Car Accident Lawyer: Understanding Recovery
What is a policy limit?
When you are involved in a car accident, the insurance companies involved have policy limits on what they will pay out in a certain instance. For example, if a driver hits you and you suffer severe injuries, a question that often arises is “who is paying for my injuries?” The person’s insurance will cover up to the policy limit amount. The rest falls on the driver of the vehicle.
So to continue this example, assume that the policy limit for the driver who hit you was only $10,000 and assume that you have $50,000 in damages. That means that the insurance company will pay out $10,000 and the remainder of the damages you have to get from the driver of the vehicle. If you have questions about your policy limit, you should speak to a car accident lawyer today.
Understand that when you see a car accident lawyer say, “I obtained a $7 million dollar verdict” that in order for that verdict to be an actual “I’m taking home millions of dollars” amount, that there are very specific factors that must be satisfied.
For example, if the policy limit is only $100,000 and the driver who hit them doesn’t have millions, there is no way that the person will be taking home even close to $7 million dollars. In order to actually take home that kind of money, the driver must actually have policy limits to reach into the millions (e.g. a commercial vehicle), the driver’s own insurance limits reach into the millions, or the driver themselves have millions in their own account to cover the amount in damage.
Bad Luck in Accidents:
Florida law can be incredibly unfair and luck based in a number of ways. For example, let’s assume a driver runs into your car, causing devastating injuries (e.g. paralysis). Now assume that the other driver doesn’t have bodily injury coverage. Assume the other driver has no money in his account and is living paycheck to paycheck. Unless you have uninsured motorist coverage, or have proper coverage yourself, then you can be responsible for your expenses. Despite the accident not being your fault and despite your severe injuries, you will still be responsible for any expenses.
If you have a question about your policy limits talk to a Car Accident Lawyer today. Orlando Law Firm to handle your car accident case. 407-930-8912.