The Types of Insurance that Pay for Your Car Accident Injuries and Automobile Damage
Several Insurance Coverages May Compensate you for Bodily Injury or Properly Loss After a Car Crash.
GEICO may say using its auto insurance website is “so easy, a caveman could do it,” but identifying the types of insurance coverage that may pay for medical treatment, bodily injuries, wrongful death, and property damage from your car crash can be hard.
This article aims to help you identify the types of car insurance coverage that may apply to your automobile accident and pay for the damages suffered.
Identifying these insurance policies soon after the crash helps you analyze how much money you may collect in personal injury damages, which insurers you will deal with during pre-trial settlement talks, and monitor cooperation between the insurance companies who may have to pay claims for your injuries and property damage under various policies.
Continue reading to learn more about the automobile insurance policies that pay for medical treatment and vehicle damage after a crash.
And call (804) 251-1620 if you want to talk to one of Virginia’s best car accident lawyers about your case.
Identifying Applicable Automobile Insurance Policies After Your Crash
Many states, including Virginia, require motorists to purchase automobile liability insurance. This type of insurance protects against liability you may have if your negligence causes harm to another. It is meant to protect other drivers and pay for their injuries while minimizing the impact on your finances when your mistake on the road damages them.
In addition, the typical automobile insurance policy includes indemnity insurance components, such as no-fault provisions to pay your medical bills and wage loss from a car crash regardless of who is to blame and uninsured motorists’ insurance to pay when someone else causes the collision but has no or inadequate insurance coverage.
The following sections look at the insurance coverage types we often look for and find in tort claims arising from motor vehicle crashes.
Bodily Injury Liability Coverage
This third-party insurance pays damages for bodily injury or property damage you (or the person operating your vehicle) cause others because of an auto accident.
Bodily injury liability coverage pays for claims for personal injuries and property damage to the injured party up to the policy limit.
You may have to pay a judgment from your assets, income, and resources if you do not have bodily injury liability coverage.
In the typical auto accident case, the defendant driver’s liability insurance coverage is the first pool of money from which you will seek and recover damages.
Liability for Property Damage from the Auto Accident
In addition to paying damages for bodily injury to others, auto liability insurance pays for property damage to the other person’s vehicle, home, or business up to the policy limit.
Medical Payments Coverage/Personal Injury Protection
“MedPay” or “PIP” coverage is first-party insurance that pays specific benefits even if the policyholder caused the accident.
If elected, these MedPay benefits include necessary medical and funeral services and wage loss coverage.
Uninsured Motorists Coverage
Your auto policy may include first-party insurance that pays you the damages the defendant driver owes you but that you cannot collect, either because the defendant has no insurance or assets or you do not know who hit you because it was a hit-and-run accident.
Uninsured motorists insurance pays up to the policy limit in your contract.
Underinsured Motorists Coverage
This first-party insurance is similar to coverage for uninsured motorists.
The defendant driver may not have enough insurance to pay the full value of your claim. When this happens, your underinsured motorist’s insurance will pay the difference up to your policy coverage limits.
Collision Coverage
Your auto insurance policy may include first-party coverage that pays for direct and accidental loss to your car in the crash, minus any applicable deductible. You can use this policy even if you caused the accident.
Collision coverage differs from comprehensive or “other than collision” insurance, which pays for the loss of your vehicle for reasons other than a crash.
Other Potential Insurance Coverages: FMCSA-Mandated Financial Insurance Limits and Umbrella Insurance Policies
You may suffer injuries in a truck accident, bus crash, or collision with an Amazon delivery van.
If so, you can recover monies from these other insurance policies if you prove fault.
For example, the Federal Motor Carrier Safety Administration (FMCSA) requires motor carriers to carry at least $750,000 in insurance for freight-carrying trucks, $1,500,000 in liability coverage for buses with a seating capacity of 15 or fewer passengers, and $5,000,000 for larger passenger-carrying vehicles.
In addition, many businesses that own vehicles and individuals with significant assets purchase excess insurance policies that pay claims when damages exceed the automobile liability insurance coverage amount.
Have Questions About Finding Insurance Coverage to Pay for Your Auto Accident Injuries?
Researching, collecting, and reviewing insurance policies that cover you, the defendant driver, and the vehicle owners (if people or businesses other than the drivers) is one of the first steps a skilled auto accident attorney takes.
Call now to see how our law firm can help you find each type of insurance that may pay for your injuries and property damage.
Finding available insurance coverage can boost your car accident settlement amount.
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