How Insurance Policy Limits Affect Your Florida Personal Injury Settlement

Injury accidents can be devastating, especially when the injuries suffered are severe. Individuals who are harmed by the negligence of others may be entitled to compensation under the laws of the state where their injury accident took place. 

When determining how much a claim is worth, it is essential to identify all of the damages that were suffered. Doing so means gathering evidence about how the accident happened and also calculating the totality of one’s losses. Injury accident claims can include both economic losses and noneconomic losses the claimant suffered. Economic losses are tangible, meaning they have a clear cost, like medical bills. Noneconomic losses do not come with a price tag but are more speculative. Pain and suffering is considered a noneconomic damage, and attorneys experienced in tort law will know how to estimate the value of noneconomic damages.

Working through the claims process and knowing your rights can be complicated. An attorney can advise you on what to expect and what factors will go into assessing how much compensation you can obtain from your claim.

Injured parties in Florida are welcome to file their case with a Tampa personal injury attorney at Fulgencio Law.

How Insurance Impacts Personal Injury Settlements

Since it is very rare for a settlement to be paid by a liable party from their own pocket, most cases usually rely on insurance to pay for the damages victims suffer. So, while there are many things that can go into how much money a claimant can get from their claim, like the type and extent of their damages or how much fault each party has for causing the accident, insurance liability limits are another factor that impacts settlements.

If you are in an accident and are able to file a claim against another party, your claim will be affected by the caps of the insurance policy limit that they have. In some cases, when the accident was egregious in nature, it could be possible to overcome this cap with the addition of punitive damages. However, punitive damages being awarded is rare. 

If the party who is liable for paying for your damages does not have enough insurance coverage to pay, then if you have uninsured/underinsured coverage, you could use this to help pay for the rest of your damages. UM/UIM coverage is optional. Since the cost of damages after a car accident can be significant, especially if the accident is catastrophic, having UM/UIM coverage is advisable. Also, despite Florida’s car insurance laws mandating drivers to have insurance coverage, there are still individuals who will get behind the wheel with no coverage at all. UM/UIM coverage would be essential in a situation where an accident happens with an uninsured driver.

Call Fulgencio Law Today

While personal injury claims can turn into lawsuits, and the outcome is determined in courts, most of the time, injury claims are settled without a trial. Many things go into how much a claim is worth and how much a claimant can get from it, including the insurance limits of the liable party and whether the claimant has supplemental coverage like UM/UIM.

If you would like to schedule a free consultation with a Tampa personal injury lawyer at Fulgencio Law, please call (813) 463-0123.