Are you thinking about filing an auto accident claim against someone whose negligence has led to your injuries? If so, you should familiarize yourself with the term “insurance limits”, since these limits can affect the amount of compensation you can claim. Below, this auto accident attorney in Bartow, Florida is going to explain how insurance limits work, and what impact they can have on your claim.
What are insurance limits?
Every insurance policy has a limit, which is the most money the insurance company will pay in a claim. Florida law requires drivers to carry at least $10,000 in personal injury protection (PIP) coverage and another $10,000 in property damage liability insurance. Surprisingly, drivers in Florida are not required to have bodily injury liability insurance, which leaves many accident victims struggling to pay their medical bills if the at-fault driver has limited coverage.
New York-based Insurance Information Institute (Triple-I) says that some 15.9% of Florida drivers are without insurance, which makes it even harder for accident victims to get the compensation they need after an accident. So, if you were in an accident and your medical bills and lost wages add up to $50,000, but the at-fault driver’s insurance only covers $10,000, you would still be stuck with a $40,000 bill. You might have to pay this remaining amount out of your own pocket or with your health insurance unless you have underinsured motorist coverage on your car insurance.
This is why you must know the other driver’s insurance policy limit. However, getting this information can be difficult because insurance companies don’t always share it easily. A consultation with an experienced auto accident attorney in Bartow, Florida can help you get the information you need.
How do insurance limits affect your compensation?
Insurance limits directly influence how much money you can get after an accident. Even if you can prove that the other driver was at fault, you can only collect up to their policy limit unless they have some personal assets that can cover the difference.
For example, if the other driver’s insurance has a limit of $100,000 but your damages are only $50,000, you should be covered for the full amount. But their insurance company might try to lowball you with an offer like $30,000, hoping you will accept it without realizing you could get more. This is a very common trick used by insurance companies, so it’s important to know what the other driver’s insurance can pay.
How do you even know what the at-fault driver’s insurance limits are?
Figuring out the at-fault driver’s policy limits can be hard because insurance companies don’t always want to share that information. But there are some ways you or your lawyer can find this out.
You can start by asking the at-fault driver directly when you are exchanging information after the accident. Sometimes, their insurance card will include the policy limits. But if that does not work your own insurance company might be able to help you, especially if you filed a claim under your uninsured motorist coverage.
For more complicated cases, your auto accident attorney can send a formal letter to the insurance company requesting a settlement for the full policy limit. If the insurance company does not want to cooperate, a lawsuit can make them disclose their insurance details during the discovery process.
File your car accident claim before the deadline is over.
If you are looking to file an auto accident claim in Florida, just remember that you only have two years from the date of your accident to do so. Waiting too long can make it harder to gather evidence, which could hurt your case.
Filing your claim as quickly as possible after the accident can also help maintain your negotiating power with insurance companies. If you wait too long, they might assume you don’t really want to get paid, so they may not give you a fair settlement. By working with a professional auto accident attorney in Bartow, Florida early on, you can make sure your case is handled efficiently and that your rights are protected from day one.
Looking for an Auto Accident Attorney in Bartow, Florida?
Are you ready to partner with an experienced auto accident attorney in Bartow, Florida who can fight for the compensation you deserve? If so, Tonya Stewart and her legal team at Tonya Stewart Law PA are just a call away. Contact us today at (863) 279-4473 to schedule a free consultation.