What Happens When A Car Accident Claim Exceeds Insurance Limits in Florida?

In 2023, Florida saw over 394,000 traffic accidents. With such staggering numbers, have you ever wondered what happens when a car accident claim exceeds insurance limits in Florida? At Personal Injury of Florida, we’ve seen firsthand how this complex situation can leave individuals facing overwhelming challenges. But don’t worry – we’re here to guide you through your options and help you navigate this process effectively.

Florida’s Auto Insurance Requirements

Here’s the thing, Florida law requires drivers to carry minimum auto insurance coverage of $10,000 for Personal Injury Protection (PIP) and $10,000 for Property Damage Liability (PDL) as per Florida Statute 627.736. Notably, Florida doesn’t mandate Bodily Injury Liability (BIL) coverage, which can lead to complications in severe accident cases. Knowing these requirements is a must as it sets the baseline for compensation when your Florida car accident claim exceeds insurance.

Understanding Policy Limits and Florida’s No-Fault System

The most an insurance company will cough up for a covered claim is called a policy limit; like a brick wall. Florida’s no-fault system means your own PIP coverage initially pays for your medical expenses and lost wages, regardless of fault. But, if your injuries meet the “serious injury” threshold defined in Florida Statute 627.737, you may file a claim against the at-fault driver.

When Car Accident Claims Exceed Insurance Limits in Florida

It’s not uncommon for car accident claims to exceed insurance limits in cases where there are:

• Severe injuries that need extensive medical treatment.
• Long-term/permanent disabilities.
• Extensive property damage.
• When the at-fault driver has only the minimum coverage.

You may face substantial out-of-pocket expenses if you’re in any of these situations. But, there are strategies we can pursue to help you recover full compensation.

4 Options for Seeking Additional Compensation

If your damages exceed the at-fault driver’s policy limits, consider these options:

1. Use Your Own Insurance. Your Uninsured/Underinsured Motorist (UM/UIM) coverage kicks in when the at-fault driver’s insurance is insufficient, covering the difference between their policy limit and your total damages, up to your UM/UIM policy limit.
2. File a Third-Party Claim. You can seek compensation from other parties who may share responsibility for the accident.
3. Sue The At-Fault Driver Personally. This allows you to pursue the driver’s personal assets, though it can be challenging if they have limited resources.
4. Explore Other Insurance Policies. The at-fault driver may have umbrella coverage or other applicable policies.

How to Learn The At-Fault Driver’s Policy Limits?

Determining the at-fault driver’s policy limits gives you insight into the available insurance coverage, guides your compensation strategy, and informs decisions about pursuing additional options like personal assets or third-party claims. In Florida, you can get this information by:

1. Ask the driver directly at the accident scene.
2. Request the information from your own insurance company.
3. Have your attorney send a demand letter.
4. File a lawsuit, which will reveal this information during discovery.

How Our Legal Advice & Expertise Can Help!

When your car accident claim exceeds insurance limits in Florida, having one of our attorneys can be a game-changer for your case. We’ll:

• Thoroughly Investigate all potential sources of compensation.
• Skillfully negotiate with insurance companies to maximize your settlement.
• Represent you in court if necessary.
• Help you understand the true value of your claim.
• Ensure you don’t settle for less than you deserve by explaining your rights and options.

At Personal Injury of Florida, we’re committed to helping you through your car accident, and with our expertise in Florida’s complex insurance laws, we can have a positive impact on your case’s outcome.

Time is of the Essence

Don’t let the statute of limitations expire on your claim. In Florida, you generally have two years from the date of the accident to file a personal injury lawsuit – and trust us, this time flies by.

Ready To Take Action?

Don’t let a car accident claim that exceeds insurance limits in Florida overwhelm you. At Personal Injury of Florida, we’re ready to put our expertise to work for you. Contact us today for a free, no-obligation consultation. Let’s discuss your case and develop a strategy to pursue the maximum compensation possible under Florida law – we’ll be with you every step of the way.