Not having insurance can be financially ruinous, for example, if your house suffers major damage in a storm and you do not have homeowners’ insurance, or if you have to pay for even a minor surgery without health insurance. Although insurance can be a lifeline, it is often a lot of work to file an insurance claim, and there can be a long period of waiting before the insurance company finally reimburses you. When the insurance claim is related to an accident and there is some question as to who is at fault, the process of investigation and gathering of evidence can take even longer. It is nothing out of the ordinary to be continuing to exchange phone calls with the insurance company months after a car accident, but at least when the process is finished, you are not paying out of pocket for your car repairs. The worst, though, is when you get injured in an accident and find that the amount that the insurance company offers you as a settlement is not enough to cover the expenses you incurred.
How Much is Enough?
Arizona law dictates a minimum limit of insurance coverage that drivers must carry, namely $15,000 for bodily injury liability, $30,000 per accident resulting in an injury, and $10,000 in property damage. If your accident results in more expensive damages than that, the two parties can negotiate a settlement. You want a settlement that covers car repairs (or a replacement car if your car was totaled), plus medical expenses related to your injuries, compensation for the income you lost by missing work because of your injuries, and, if necessary, compensation for pain and suffering.
Should You Accept the Settlement Your Insurance Company Offers?
Most people who are injured in car accidents in Arizona sign insurance settlements rather than file lawsuits and go to trial because litigation can be expensive and stressful. Once you sign the settlement, however, you lose the right to file a lawsuit related to the accident. Not every accident, not even every accident that results in expensive property damage and injuries, requires a lawsuit, but signing away your rights is not a decision to be taken lightly. Even if you end up accepting the settlement from the insurance company, you would be wise to review the settlement offer with a personal injury attorney before you sign. It may be the case that the person at fault in your accident does not have enough insurance coverage to pay for all of the expenses related to your accident.
Contact Eric Schmidt About Insurance Settlement Offers Related to Accidents
Many times, people sign insurance settlement offers just to put the accident behind them; they act on the assumption that some money is better than none, even if it is a small amount. An experienced personal injury lawyer can help you determine whether the amount that the insurance company is offering you is reasonable. Contact Eric Schmidt in Phoenix, Arizona to discuss your case.