If you win your case, either in or out of court, keep in mind that the defendant’s insurance policy won’t pay out a settlement that’s more than the limits of his or her policy. That said, you can sometimes collect much more from the defendant. Here are the secrets.

How do insurance policy limits work?

All insurance policies have a limit. This states that the insurance company is legally not required to pay a penny more than the policy limit amount.

Collect excess damages

Keep in mind that you can get the extra $50,000 that you need if you have $100,000 in expenses from your personal injury accident but the defendant’s policy limit is $50,000. There are certain things that you can do:

● You can sue other parties
● Use an umbrella insurance policy to recover the rest of the money
● Sue the defendant for his or her personal assets

Suing other defendants

You may be able to hold other parties legally responsible for your accident. The defendants will be jointly and severally responsible for your injuries and damages in this instance. You may have a situation where there are multiple defendants if you have:

● Medical malpractice
● Defective products
● Vicarious liability

Umbrella policies

The defendant(s) may have more than one insurance policy in place. He or she (they) are said to have an umbrella insurance policy in this instance.

Sue The Defendant Personally

You can sue the defendant for his or her personal assets and wages. That said, you’ll probably get nothing if the defendant doesn’t have any assets and/or is unemployed.Subrogation is when your automobile insurance company uses your legal right to pursue the other motorist for restitution of the underinsured coverage payment it recently made to you. However, if you sign a release without first getting authorization from your vehicle insurance company, your car insurance company’s ability to pursue the other motorist is now gone. As a result, your insurer may attempt to deny your claim for underinsured motorist coverage.

What To Do When the Insurance Company Acts In Bad Faith

If you’re guilty and your insurance company is legally obligated to pay but is failing to do so you can take action because your insurance company is guilty of acting in bad faith. This is rare though since insurance companies usually have a good and verifiable reason for refusing to pay the plaintiff’s claim.

However, it helps to have a good lawyer in your corner as they understand the legalities of the claim and help you maximize it. That is why after seeking medical assistance, it is essential that you consult with a personal injury lawyer in Mississauga. The law firms will ensure proper consultation.