Many people involved in major Georgia car crashes rely on insurance to cover their expenses. Without insurance, they may not be able to repair their vehicles or purchase new ones. They may end up saddled with massive medical expenses and coping with lost income or significantly reduced earning potential.
Ideally, the driver at fault for the crash should have insurance coverage that can compensate the other people involved in the wreck. Those trying to cover property damage losses and injury-related expenses may expect a lengthy negotiation process. However, the insurance company might offer a settlement. Before accepting that settlement, it is critical to review the situation carefully.
A settlement might be the only compensation
Insurance settlements are convenient for injured people because they provide enough capital to cover major expenses all at once. Insurance companies are often happy to offer settlements because they eliminate the organization’s financial liability. Once the party making the claim accepts the settlement, the insurance provider no longer has any financial liability.
Even if additional expenses arise, the settlement absolves the insurance company of any obligation to provide additional compensation. It is therefore critical to ensure that the settlement amount is appropriate. People achieve that goal by looking at the overall policy limits.
Georgia state statutes require $25,000 in property damage coverage. Drivers also have to carry $25,000 in case the crash injures one person and $50,000 in bodily injury coverage per incident in case more than one person sustains injuries. Many drivers choose to carry more than the minimum amount of coverage required by the law. Comparing the amount offered with the policy limits is one way to evaluate whether a settlement is reasonable.
Looking at total collision costs is another important step when evaluating a settlement offer. Medical expenses, vehicle repair costs, likely future medical expenses and lost wages can all contribute to the true economic impact of a car crash. If the settlement is substantially below the total cost of the crash and is also below the policy limits, then there may be room for negotiation.
People dealing with the stress of addressing a damaged vehicle and serious injuries may need help evaluating a settlement offer and communicating with an insurance company. Appropriate support can make a major difference for those trying to secure adequate financial compensation after a car crash.