Kentucky Personal Injury Attorney Fighting for Settlements for Car Accident Victims
Unfortunately, accidents happen daily.
While most drivers are diligent enough to carry proper insurance, that insurance policy might be limited.
For those involved in an accident, the at-fault driver’s insurance is the party responsible for paying the claim. Not only do you have to fight to get them to take your claim seriously, but then you might deal with the limitations of that policy — severely reducing how much compensation you receive.
The amount of your reasonable injury settlement depends on two factors: first, the nature and extent of your injuries, and second, the amount of insurance in the policy.
The Significance of Your Injuries and Damages
Your damages consist of multiple costs including lost earnings, pain and suffering, and medical expenses. The more serious the injuries, the more likely you are to receive higher compensation. If you cannot work or ever return to work, the compensation will be much higher too.
The Limitations of the Policy
While you have more damages, your settlement might be hindered by the amount of insurance coverage the defendant has on his or her policy.
Insurance companies are only liable for the dollar limit of the policy purchased by the respondent. Therefore, the company has no obligation to pay a catastrophically injured victim large sums of money; especially if the policy limit is low. Kentucky’s minimal limits are $25,000.
For example, you have a reasonable settlement value of $30,000. However, the defendant’s policy only has a maximum compensation of $25,000. Therefore, they will only pay the $25,000 out of your $30,000.
Insurance policies create limitations, and if you are dealing with a private party, you are more likely to have an insurance policy with a low value compared to a store or business with a commercial policy. When there is not enough money to cover the losses, you still have options.
If the amount exceeds the insurance policy by a significant amount, your attorney might seek damages elsewhere.
Assessing the Defendant’s Financial Health
The defendant might have assets or other financial means to pay the remaining balance. So, while his or her insurance covers a portion of your damages, your attorney can seek the remainder from the defendant’s personal assets.
If, however, that defendant has no personal assets, you might be stuck with the limits of his or her policy.
A judgment might be issued against the defendant, and your attorney could potentially seek payments or garnishing the defendant’s wages until that judgment is satisfied. However, it depends on the amount required and the circumstances of the defendant.
To Ensure Maximum Compensation, Speak with a Personal Injury Attorney
Do not worry about the amount or the limitations of a person’s insurance policy. Instead, hire an attorney who will fight aggressively for your right to fair compensation.
Attorney Seth Gladstein knows how to negotiate with insurance companies, but also knows what alternatives are out there for when policies limit how much his clients can receive.
To explore your options and ensure you receive the compensation you deserve, contact Gladstein Law Firm, PLLC now to request a free consultation appointment online.