Protecting Your Future: Understanding Policy Limits for a Fair Injury Settlement

Don’t Get Shortchanged After an Injury

Imagine this: you’ve been in a serious car accident, suffered injuries, and medical bills are piling up. The law says you are due compensation, but what if the settlement offer covers a fraction of your losses? This is where understanding bodily injury policy limits becomes crucial. It’s not just about legal jargon; it’s about protecting your rights and future.

What are Insurance Policy Limits in Plain English?

The policy limits represents the maximum amount of money an insurance company will pay. In other words, it’s the cap. Whenever you purchase auto insurance, you must choose how much liability insurance coverage you have in case you get into an accident. In New York, policy limits are usually sold in increments (e.g. $25,000, $50,000, $100,000, or $250,000).

What Are the Policy Limits in New York?

New York law requires registered vehicles have a minimum amount of insurance. If you do not maintain this minimum coverage, the DMV can suspend your vehicle registration and your driver license. Let’s look at what the liability minimums are New York:

  • $10,000 for property damage for a single accident
  • $25,000/ $50,000 for bodily injury
  • $50,000 for no-fault benefits

Since this is the minimum required by law, some vehicle owners choose to purchase more insurance, which increases their limits and protects them with more money. Keep in mind that there are different types of coverages required in New York. New York is a no-fault state which requires PIP insurance in addition to liability insurance. Contacting an injury lawyer or a qualified insurance expert is advisable if you have insurance related questions.

How Do You Find The Policy Limits?

Finding the policy limits on your own vehicle is easy. You can ask your insurance company for a document called the insurance declarations page (“dec page”). This is usually a one page document summarizing your coverage. Getting the at fault driver’s policy limits is a bit trickier. Best practice is to send a letter certified mail requesting the limits writing and a copy of the dec page. Section 3420 of New York’s Insurance Law requires insurance companies to disclose the liability limits when this information is requested in writing. Injury law firms send a letter requesting this information as soon as they get hired as part of the investigation process. An insurance company may be emboldened to ignore this request from someone not represented by a lawyer.

Why Policy Limits Matter in Your Injury Case

Knowing the policy limits of the at-fault party directly impacts your settlement value. How? With rare exceptions, the policy limits will represent the most amount of money you get for your injuries. If the value of your case exceeds the policy limits, then you will not receive full compensation and the insurance company should settle the case right away. Additionally:

  • Understanding policy limits helps set realistic expectations for your settlement.
  • It empowers you to negotiate effectively with the insurance company.
  • It ensures you receive fair compensation for your losses.

How Much is My Case Worth? Decoding the Settlement Puzzle

Determining the value of your injury case involves various factors, including:

  • Severity of your injuries: The nature and extent of your medical needs.
  • Economic injuries: Medical bills, loss of income or earning potential impacted by the injury.
  • Pain and suffering: The emotional and physical toll of the accident.
  • Policy limits: The maximum payout available from the at-fault party’s insurance.

Consulting an experienced Buffalo injury lawyer is crucial. They can:

  • Investigate the accident: Gather evidence and determine fault.
  • Assess your damages: Calculate the full scope of your economic losses, and pain and suffering.
  • Analyze policy limits: Understand the at-fault party’s insurance coverage and limitations.
  • Negotiate a fair settlement: Fight for compensation that covers your current and future needs.

Fight for Full and Fair Settlements with The Buffalo Injury Law Firm

Car crashes can be life-altering, both physically and financially. Don’t navigate the complexities of insurance policies and settlements alone. The Buffalo Injury Law Firm is here to help. We understand the importance of policy limits and how they impact your case.

Our team of experienced and compassionate lawyers will:

  • Provide a free consultation: Discuss your case, review your options, and explain policy limits in detail.
  • Aggressively investigate your accident: Uncover all the facts and hold the responsible party accountable.
  • Fight for maximum compensation: Negotiate a settlement that reflects the full value of your case.
  • Guide you through every step of the process: Offer personalized support and ensure you understand your rights throughout the journey.

Contact The Buffalo Injury Law Firm today for a free consultation and take control of your future. Remember, you deserve fair compensation for your injuries. We’re here for you!