You’ve probably come across television commercials where individuals claim to have received substantial settlements in their personal injury cases. These ads may leave you wondering if such outcomes are realistic or just exaggerated claims. In reality, no insurance company is going to hand out a significant sum of money without solid evidence of a serious injury. Let’s delve into the factors that determine damage recovery in personal injury cases, debunking the misconceptions along the way.
I explained this in a conversation with a friend who was a successful banker with lots of real estate. Like many others he told me he had “full coverage.” I asked him to call his agent and ask questions. After a quick call to his agent he learned that he, his wife and one child were driving around with minimum limits coverage of $15,000 and no uninsured motorist coverage.
Conclusion: While the commercials portraying large settlements may catch your attention, it is essential to recognize that proving a serious injury and securing a significant damage recovery in a personal injury case requires solid evidence and legal expertise. By consulting with an experienced attorney, you can ensure that your claim is properly supported, giving you the best chance of obtaining fair compensation for your injuries, medical expenses, and other related losses.
Remember, each case is unique, and the outcome depends on various factors. Working with a reputable personal injury attorney will ensure that your rights are protected, and your case is handled diligently, increasing your chances of a successful damage recovery.
]]>Louisiana law requires you to carry liability insurance coverage on your car. Your insurance company is obligated to provide you defense and indemnity. Providing you a defense means the insurance company hires a lawyer to defend any lawsuit filed against you. Indemnity means the insurance company has to pay a claim or a judgment taken against you. However, the duty to provide indemnity is limited to the policy limits of coverage. For that reason, you should take a close look at the amount of insurance coverage you have considering what assets could be attached after a lawsuit.
I explained this in a conversation with a friend who was a successful banker with lots of real estate. Like many others he told me he had “full coverage.” I asked him to call his agent and ask questions. After a quick call to his agent he learned that he, his wife and one child were driving around with minimum limits coverage of $15,000 and no uninsured motorist coverage.
He became upset when I explained to him that if his son rear-ended a Mercedes coming home from
school, he probably did not have enough insurance coverage to pay for the damage to the car and that he would have to pay for the remainder out of his pocket. What if the other person was seriously injured? That person could end up owning the new apartment complex he just built. My friend became even more upset after a second call to his agent when he learned that for a few dollars more per month he could have insurance coverage that would protect him and his family in case of an accident.
My friend purchased insurance when he finished college and added vehicles to the same policy as he grew a family. His agent never advised him that he should increase his coverage now that he had assets that he needed to protect.
This is not an advertisement for insurance. It is information that the public is generally unaware of. The purpose of insurance is to provide protection. But you can only protect yourself if you educate yourself on what type of insurance you need and what types are available. Be informed. Ask questions.
]]>Uninsured motorist insurance is the most important type of liability insurance you can have on your
vehicle. Uninsured motorist/underinsured motorist coverage provides coverage to the operator of the
vehicle and the passengers in that car for damages caused by the driver of the other car when the other driver does not have insurance or when the driver does not have enough insurance coverage.
Uninsured motorist coverage is so important that Louisiana law requires the insurance company to offer it to you AND you can only reject it by completing a form and the form must be completed perfectly. Any mistake in the form is interpreted in favor of providing insurance coverage. It is the only category of insurance coverage, other than property damage coverage, that provides
coverage for the person purchasing the insurance. The liability insurance you pay for provides coverage for the other person if you are at fault in causing an accident. Uninsured motorist/underinsurance motorist coverage allows the owner of the policy to provide coverage for himself or herself.
The premiums for the various types of coverage is generally set by the Commissioner of Insurance. The premiums for uninsured motorist coverage will most often be the cheapest type of coverage that a person has. This is another way to encourage people to purchase uninsured motorist coverage.
Insurance agents are instructed not to encourage their clients to purchase it. They often tell their clients that they do not need uninsured motorist coverage if they have health insurance. This is not true. If it were true the law would not make it a requirement to offer it and make it so difficult to reject.
When I ask clients if they have uninsured motorist coverage, they do not know the answer, but they are quick to say that they have “full coverage.” You should ask questions and find out from your agent if you have uninsured motorist coverage. If you have it, you should find out how much you have. You should have as much uninsured motorist coverage as you can afford. It is usually cheaper than the other coverage and is the only coverage that covers you the insured.
Finally, there are two types of uninsured motorist coverage in Louisiana. There is uninsured motorist
coverage and uninsured motorist economic only coverage. The distinction is that economic only uninsured motorist coverage only covers the out-of-pocket expenses that you may have as a result of the accident. When you make a claim against that type of policy, your insurance company will often deny the claim if you received money from the insurance company on the vehicle that caused the accident. They will argue that you had no out-of-pocket expenses because the other insurance company paid you. Do not buy economic only uninsured motorist coverage.