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What if Your Car Accident Claim Exceeds Insurance Policy Limits

September 18, 2023

If you are in a car accident that someone else causes, you expect their car insurance to cover your losses. Most of the time, that is the case. However, insurance companies only pay out up to the maximum amount of coverage listed on the policy itself. So what if your car accident claim exceeds insurance policy limits, then? What happens to the money you are owed?

At Salango Law, PLLC, our team recognizes how disconcerting this can be. Our Charleston car accident attorneys in West Virginia can provide you with a free consultation to discuss your specific needs and case details.

When You Are Owed More

You did not cause the accidents and losses you have, so it makes sense that you will want to pursue financial compensation for anything owed to you. You can do so. The first step is to seek damages from the insurance company and to maximize any claims possible. Then, you have several options.

Umbrella Coverage

Some drivers have umbrella coverage in place. This could be on this vehicle or another asset. This type of coverage extends their liability coverage above and beyond what is listed on their first auto insurance policy, and that means you have access to better options and financial access in many situations.

Not all people have umbrella insurance, as it is not typically a requirement. However, your attorneys can help you find out if that type of coverage may be available.

Filing a Lawsuit

In addition to this, you can file a lawsuit against the responsible party and allow the court to award you benefits from that individual. For example, they may have to pay out-of-pocket for your losses, even if that means liquidating some of the assets.

In a lawsuit, it is possible to have a judge or jury rule that you are owed more compensation than what the insurance company has in place. However, there are limitations on this. First, the insurance company itself is never obligated to pay more than the coverage limit. The excess verdict will come from the individual.

There are certain types of property considered exempt from claims like this. For example, the primary home where the driver lives is not likely to be confiscated to repay this claim. It also does not typically cover any access to a primary vehicle. However, if the at-fault driver owns numerous vehicles or a vacation home, then they may lose some of those assets to pay back the funds owed to you.

Set Up a Consultation with Our Car Accident Attorneys to Learn More About Your Options

At Salango Law, PLLC, we know what is on the line and how much financial strife accidents like this can cause. That is why we work closely with our clients to maximize their compensation. Set up a consultation with us. Let us explore the legal options if your car accident claim is more than the insurance coverage on a car.

You can get a free consultation by calling our office today.