An insurance settlement is something that is provided to an accident victim following an incident. An insurance settlement is generally provided for injuries and/or damage done to your vehicle or property to help compensate for various things including repairs. An insurance settlement ultimately depends on your personal insurance coverage limits, the insurance coverage the other party involved has, and the state laws.
What are the minimum insurance requirements in Richmond, VA?
Every driver should be carrying adequate insurance coverage in the event an accident arises. While some elect to purchase additional coverage, the minimum amount you and others should have are presented below.
- $25,000 for injury or death of a single person in an accident.
- $50,000 for injury or death of two or more people in one accident.
- $20,000 for injury or destruction of property in a single accident.
How do I receive a settlement for my vehicular accident in Virginia?
After you have notified your insurer that you were involved in an accident, they usually will send out an adjuster who will assess the damage done. You can also submit medical information that highlights the injuries you and anyone who may have been with you has suffered from. The insurance company will conduct a full investigation using the information they have received and collected to determine what your settlement offer should be.
Now, here’s where you really want to pay attention. After an insurance company offers you a settlement, you might find that it is too low. If this happens, the best thing you can do is consult with a local Richmond accident lawyer found right here on our site. They can help you decide whether the settlement provided is actually fair or if your insurer is handling your claim improperly.
Another thing you might consider doing is have your damages assessed by your own private appraiser. This way, if you believe your insurer is providing you with an unfair settlement amount, you can rebut their offer and submit further evidence that supports why your settlement should be more.
Should I accept the settlement my insurer has offered?
This question can best be answered with input provide by our Richmond accident lawyers, however, some things to keep in mind when trying to decide whether you want to accept or decline the settlement include:
- Does it cover the costs of the damage to your vehicle? Sometimes, insurance adjusters will recommend you have one type of repair done that is less expensive but in reality, your car is going to need a whole lot more work done to fix it. Don’t always assume the adjuster knows what’s best.
- Does the settlement include a payment for the decrease in your vehicle’s value?
- Is the medical treatment you required to receive included in the settlement? What about the future medical treatment you might need?
Knowing whether your settlement is fair or not is something you want to have a legal professional help you decide. Our accident layers in Richmond are fair and reliable, and most importantly, they place your best interest first.
Give us call if you were recently involved in an auto accident or any other type of accident in Richmond, Virginia and we will find you a lawyer free of charge.