Being in a car accident is stressful, but it becomes even more complicated when the at-fault driver lacks enough insurance to pay for the damages. Medical bills, car repairs, and lost wages can accumulate quickly, and you may be wondering how to recover your losses. Learning about your options can enable you to follow the proper steps and make sure you receive the compensation you need.
When the At-Fault Driver’s Insurance Falls Short?
New York requires all drivers to carry at least a certain amount of liability insurance. These limits may not be enough to cover all expenses in a severe accident. If the at-fault driver’s policy is exhausted before all bills are paid, you could be stuck holding unpaid medical bills and repair bills. This condition is called underinsurance.
For instance, New York requires minimum liability coverage for bodily injury of $25,000 per person and $50,000 per accident. If your medical bills are $100,000 and the at-fault driver’s coverage only pays $25,000, you still owe $75,000. Without further coverage or litigation, you might need to pay that difference yourself.
Schedule your consultation today. A car accident lawyer can be the difference when you are subjected to this type of financial burden. Our trained professionals can examine your case, discuss your choices, and work with you to secure the compensation that is rightfully yours.
How Can You Cover the Remaining Costs?
If the at-fault driver’s insurance won’t cover your losses, there are a few different paths you can take to retrieve the rest. One popular fix is uninsured/underinsured motorist (UM/UIM) insurance. If you have this coverage on your policy, your insurance company can cover additional costs that the other driver’s insurance does not pay.
Another way to recover these expenses is by filing a personal injury lawsuit against the at-fault driver. You can sue them for personal assets if the driver has them and recover more that way. But the reality is that many underinsured drivers cannot cover a significant settlement, which is why exhausting all potential avenues of insurance coverage is important.
Insurance companies often try to underplay your claim, which can make your experience challenging. If you’re not sure about your rights or need help negotiating, contact us today. Our legal team is ready to help you navigate the process and fight for fair compensation.
The True Cost of an Underinsured Driver
When necessary coverage isn’t purchased by an at-fault driver, the steep price of car accidents can be an extremely expensive affair. Medical treatment alone can cost from a few thousand dollars to hundreds of thousands of dollars for surgeries, rehabilitation, and long-term care. On average, repairs to a vehicle can range from $5,000 to $20,000, depending on the damage done. If your injuries are keeping you from working, lost wages can be another large financial burden.
An example is a serious accident that causes a spinal injury — the total cost to treat the injury, lost income, and other damages can all easily exceed $500,000. If the at-fault driver’s policy only covers $50,000. You are left with the rest of the expenses unless you sue or have complete insurance coverage.
If the financial burdens of a car accident are weighing you down, we can help. Check out our car accident lawyer, and let us know how we can help you!
Take Action to Protect Your Future
If you’ve been involved in an accident with an underinsured driver, you don’t have to take on the difficulties alone. Knowing your insurance policy, understanding your legal rights, and doing the right things can also help you recover financially. A lawyer can also make certain that you are exploring every avenue to secure full compensation.
The Law Office of Olena Manilich has the experience and dedication that you want in a team to tackle these types of complex cases. Contact us today, and we will get you in for a consultation as soon as possible so that you can finally get the compensation you deserve!
