How Much Money Will I Get For My Car Wreck?
We have all seen that commercial that shows a person telling us that their attorney got them millions of dollars for their car wreck case. The person appears to be fine and is standing in the commercial with no apparent problems. So here you are in pain. Your problems may even prevent you from standing still like the person in the commercial. So how much money will you get?
You need to understand that there are limits to insurance policies. Texas requires that the minimum coverage that a person may carry on their vehicle is $30,000 for each injured person, with a $60,000 total for all injuries along with $25,000 for property damage. Many people have higher insurance coverage. But, the law only requires that they carry this level of liability insurance.
So regardless of how serious your damages are, the most the insurance company would owe an injured person would be $30,000. This does not mean that you would have $30,000 net proceeds. But, this amount would need to pay your medical treatment and your attorney with the remainder going to you.
You may still have the right to sue the responsible driver. But, most people in this position are what attorneys call judgment proof. This means that even if you get a judgment against them, there is nothing to collect.
Your attorney should do a background search on the person responsible for the accident. If there are recoverable assets, your attorney will likely be more than willing to help you recover the additional damages.
If you have serious injuries, the better scenario would be that the responsible driver has a policy that would cover all your damages.
At MLF we also advise our clients to carry unisured/underinsured motorist coverage usually called UIM coverage. This coverage extends to any of the policy holder’s family members injured in the auto accident. This coverage protects you from damage which arises out of the ownership, maintenance or use of the covered vehicle. Your Personal Injury Protection or PIP coverage will also help you protect you and your passengers against any short falls in coverage.
Your attorney will help to coordinate the different insurance claims to best help you recover your damages.
So, the answer is that there are a lot of factors which determine how much money you will get from your car wreck. Every case is different and your attorney will help you to understand the value of your specific case.