If you’ve incurred significant medical bills and other expenses due to a car accident or another type of incident, your losses might exceed the at-fault party’s insurance policy limits. In a situation like this, you might be wondering if you can sue an insurance company for more than the policy limit.
While you won’t be able to sue the insurer for that much compensation, you can file a suit against the at-fault party for the money you need to cover your losses. That said, doing so can be confusing and will require extensive legal knowledge. Fortunately, the team at Vaughan & Vaughan is here to provide the information and advocacy you need to succeed.
What Is an Insurance Policy Limit?
If you’ve never been in an accident before, you might be unfamiliar with the term “policy limit.” An Indiana personal injury lawyer would tell you that the policy limit is the maximum amount of compensation that an individual’s liability insurance plan can pay out to anyone injured by that individual’s negligent actions.
For example, if someone rear-ends you while you’re driving and they have an auto insurance plan that covers up to $50,000 in damages, that’s the highest amount that the insurance company is legally required to pay you for your medical bills and other accident-related expenses.
If you suffer catastrophic injuries in such an incident and require medical care that costs $60,000, the insurer would cover $50,000 of your bills, but you would be left with $10,000 in costs. However, there are other ways you could get that extra $10,000 covered. Let’s discuss how you can recover more than the insurance company’s policy limit.
Suing for More than the Insurance Company’s Policy Limit
While you can’t force the insurance company to provide a payment that exceeds the at-fault party limits, you can file a lawsuit against the at-fault party themselves for as much compensation as you need. The only problem with this method is that the individual you sue might not have the money to cover all your losses.
If you are able to pay enough to compensate for your medical bills and other expenses, suing them is a viable option, but if they don’t, you’ll have to seek compensation another way. Luckily, there are still several other options you can explore.
Recovering Additional Compensation from an Umbrella Policy
While you can’t sue for more than the at-fault driver’s policy limits, you could potentially recover extra compensation from an umbrella policy. Umbrella policies provide extra coverage for accidents that result in losses that exceed the at-fault party’s primary insurance coverage limit.
An experienced attorney can work with the at-fault party’s insurance company to find out if there is an umbrella policy you could recover damages from. If there is such a policy, there’s a good chance you’ll get the extra compensation you need to cover all of your accident-related losses.
Filing Multiple Lawsuits After an Accident Involving Several Parties
If you were involved in a multi-vehicle crash or another incident where two or more parties were at fault, you might be able to file multiple lawsuits. Doing so could significantly increase the amount of compensation you receive, giving you the funds you need to cover all of your losses.
However, filing multiple lawsuits, let alone one suit, can be incredibly difficult. The good news is that working with an experienced law firm can give you access to the resources and legal representatives you need to not only file several civil suits but collect all the damages you need to pay your bills and get your life back on track.
An Attorney Can Help You Recover More than the Insurer’s Policy Limit
If you’ve suffered severe injuries and considerable financial losses in an accident, you’ll need the help of a personal injury attorney to get the compensation you deserve. Not only will hiring an attorney drastically improve your chances of receiving a fair payment, but it will also give you the time you need to focus on your physical recovery and emotional well-being.
Since accidents can lead to serious health conditions and psychological issues, having a dedicated attorney who’s eager to take on every aspect of your case is critical to your physical and mental recovery. An experienced lawyer will also be able to take a hard look at your case and determine all the routes to compensation that are available to you.
Then, they’ll take the actions required to get the most compensation possible for your injuries, medical bills, lost wages, pain and suffering, emotional distress, and any other setbacks you’ve been burdened with. Here’s what an attorney can do to push for the maximize your settlement no matter what the insurance company’s policy limit is:
- Investigate your accident
- Analyze evidence and determine who is at fault
- Calculate how much you’re owed for your economic and non-economic losses
- File an insurance claim and/or umbrella policy claim
- File a lawsuit or multiple suits against the at-fault party(s)
- Fight for the compensation you’re owed in court
- Meet all of Indiana’s filing deadlines and requirements
Don’t Wait to Get Started on Your Personal Injury Case
If you’ve been injured in an accident and your losses exceed the limits of the at-fault party’s insurance policy, you won’t wait to delay legal action. That’s because the state of Indiana has a statute of limitations that restricts the amount of time you have to file a civil suit after an accident.
According to Ind. Code § 34-11-2-4, you have two years from the date of your accident to sue the at-fault party. If you fail to submit a civil suit within this timeframe, you’ll likely be barred from recovering the compensation you need to support your recovery and cover your losses.
Get in Touch With a Personal Injury Attorney Today
Instead of waiting to get started on your case and risking your right to compensation, reach out to an experienced personal injury attorney from Vaughan & Vaughan today. A lawyer from our firm can identify all possible paths to financial recovery and do everything they can to maximize your compensation.
To get started on your case, contact our firm today, and we’ll schedule a free consultation between you and a skilled lawyer. During your meeting, an attorney can answer any questions you have about suing the insurance company for more than the policy limits and determine if you have grounds for a claim.
