The aftermath of a car accident can be a stressful and overwhelming experience, filled with uncertainty about injuries, recovery, and financial implications. You may be worried about how you are going to pay your medical bills or if you will have the ability to pay for the physical therapy and time off work that you will need to recover.
Sometimes, injured parties find that their insurance coverage is limited and does not meet all of their needs.
If you find that your car accident claim exceeds insurance limits, there are a few choices for you. If you need help with your car accident claim, be sure to reach out to our Long Island car accident lawyer. We can schedule a free case review with you and discuss your options.
Insurance Liability Coverage in New York State
In New York State, it is mandatory to have automobile liability insurance coverage to register a vehicle. Failing to maintain insurance can result in suspending both your vehicle registration and driver’s license. Under the New York State Insurance Requirements, you must have the following minimum liability coverage:
- Property Damage: $10,000 per accident
- Bodily Injury: $25,000 per person / $50,000 per accident
Your coverage must be maintained throughout the validity of the vehicle registration, even if you do not use it. When operating your vehicle in New York, you are required to have your paper insurance ID card or be able to show your insurance ID card on an electronic device. This documentation can be requested by law enforcement and is required to demonstrate proof of insurance.
Car Insurance Policy Limits
A policy limit is the maximum amount that your car insurance company will pay out after an accident. Most policies have separate limits for bodily injury and property damage. There can also be separate limits for one injured person and two or more people injured.
New York is a no fault insurance state, which means that your PIP insurance covers your own losses and injuries up to the policy limit in an accident, regardless of who is at fault.
Once the limit is reached, the insurance company will no longer cover any additional costs related to the claim. The at-fault party may be responsible for paying any remaining expenses that exceed the policy limit. This could include medical bills, lost wages, and property damage, such as car repairs.
In some cases, you may be able to file a lawsuit against the at-fault driver to seek additional compensation if your medical bills exceed policy limits. However, this requires proving that the driver was negligent and that your damages exceed New York’s Serious Injury Threshold.
Contact our lawyers if you need help determining how often auto accident settlements exceed the policy limits.
Underinsured or Uninsured Motorists
If you were in an accident with an underinsured/uninsured motorist (UIM), your best chance at recovering your losses may lie in filing a lawsuit. However, if you previously had opted to get UIM coverage and/or supplementary uninsured/underinsured motorist (SUM) coverage, you will likely be able to reclaim some of your losses.
This specific type of coverage is designed to cover the gap between the at-fault driver’s liability coverage and the amount of damages you incur. Your UIM coverage has its own limits, which are typically separate from regular liability coverage.
You may be able to stack your UIM coverage, combining the coverage from the at-fault underinsured driver with your policy to increase the total amount available to you. Without this coverage, or even with it, you may wish to consider filing a lawsuit against the at-fault driver, which may grant you the compensation you deserve to recover from your injuries.
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Why Choose Levine And Wiss for Your Car Accident Case
At Levine And Wiss, we are passionate about providing strong support and compassionate counsel to victims of personal injury. We want to equip you with the knowledge and resources you need to begin on your path to recovery.
We understand the challenges you may be facing and are committed to providing personalized guidance and support throughout your case. Our attorneys bring over 100 years of combined experience helping clients regain their lives and dignity after an accident.
Having that level of knowledge and experience in personal injury lawsuits helps us know how to create strategies that are designed to maximize compensation for a successful recovery. We are also local New Yorkers, having worked within the New York legal system, and understand how to best position a case for optimal results.
New York Statute of Limitations for Personal Injury Claims
The statute of limitations sets a deadline for filing a claim or a personal injury lawsuit. In New York, this deadline can be confusing, so it is crucial to act promptly.
Personal injury claims generally have a three-year time limit, but exceptions may apply. Contact our car accident lawyers as soon as possible to discuss your case. We can help you determine how the statute of limitations applies to your case and guide you through the legal process.
Contact Us Today for Assistance With Your Car Accident Claim
If you are asking, “what if a car accident claim exceeds insurance limits?” The best place to start is to contact a car accident lawyer to discuss your legal options. Levine And Wiss offers a no-obligation, free, confidential case consultation where you can ask questions like these and receive strategic advice based on your specific case.
Contact us today to learn what your next steps could be after learning that your car accident claim exceeds insurance limits.
