What Does Policy Limits Mean and How Does It Apply to My Milwaukee Auto Accident?
Many individuals who have just started to file a claim against another party for an accident in Milwaukee may come across the term policy limits.
Each insurance policy has a maximum amount that the company will be required to pay out regardless of the extent of the injury suffered by the people in the wreck. This maximum amount that the policy will pay is referred to as policy limits. In many cases, you will see policy limits relating to two different numbers, per occurrence and per person.
The per person allowance is just like it sounds, meaning that the insurance company will only pay out any single person a specific cap of money. The per occurrence limit, however, is the maximum that an insurance company could be required to pay out in a total accident regardless of the number of people injured in that wreck or the severity of their injuries.
While this can seem very confusing, it can be very beneficial to have an experienced Milwaukee personal injury attorney help you figure out how these terms relate to the other party’s insurance policy and what you can do if the insurance policy does not pay out the full extent of your injuries.
Many people who are seriously injured will find that their medical bills and future treatments are very expensive and this can put them in financial jeopardy without filing a Milwaukee personal injury claim. If the insurance company is not able to pay out what you would have to have in order to pay off your bills and take care of yourself in the future, you may need to file a personal injury lawsuit to recoup some of those losses.