After your accident with another driver, you may have a hard copy of the police report that states the other driver was at fault. You may be back at home, but you are receiving physical therapy for injuries to your back and neck.
You have come to an unpleasant realization. Both insurance companies may be slow to begin paying your bills.
Insurance companies focus on their bottom line
Your insurance company is sympathetic to your situation, but you may still be fighting with your insurance about your car—it was totaled in the collision.
Keep in mind that your insurance company and that of the at-fault driver are businesses. This means they keep a close eye on their profits. While your accident has resulted in some hefty bills, neither insurance company seems willing to pay for all of your costs.
Consider your costs before agreeing to that lower offer
Your doctor has not released you to go back to work. You may have had sick leave, but you have exhausted that. Your medical bills are high and you planned to use the insurance money to pay them off. Any funds left over have gone toward your bills.
Learning about how to receive more financial compensation can help. Medical bills, loss of income, and pain and suffering are all issues to consider.
Limits on damages and time
New Jersey law limits how much you may be awarded in damages. In a case like yours, the damages cap applies to punitive damages, which is either $350,000 or five times the amount of compensatory damages.
State law imposes limits on the time you have to file a lawsuit. For you, you have two years to file after your accident.