If you were injured in a car accident, one of the most important questions that must be answered is what are the insurance limits for the policy that will cover your damages. You have the right to recover compensation for your medical expenses, lost wages, and pain and suffering, but policy limits often limit your compensation. An experienced San Antonio car accident attorney can explain policy limits and how they might affect your compensation.
What Are Policy Limits?
Every insurance policy sets upper limits on the amount of money it will pay for a claim that falls under the policy. This is the maximum amount the insurance company will pay to resolve a claim.
What Are Texas Car Insurance Policy Limits?
In Texas, all motorists must have a minimum amount of liability insurance that covers the damages they cause in a car crash. These minimum limits include:
- $30,000 in bodily injury coverage per person
- $60,000 in bodily injury coverage per accident
- $25,000 in property damage coverage
Many people purchase insurance above the legally required minimum amounts. Having more insurance helps protect their personal assets if they are involved in an accident that falls under the coverage of the policy. Insurance companies can decide how much insurance to offer a person based on their particular level of risk.
How Do Insurance Policy Limits Affect Car Accident Claims?
Insurance companies will generally not settle a case for more than the policy limits. Under the terms of their contract with the insured, they are only contractually obligated to settle claims up to the amount of the applicable policy. This could leave you without the necessary funds to pay all your medical bills and other damages if you rely only on the insurance coverage. Even if your damages don’t exceed the insurance policy limits, the insurance company may try to settle your San Antonio personal injury claim at a percentage of the policy limit.
What If My Damages Exceed Insurance Policy Limits?
In some cases, car accident victims may suffer serious injuries and have damages that exceed the at-fault party’s liability limits. In this situation, you may have several options, including:
- Filing a claim with your own underinsured motorist (UIM) coverage for the difference between your damages and the at-fault party’s liability insurance, up to your policy limits
- Filing a claim under your medical payments coverage or personal injury protection coverage, if you have them
- Filing a claim against other negligent motorists’ liability insurance policies, if applicable
- Filing a lawsuit against the at-fault party for the full extent of your damages
- Collecting compensation under an umbrella policy
An experienced San Antonio truck accident attorney can help determine the options available for your particular case.
Contact Our Car Accident Lawyers Today for Legal Guidance
At George Salinas Injury Lawyers, we can review your case, identify all applicable insurance coverage, and consult you on your legal options. We understand navigating complex insurance policies can be difficult, so we do this legwork for you so you can focus on your recovery. Learn more about your options when you call us for a free consultation. Bottom of Form