The purpose of insurance is to ensure that an individual has the financial means to pay for another person’s expenses in the aftermath of a preventable accident, such as a car crash. Yet, in many cases, insurance policies reach their limits before a victim’s costs are fully met. If an insurance claim settlement does not cover all of your expenses, additional recovery options may be possible. As your Laredo injury lawyers, we will help you recover all possible damages.
Understanding Liability Insurance in Texas
If you get into a motor vehicle accident in Texas, the at-fault party can be held liable, or financially responsible, for your medical bills and property damage. Under Texas’s fault-based insurance rule, if you can prove that the other driver is at fault, you can qualify for financial benefits. All drivers in Texas are required to carry automobile insurance or proof of financial responsibility.
In a personal injury case involving a dangerous premises, such as a slip and fall accident, financial recovery options may include a homeowner’s, renter’s, or commercial insurance policy. If the injury occurred due to a healthcare professional’s mistake, the hospital or doctor’s malpractice insurance should cover the damages.
All insurance policies have limits, or maximum amounts that are available when a claim is filed. Policy limits ensure that insurance companies can price their policies based on their risk of financial losses. The higher the amount of the insurance premium, the higher the policy limit will be.
Other Options for Financial Coverage After an Accident
If you reach a policy limit but still have medical costs and expenses related to your injuries, you may be able to file an additional claim for supplemental coverage. Your options may include:
First-party insurance. If you have the right type of insurance yourself, such as an auto insurance policy or health insurance, you may be able to file a claim with your provider for supplemental coverage.
Suing the at-fault party. Another option for additional compensation could be filing a lawsuit against the individual or entity that caused your injury. A lawsuit could result in a judgment award that exceeds insurance policy limits.
A third-party claim. Some accidents are caused by a combination of factors and multiple parties; for example, a negligent driver may cause a car accident, but a defective airbag could cause more serious injuries. If an investigation determines that more than one party is at fault, you may qualify for compensation from multiple insurance policies.
The amount of compensation available during your Laredo car accident case will depend on the terms of the other party’s policy, the number of defendants, and the cause of the accident.
What to Do if You Settled for Less Than You Need
Best practice during a personal injury case is to hire an attorney from the very beginning. A personal injury lawyer can help you avoid accepting a lowball settlement that restricts your financial recovery. If you’ve already accepted a settlement and discovered that your injuries cost more than anticipated, a lawyer can help you explore your other options.
Your attorney may be able to challenge the “release of liability waiver” that you signed to reopen your case. If this isn’t possible, your lawyer could potentially bring a lawsuit against the defendant, sue a third party or pursue supplemental coverage from your insurer to help you get the case results you need. Discuss all of your recovery options with an attorney at Gonzalez Druker Law Firm for more information.