If you’ve been injured in an accident, you may be entitled to recover damages for your injuries and losses. Depending on the specifics of your case, you may be able to recover damages from the at-fault party’s insurance policy. However, it’s important to be aware that insurance policies have limits, which can affect the amount of damages you’re able to recover.
Here’s how insurance policy limits work:
- There are different types of insurance policy limits: Insurance policies have different types of limits, including limits on bodily injury coverage, property damage coverage, and medical payments coverage. Each type of coverage has its own limit, which determines the maximum amount of damages that the policy will pay out.
- Insurance policy limits are per person: Insurance policy limits are typically per person, which means that the policy will pay out up to the limit for each person injured in the accident. For example, if the policy has a limit of $100,000 per person and two people were injured in the accident, the policy will pay out up to $100,000 for each person, for a total of $200,000.
- Insurance policy limits are per accident: Insurance policy limits are also per accident, which means that the policy will pay out up to the limit for all damages resulting from the accident. For example, if the policy has a limit of $100,000 per accident and the damages from the accident total $150,000, the policy will only pay out up to the limit of $100,000.
- You may be able to recover damages above the policy limit: If the damages from the accident are greater than the policy limits, you may be able to recover damages above the policy limits by filing a personal injury lawsuit. However, it’s important to note that recovering damages above the policy limits is not always possible, and it will depend on the specifics of your case.
If you’ve been injured in an accident and are considering making a claim for damages, it’s important to seek the advice of an experienced personal injury lawyer. An experienced lawyer can help you understand your rights and options and ensure that you receive the best possible outcome.
In conclusion, insurance policies have limits that can affect the amount of damages you’re able to recover after an accident. Insurance policy limits are per person and per accident, and you may be able to recover damages above the policy limits by filing a personal injury lawsuit. An experienced personal injury lawyer can help you understand your rights and options.