What Happens When a Car Accident Claim Exceeds Insurance Limits in Oklahoma?
When you’re involved in a car accident in Oklahoma, and the damages exceed the at-fault party’s insurance coverage limits, you might find yourself wondering about your next steps and how you can secure adequate compensation. Understanding your options in these circumstances is crucial, especially if your losses are significant. For unparalleled guidance on securing compensation when your car accident damages exceed insurance limits in Oklahoma, contact the Burton Law Group today to discuss your options.
Oklahoma’s At-Fault Car Insurance System
In Oklahoma, the law operates under an “at-fault” insurance system as per Title 47 of the Oklahoma Statutes. Under this system, the driver who is responsible for causing the accident bears financial responsibility for any resulting damages. This includes covering costs related to medical bills, lost wages, car repairs, and other accident-related expenses through their insurance provider. Yet, there is a critical limitation to be aware of: insurance policies have predefined limits on the amount they will pay.
Minimum Required Liability Insurance in Oklahoma
The state mandates that all drivers must have liability insurance coverage meeting specific minimum requirements. These requirements are:
- $25,000 for bodily injury per person
- $50,000 for total bodily injury per accident (when multiple people are injured)
- $25,000 for property damage
While these limits may suffice for minor incidents, they can be quickly surpassed in severe accidents, particularly with escalating medical costs and significant vehicle damage.
Legal Recourse When Insurance Limits Are Exceeded
If your claims exceed the insurance coverage of the at-fault driver, you are faced with several options:
Sue the At-Fault Driver
You can initiate a lawsuit against the driver responsible for the accident to recover the excess damages. This course of action is viable under Oklahoma law, which allows victims to seek compensation beyond the policy limits. However, the feasibility of this option heavily depends on the at-fault party’s asset availability, making it sometimes challenging to enforce a judgment.
Uninsured/Underinsured Motorist Coverage (UM/UIM)
This insurance is pivotal when dealing with drivers who either lack adequate insurance or have none at all. UM/UIM coverage can bridge the gap between the costs incurred from the accident and what the at-fault driver’s insurance can cover.
For more detailed guidance on navigating the complexities of car accident claims in Oklahoma, especially when dealing with insurance limits, visit this page.
Key Steps for Handling Excess Claims in Oklahoma
By following these steps, you can better manage the challenges of dealing with car accident claims that exceed insurance coverage limits in Oklahoma:
Review Your Insurance Policy
It’s crucial to thoroughly understand the details of your insurance policy. This step ensures you know the limits of your coverage and helps identify potential gaps that might leave you vulnerable in case of an accident. If your current policy does not include Underinsured Motorist (UIM) coverage, consider updating it. UIM coverage can be invaluable, providing additional financial protection if the at-fault driver’s insurance is insufficient to cover all damages.
Seek Legal Advice Early
Consulting with a knowledgeable Oklahoma City car accident lawyer promptly after an accident is crucial. = A lawyer not only helps in understanding your rights but also in strategizing the most effective approach to securing the compensation you deserve.
Maintain Detailed Records
Accurate and comprehensive documentation is foundational in supporting your claim. Ensure you collect and securely store all pertinent documents related to the accident. This collection should include medical records, detailed reports from the police, receipts for any expenses incurred due to the accident, and correspondence with insurance companies. These documents are crucial for substantiating your claim, whether negotiating with insurance adjusters or presenting your case in court.
Contact Burton Law Group Today for a Consultation
Don’t go through this challenging situation alone. Contact Burton Law Group today to schedule a consultation. We’ll review your case and discuss your legal options moving forward. Remember, time limits apply to filing lawsuits in Oklahoma, so don’t delay – call us today.