How Policy Limits Can Affect Your Car Accident Compensation
Car accidents are terrifying and traumatic experiences, especially when they cause more than property damage to a vehicle and result in serious injury to you or a loved one. In Oklahoma, the law requires a car accident victim seeking compensation for their losses to file a claim with the responsible party’s auto insurance policy. But, how do the insurance policy’s limits impact your accident case, especially when you experience substantial damages?
Navigating these limits can be difficult, which is why consulting with a car accident lawyer is often the best way to ensure your rights are protected. An OKC car accident attorney examines all of the options available to seek the maximum compensation for your car accident injury damages.
What Is the Minimum Auto Insurance Coverage in Oklahoma?
Despite the rising cost of healthcare, the majority of Oklahoma drivers carry only the minimum required auto insurance. To drive legally in Oklahoma, the state’s auto insurance commissioner’s website states the following:
“In Oklahoma, the minimum liability coverage is 25/50/25, or $25,000 of bodily injury protection per person, $50,000 per accident, and $25,000 of property damage protection.”
The insurance commission also states that this minimum coverage is unlikely to cover the damages in a major car accident. While insurance providers are required to offer uninsured/underinsured motorist coverage, a policyholder may decline the coverage with a written waiver.
Do Insurance Providers in Oklahoma Have to Pay the Policy Limits?
Oklahoma’s fault-based accident system, outlined under OK § 23-13, holds those who cause an injury to someone else financially accountable, including in car accident claims.
The amount of compensation available in your car accident claim depends on four factors:
- The total economic and non-economic damages you’ve sustained
- The limits of the at-fault party’s insurance policy
- Whether you contributed to the cause of the accident
- Whether other parties contributed to the cause or severity of the accident
A car accident injury victim may file a claim for the full value of their damages, but the insurance company does not have to pay up to the policy limit. Insurance companies often try to reduce the payout on a claim by undervaluing the damages or assigning a percentage of fault to the injury victim. To combat these tactics, a car accident attorney will gather evidence to prove the true extent of your losses.
An injury victim may still recover a portion of their total damages if they contributed to the accident by no more than 50%, but the insurance company subtracts the injury victim’s percentage of fault from the payout on the claim. Insurance companies may even shift liability to the injured party by assigning them 51% or more of the responsibility for the accident. Having a car accident lawyer on your side ensures that the insurance company does not unfairly shift the blame onto you.
How Does an Oklahoma City Car Accident Attorney Maximize the Amount of Compensation Recovered?
An experienced car accident attorney or truck accident attorney carefully calculates economic damages, such as medical expenses and out-of-pocket costs, and non-economic damages, such as pain and suffering and catastrophic injury, to seek the available policy limits in a car accident claim. They present compelling evidence of the at-fault party’s liability and assertively negotiate for the full amount. Then, if the injury victim’s damages greatly exceed the available policy limits, a car accident lawyer may pursue additional strategies, such as the following:
- Filing a personal injury lawsuit against the responsible driver’s assets
- Filing a claim against the injury victim’s uninsured/underinsured motorist policy if they chose to keep this optional additional coverage
- Filing claims against additional parties that caused or contributed to the accident or injury, such as a negligent road maintenance agency or the manufacturer of a defective airbag
While the policy limits affect the available compensation in an Oklahoma car accident claim, there are often ways to recover compensation beyond those limits, depending on the circumstances of the case.
If you have questions about your specific situation, reaching out to a car accident attorney can provide the clarity you need. Contact Dan Davis Law’s car accident lawyers today to schedule a free consultation.