Regardless of the severity, a car accident can really ruin a person's day. The inconvenience of such an incident is likely bad enough, but if injuries are involved, the situation could be significantly more severe. Perhaps you have been in an accident recently, in which you suffered severe injuries, and along with any pain you may be experiencing, you probably find yourself struggling with the financial ramifications of such an event.
If the other driver was at fault in the collision, you may hope to obtain compensation through his or her insurance. Unfortunately, some drivers only carry the base amount of insurance required, or in some cases, none. However, your plan may include a certain amount of coverage in the event of an accident involving an underinsured driver.
Insurance plans and their coverage
It is impossible to predict the future, but you can prepare for it. Having a plan in place in a similar circumstance could help you avoid a potential financial disaster. There are a few types of coverage available for these scenarios, which include the following:
- UIM: Underinsured motorist insurance comes into play when you are in an accident with another party and their insurance amount is insufficient enough to cover your expenses.
- UMI: Alternatively, some drivers do not carry insurance, and that's where uninsured motorist insurance kicks in to help cover areas such as medical bills and the loss of wages.
- UMPD: Uninsured motorist property damage insurance works like its counterpart (UMI), but varies in the types of damage covered, mostly involving vehicle repair or in some cases, damage to property inside the vehicle.
You could seek compensation through a lawsuit against the party at fault, but he or she may not have sufficient assets to cover your damages. Having this safety net in place could save you from suffering an unnecessary monetary loss stemming from an accident with a driver who has little or no coverage.
Seeking assistance in the process
Pursuing compensation through an insurance company, regardless if it is yours or that of the at-fault party, can be extremely stressful and intimidating. You might also want to hold off on accepting initial settlement offers until all your injuries are known. This period of waiting could be an excellent time to seek assistance for the subsequent process.
By speaking with a personal injury attorney, you can obtain valuable guidance that may prove beneficial to the outcome of your current predicament. An attorney in New Mexico can evaluate the incident in question, along with your injuries and financial needs, and assist you in pursuing the full amount of compensation to which you're entitled through every applicable source, including the insurance company or companies.