Being involved in an auto accident can lead to physical, emotional, and financial distress. When these incidents occur, individuals expect their insurance policies to cover the costs of damages and injuries. However, in some cases, damages may be more than the insurance coverage allows.
A free consultation with an experienced Milwaukee car accident attorney helps outline various options if your car crash settlement exceeds policy limits so you can still recover the compensation you deserve.
Insurance Policy Limits and Settlements in Milwaukee
Insurance policies come with specified coverage limits, representing the maximum amount the insurer is obligated to pay out in the event of an accident. These limits are agreed upon between the policyholder and the provider when the policy is purchased. The purpose of policy limits is to establish a clear boundary for the insurance company's financial responsibility.
In most cases, auto accident settlements don’t extend beyond the allotted insurance coverage. However, if damages surpass the policy limits, the insurance company only pays what’s outlined in the policy coverage, leaving the policyholder responsible for any additional costs. This is a common scenario, as insurers aren’t obligated to pay more than the predetermined limits
What to Do When Auto Accident Settlements Exceed Policy Limits
Although car accident settlements usually aren’t greater than the policy coverage, there are situations when costs quickly escalate beyond the limits. They often involve severe auto accidents resulting in catastrophic injuries, substantial medical bills, and extensive damages.
If you or a loved one requires additional compensation to account for the severity of your incident, it’s vital to use legal action against the at-fault driver or another entity. To navigate this complex process, an experienced car accident lawyer is a must for securing a fair settlement.
Common Reasons for Auto Accident Victims to Require Additional Restitution
Here are some of the most common reasons car accident victims require additional restitution beyond insurance coverage limits:
- Severe Injuries and Medical Costs. If an accident results in devastating injuries that require long-term medical treatment, rehabilitation, and ongoing care, medical expenses can quickly surpass the insurance policy limits. In such cases, you may need more comprehensive financial assistance to cover both current and future medical needs.
- Loss of Income. Pursuing additional compensation can help recover the income you would have earned had the accident not occurred.
- Pain and Suffering. Non-economic damages such as pain, suffering, emotional distress, and reduced quality of life aren’t always adequately covered by insurance policies. Pursuing a lawsuit can help you receive compensation for these intangible damages.
- Permanent Disabilities. If the auto accident results in permanent disabilities that impact your ability to work or enjoy life as before, additional compensation is crucial to ensure a reasonable quality of life.
How Our Skilled Milwaukee Auto Accident Attorney Can Help
Enlisting the services of a skilled Milwaukee car accident lawyer is crucial when pursuing additional compensation beyond policy limits. Since they specialize in these cases, they have the expertise to help you build a strong case for rightful compensation. Here’s how the process generally works:
- Case Evaluation. An attorney evaluates all details of your auto accident case, including the extent and valuation of damages, insurance policy limits, and the potential for pursuing a lawsuit.
- Negotiation. Before taking a case to court, a car accident lawyer first attempts to negotiate with the at-fault driver's insurance company to reach a fair settlement that covers any necessary additional compensation. Many car accident cases are resolved at this stage.
- Filing a Lawsuit. If negotiations with the insurer are unsuccessful, your lawyer may file a lawsuit against the at-fault driver. This legal process involves collecting evidence, interviewing witnesses, and building a strong case to present in court.
- Trial. If the case goes to trial, your legal team presents the evidence and arguments to a judge or jury. The outcome of the trial determines whether you receive an award of additional compensation beyond policy limits.
Contact Our Car Accident Lawyer in Milwaukee for a Free Consult
If you were injured in a car accident and your claim exceeds the insurance policy limits, contact our skilled personal injury law firm in Milwaukee, WI.
We offer a complimentary consultation to review your case without any obligations. To schedule a confidential appointment, please fill out our convenient contact form or call us at 800-800-5678.