explore other sources of compensation for car accident-related losses with you.
What If Your Claim is More than the Limit of the Insurance Policy?
After you have recovered maximum compensation from the liability policy of the at-fault driver, you can tap other sources of compensation. These include the following:
- Underinsured motorist insurance. This insurance is designed to some protection if the insurance of the at-fault driver is not enough to cover your losses.
- Additional defendants. Your attorney may identify other parties who share responsibility for the accident. The employer of the at-fault driver can also be held liable for your losses. This can apply if the driver caused the accident while on the clock.
- Personal assets. The other motorist may use their personal assets to pay for your losses.
- Trial verdict. A successful car accident lawsuit can get you a trial verdict in your favor. The court might order the seizure of the at-fault driver’s property. Also, a judge may enter a judgment lien.
- Bad faith lawsuit. Your attorney can sue an insurance company for bad faith tactics. This is possible if an insurer refuses to pay you an amount within the other driver’s policy limits. The insurance company may have violated its contract’s terms to protect its policyholder.
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