{"id":3557,"date":"2018-06-08T15:11:28","date_gmt":"2018-06-08T22:11:28","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/az-personal-injury\/?page_id=3557"},"modified":"2024-04-17T15:14:15","modified_gmt":"2024-04-17T22:14:15","slug":"how-often-do-auto-accident-settlements-exceed-the-policy-limits","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/az-personal-injury\/blog\/how-often-do-auto-accident-settlements-exceed-the-policy-limits\/","title":{"rendered":"How Often Do Auto Accident Settlements Exceed The Policy Limits?"},"content":{"rendered":"
Esta publicaci\u00f3n tambi\u00e9n est\u00e1 disponible en:<\/em> English \/ Ingl\u00e9s<\/a><\/p>\n If you are the owner of a car in Arizona, it is your obligation to have insurance that covers you should you get in an accident. This is a requirement, and any person who does not have insurance can be subject to a ticket, fine, or a duration of time in confinement. The reason behind requiring insurance of motorists is obvious. The reality is that every person will get in at least three accidents on average their lifetime, and so having car insurance to protect you for this inevitable occurrence is a necessary evil to help protect you, any person in your vehicle, and any other person involved in the accident.<\/p>\n In Arizona, a person is required to either have insurance or to pay a certificate of deposit of $40,000 to the Office of Arizona State Treasurer. While the state does not require that people have insurance, they do require that there is some form of protection that covers accidents, should you get in one.<\/p>\n The reality is that most people get some form of insurance. How much that insurance protects them or others who are involved in an accident depends on the amount of coverage they choose. A person may select anywhere from $15,000-$50,000 for each person who sustains bodily injury in the accident and can have $10,000-$25,000 in property damage as part of their coverage.<\/p>\n Insurance companies give a number of different kinds of protection and coverage. You can opt for as much insurance coverage as you want or choose the bare minimums. It is solely up to you based upon the amount you can afford and what you feel is necessary to protect you and any other person involved in the same accident that you are also involved.<\/p>\n While this is a great protection for every person to have, the reality is that there are instances where a person will get in an accident and their coverage amount is not sufficient enough to cover the injuries and damages involved.<\/p>\n For example, you may have $50,000 in bodily injury coverage, but if the injuries you sustained costed you over $100,000 you may not have enough coverage to pay the medical expenses. The other person\u2019s insurance will pay some of those costs, likely up to the same $50,000 limit, that means you only have $100,000 in total coverage. What do you do then?<\/p>\n This is the troublesome situation that many people find themselves in. They believe that the coverage they have is sufficient but later find that it is not. It becomes even more troublesome for them when they are not the cause of the accident but still find themselves paying for the expenses related to their medical care.<\/p>\nIntroduction<\/h2>\n
Insurance Policies Vary<\/h4>\n
When Insurance Doesn’t Cover All the Costs<\/h4>\n
One in Ten Accidents Exceed the Insurance Policy<\/h4>\n