Posted in Blog on June 30, 2021
How Often Does Auto Accident Settlements Exceeding the Negotiated Settlement Amount?
If you have been injured in an accident that was not your fault, and you are wondering how often do auto accident settlements exceed the policy limits in Colorado? You may have already discovered that the answer is “all the time.” When you have been injured and seek a settlement from the other party’s insurance carrier, your claim will rarely be approved without seeking a Denver accident attorney’s assistance. Very few insurance carriers have lawyers who work on contingency fees – meaning they only receive payment when a settlement is reached. If you don’t have a lawyer to represent you, your insurance carrier may not be willing to settle your case, even if it means pursuing collections against you for the remaining balance.
How often do car accident lawsuits exceed the policy limits? One of the most common reasons is that the other driver does not have enough coverage. Even if the Denver medical claims adjuster tells you that your claim is likely to be approved, your insurance carrier may decide to deny the settlement if it is not your fault because it considers your share an “extra” expense. Without adequate medical coverage, you will be unable to afford the high cost of a Denver car accident attorney. In addition, your medical bills will quickly add up, and you will be responsible for any damages you suffer without adequate protection.
Another reason that car accident lawyers find themselves faced with making settlements beyond the policy limits is that they may have difficulty finding an at-fault driver to sign on their behalf. For example, if you have been in a wreck that was your fault, you probably have a great deal of damage to your car or injuries to your passengers. Yet, you may have little information to present to the other driver at the crash scene, and it may be difficult to get your claim approved by your insurance company. This is why most car accident lawyers will agree to take the case on contingency only to get paid if they win the lawsuit, so you don’t have to worry about losing the money you are paying them.
It is common for your insurance company to deny your claim. You can expect this because your case is considered “untimely.” Timely claims involve injuries to a person, or property, within a set time period, such as within one year of the date of the crash. You can also expect your car accident lawyer to fight vigorously to have your claim approved. In fact, it is even possible for your lawyer to file to have your claim rejected by your insurance company if it has grounds.
You can improve your chance of getting approved for a settlement by preparing your own accident report. When your Denver car accident lawyer prepares your claim, they will collect all of the information about the crash. They will also speak with any witnesses who were involved in the crash. After you file your claim, you should expect your insurance company to pay you within twenty-four hours if they accept your claim.
If you are not accepted the first time, you might wonder how often auto accident cases exceed the agreed settlement amount. Sometimes your case is rejected, and then you try again. But you should know that it is usually difficult to get approval even after spending many hours speaking to your Denver car accident attorney. You may have to hire another Denver car accident lawyer. If you are still not approved, then your next step is to ask for a settlement outside of court. This can be especially true in the case of injuries to a third party.
If you are involved in a traffic accident where the other driver was uninsured, then you may be able to get compensation for your injuries. This may help you to repair some of your medical bills. The amount of the settlement will depend on the Denver car accident lawyer’s calculation of the actual damage done to your vehicle, as well as your injuries. If this accident has left you unable to work, your auto accident settlement will also include your lost wages.
How often do auto accident cases exceed the negotiated settlement? In Denver car accident cases, the victim’s insurance carrier or insurance agent will often pay the expenses. Sometimes the victim will file a lawsuit against the at-fault driver, but then the insurance company will use their funds to settle the case. The insurance company will settle the case because they want to avoid paying personal injury damages and avoid further lawsuits from the victim.
A good personal injury lawyer in Colorado will be able to help you with your case, so get one today.