Insurance is a fixture of our modern lives. Most residents of Missouri and elsewhere pay multiple monthly premiums for all required insurance, including liability coverage for car accidents and private property liability insurance. Many residents also carry commercial liability property insurance for businesses, stores, or rental properties they own, and those in the medical field carry medical malpractice insurance. All insurance policies come with limits on the amount they pay out on a claim. For instance, Missouri’s minimum required auto liability insurance coverage is $25,000 in injury coverage per person or $50,000 total per accident.
As we know, $25,000 does not go far in today’s medical care costs. So, what happens when an injury victim’s damages exceed the limits of the at-fault party’s insurance policy?
Why Do Damages Often Exceed an At-Fault Party’s Insurance Coverage Limits?
Whether you were injured in a car accident, a slip-and-fall accident in a commercial business, were bitten by a dog, or suffered a medical malpractice injury, serious injuries are costly as well as painful and disruptive to the ability to work and accomplish daily tasks. Some injuries are life-altering, ending in disability. All too often, the limits of an insurance policy do not fully cover an injury victim’s economic damages like past and future medical expenses and income loss, much less compensation for their pain and suffering.
Although some people choose optional additional coverage, the majority of policyholders only choose the minimum insurance coverage for their policies to keep their monthly premium payments affordable.
How Do I Recover Compensation Beyond the Limits of an Insurance Policy?
One of the benefits of hiring an attorney after suffering a personal injury caused by another party’s negligence is an attorney’s familiarity with additional options for recovering compensation. These may include any of the following strategies:
- In a car accident claim, an injury victim may recover additional compensation under the terms of their own coverage for uninsured/underinsured motorist accidents, collision insurance, or comprehensive coverage, depending on the options they’ve chosen on their policy.
- File a lawsuit against the at-fault party, whether it’s a driver, property owner, or a negligent medical provider
- Collect additional damages directly from an at-fault party who has substantial assets
- File a claim against a third party who contributed to the injury, such as a negligent road maintenance agency or the manufacturer of a defective part or product
- File a claim against an umbrella policy—some businesses or individuals with significant assets hold umbrella insurance policies to provide additional coverage in case of a claim or lawsuit in which a victim’s damages far exceed individual policies like their auto insurance or property liability insurance.
How Can a Kansas City Personal Injury Lawyer Help?
An experienced Kansas City personal injury lawyer explores every option for compensation for an injured client, often developing creative strategies to recover all available compensation. Contact Miller & Hine today for a free evaluation of your case, even if you think you’ve already claimed the maximum compensation available through an at-fault party’s insurance.