What Are My Options if My Car Accident Exceeds Policy Limits in Illinois

After a vehicle accident happens, individuals are typically able to recover compensation for their injuries or property damage through an insurance settlement. If the negligence of another driver caused the accident, victims will typically be able to recover compensation from the other driver’s insurance policy. However, what happens if the other driver doesn’t have enough insurance to cover all of your losses?

Illinois Car Insurance Minimums

In Illinois, drivers are required to carry minimum liability insurance. The state mandates:

• $25,000 for bodily injury per person.
• $50,000 for bodily injury per accident.
• $20,000 for property damage per accident.

While these minimums are intended to provide a basic level of protection, they may not be enough to cover the costs of severe accidents involving significant medical expenses or extensive property damage. If the at-fault driver’s policy limits are insufficient, you could be left with unpaid bills.

What Are Your Options if the Minimums Do Not Cover Your Losses?

If your car accident damages exceed the other driver’s policy limits, there are several potential options for recovering additional compensation:

1. File a Claim With Your Own Insurance

If you have uninsured/underinsured motorist coverage (UM/UIM) on your policy, this can help cover the gap between the at-fault driver’s limits and your actual expenses. Illinois requires uninsured motorist coverage for bodily injury, but underinsured motorist coverage is optional. It is wise to review your policy and ensure you have this type of coverage for added protection.

2. Pursue the At-Fault Driver’s Personal Assets

In some cases, you may be able to pursue the at-fault driver’s personal assets through a lawsuit. This is more complicated, as many drivers may not have substantial assets to cover your damages. However, it is an option to explore, especially if the other driver has significant wealth or property that could be used to satisfy the judgment.

3. Look for Additional Insurance Policies

If the at-fault driver was acting within the scope of their employment or using a vehicle owned by someone else, there may be additional insurance policies that apply. For example, if the accident involved a company vehicle, the employer’s insurance may provide coverage. An attorney can help investigate whether there are other policies that can be accessed to cover your losses.

Will You Need to Work With an Attorney?

If your accident exceeds policy limits, working with an experienced attorney is highly recommended. Navigating the complexities of underinsured motorist claims or pursuing personal assets requires legal expertise. An attorney can:

• Investigate all potential sources of compensation. This includes identifying other insurance policies, such as employer or umbrella policies, that could cover your losses.
• Negotiate with insurance companies. Insurers often attempt to minimize payouts, and having an attorney handle negotiations can ensure that you receive fair compensation.
• File a lawsuit if necessary. If insurance coverage is not enough, your attorney can file a personal injury lawsuit against the at-fault driver to pursue additional damages.

For more information, visit our Chicago car accident lawyer page or contact us today for a consultation.

Understanding your options after a car accident in Illinois is crucial, especially when the at-fault driver’s insurance is insufficient. Protect yourself by reviewing your coverage, and do not hesitate to seek legal assistance to explore all avenues for compensation.