4 Things You Need to Know About Your Car Insurance
Most people, who are victims of a car wreck, first look to the at-fault driver’s insurance policy to settle their car accident claim; but your own insurance policy can also provide you with additional monetary benefits and coverage you should be aware of.
Medical Payments Coverage PIP
This personal injury protection (PIP) coverage is for medical bills for you and your passengers, that is available to you regardless of fault if you have selected this coverage. The coverage is typically $1,000 to $2,000. The insurance has to provide this monetary coverage immediately upon notification of an automobile accident.
Uninsured/Under Insured Motorist Coverage UM/UIM
If you have this type of UM/UIM car insurance and the at-fault driver did not carry sufficient car insurance to cover all of the injuries caused by his vehicle, then your insurance plan will compensate you for your injury up to the amount of coverage you have signed up for. Usually $25,000 to $100,000.
Your Medical Health Insurance
Unpaid or late payment of medical bills can impact your credit rating and become a source of additional stress. You should use your health insurance to pay your medical bills. The at-fault party’s automobile insurance does not pay for medical care while you are being treated. If you fail to use your health insurance or do not have any medical insurance, then the unpaid bills will have to be paid for out of your car accident settlement.
At-Fault Driver’s Liability Insurance
Property Damage – Vehicle Repairs
The insurance company will also pay for the repairs to your vehicle and provide you with a rental car for the time that you are without a car UNLESS your car is a total loss.
If your car is not able to be repaired, or when the costs of the repairs exceed 60-75% of the fair market value of your car, it is considered a total loss.
Fair Market Value
The fair market value is the amount of money your car would cost as of the date of the accident. While the insurance company may use their own evaluation process, you can make your own evaluation using Kelly Blue Book at www.kbb.com or North American Dealers Association at www.nada.com.
Loss of Value
In certain situations following a repair of your vehicle, you may be entitled to a loss of value claim. (i.e. the difference in the value of your car before the accident and the value following repairs when there is a damage disclosure required.)
You are entitled to recover for all your reasonable and necessary Medical Bills, Lost Wages, Pain and Suffering, Mental Anguish, Disfiguring Scars and Permanent Physical Injury. It is important to keep a spreadsheet documenting all of your out of pocket expenses, days of work and a timeline of your medical treatments. The better documentation you have, the more you can recover and maximize your losses.
AREAS OF PRACTICE: Our Dallas Fort Worth Personal Injury and Wrongful Death Attorneys and Lawyers have extensive experience in the areas of: car and truck accident, tractor trailer and commercial vehicle litigation, wrongful death, serious auto accidents and car wrecks, bus accidents, dog bites, product liability, brain/head injuries, burn and electrical injuries, spinal cord injuries, premises liability/slip and falls, negligent security, and many other types of personal injury cases.