Can You Amend a Vehicle Insurance Settlement?
Whether you can amend a vehicle insurance settlement depends on if it was a settlement offer or if it is a final settlement. If you completed the steps to finalize the settlement, there is no longer a settlement offer that you can amend. However, if you refused the settlement offer, then there is still an offer that you can counter or amend.
Other People Are Reading
-
Settlement
-
A settlement consists of an exchange of money between you and the insurance company to close your civil claim. As a jury can be fickle, it provides both parties with certainty in a resolution. It limits the liability of the insurance company from a large monetary award and saves you from receiving a small award that doesn't cover the medical liens. A settlement is not final until you sign a release of claim document and return the signed document to the adjuster.
Amend
-
Because a settlement is not final until the release of claim document is signed and returned to the insurance company, either party can reject, modify or amend the terms of the settlement offer. The amount can adjust upward to compensate you for items or damages not originally known when the first settlement offer was made. The settlement can also adjust downward based on the condition of the car or your personal medical history prior to the accident.
-
Policy Limits
-
Settlement offers payable by the insurance company are limited by the policy limits. An insurance company will not pay more money in a car settlement than the policy coverage absent an unusual situation, such as the insurance company is at fault in handling the claim. Most states require motorists to carry at least $15,000 in liability insurance coverage in case of an accident. This $15,000 may not be enough to cover your damages and you may have to file suit against the other party personally.
Civil Case
-
Several reasons exist to file a civil case. Some include if the settlement offer is amended and not accepted, the policy limits offer is refused or the policy limit would not cover the damages. To preserve your rights, you must file your lawsuit within the statute of limitations. The statute of limitations can vary between states and can range from one to two years for automobile accidents. Contact an experienced legal counsel in your area for more information in these situations.
-
References
- Photo Credit David De Lossy/Photodisc/Getty Images
