It is true that the limits of an insurance policy can be a significant obstacle when seeking full recovery after a car accident. In California, drivers are only required to have $15,000 of coverage per party that is injured with a total $30,000 per-accident liability for each accident. Even if a driver has more coverage than this minimum, it is not difficult for a serious injury to easily surpass the costs of coverage limits.
While this can be a frustrating situation, the good news is that there is the possibility of getting more than the insurance limit. Read on to learn more about it and then contact The Law Offices of Larry H. Parker at 800-333-0000 for a free legal consultation. We can help you get the damages you need and deserve.
There are five criteria that must be met
In order for the inured party to get payment beyond the policy limit, there are five criteria that must be met. First, the demand must be made in clear and unequivocal terms. Second, all parties who are making damage claims much join together in the settlement demand. Third, all insured parties (both the persons against whom the claims are being made as well as those who have the insurance policies, if different parties) must be released from liability.
Four, the amount that is being demanded must be considered reasonable by the facts of the case. Finally, the insurance company must be given enough time and enough information to properly evaluate the claim. If these elements are met, then the demand has been made properly.
The insurance company has a lot to lose by not paying a fair settlement
The insurance carrier then chose to pay or reject the limits demand. However, if they choose to reject the limits and a jury later hands down a verdict that exceeds the amount requested, then the insurer faces two difficult situations. They must either pay the excess or open themselves up for a “bad faith” claim by the insured.
In most cases, the insurance carrier who is faced with this situation is going to pay the judgement. Otherwise, they are opening themselves up to punitive damages that exceed the judgment amount. The insurance company knows this when they are presented with a claim about the policy limits and as a result may be motivated to seriously consider accepting the claim – if it’s reasonable.
We can help you get the damages you are owed
At The Law Offices of Larry H. Parker, we work tirelessly to ensure that our clients get the compensation they are owed for the damages they have suffered. If you are in the position of having been injured in a car accident and your injuries exceed the policy limits, then you have options. We urge you to reach out to The Law Offices of Larry H. Parker at 800-333-0000 for a free legal consultation today.